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“Since COVID-19 pandemic has restricted the movement of individuals across countries, EPCH is introducing the digital platform of virtual fair and will be launching the 49th edition of IHGF Delhi Fair on virtual platform scheduled from July 13-18, 2020,” said Ravi K. Passi, Chairman, EPCH.
Bestseller India, which operates 4 brands, across its website, app, 6+ online marketplaces, 300+ branded stores and 1,000+ multi-brand stores has focused efforts to centralize its operations. In line with it, Bestseller has signed up with Unicommerce in a bid to streamline its operations by ensuring unified visibility of e-commerce operations and inventory across marketplaces and it’s e-commerce website and app. The platform has been seamlessly integrated with Bestseller’s ERP solution, automating the entire fulfillment process. This has been a big step towards ensuring great customer experience by enabling faster deliveries and seamless online shopping experience.
Despite increasing levels of competition in China, domestic brands such as Li-Ning, Anta and Xtep had a strong 2019 following impressive 2018 performances. Other brands such as Erke, Qiaodan, Kbird and 360˚ are also expected to gain traction over the next five years. Following the success of these brands, various international and local fashion brands are investing in the athleisure market to extract more benefit out of this fast growing trend.
Apart from low consumer sentiment, there are lot of confusion in the industry at the moment because we still aren’t sure how long this crisis is going to last. But, according to him, there is a silver lining. Financial markets have a deep connection with the luxury market and the fashion industry. The financial markets are booming at the moment and this expected to have positive impact on the future of luxury.
Customers now rely on technology more than ever. Technology plays a vital role at every step of customer decision making process. Right from identifying a problem to post purchase valuation, we use technical assists. So, it becomes imperative for any firm to innovate and bring convenient and user-friendly
Reports from across the world showcase numerous positive stories of brands that have done exceptionally well in reinventing themselves by introducing innovative categories for their customers and keeping them relevantly engaged during stressful times. Luxury brands have also led by example, resetting businesses wherever necessary This has led to reset of businesses across industries and luxury is no exception.
The overseas buyers from countries have registered to visit the show include Australia, Austria, Belgium, Brazil, Canada, Chad, Chile, China, Czech Republic, Denmark, Ecuador, Egypt, Fiji, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Kuwait, Lebanon, Lithuania, Luxembourg, Mauritius, Namibia, Nepal, Netherlands, New Zealand, Norway, Oman, Philippines, Portugal, Puerto Rico, Russian, Saudi Arabia, Serbia and Montenegro, Singapore, South Africa, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, Uganda, UAE, UK, USA, Uruguay and many more.
Sunkara concludes: “International travel restrictions are still in place, resulting in continued closure of duty free stores in airports, a major contributing channel for luxury sales. As a result, store closures and sales decline are bound to force luxury retailers to re-evaluate their price positioning and launch affordable luxury product lines to revive volume sales in these testing times.”
This lockdown has taught fashion retailers a valuable lesson – to adopt a more customer-focused approach and improved community engagement. Now, as marketplaces – particularly malls – are reopening in Unlock 1.0, retailers are gearing up to giving an ‘experience’ to the consumer on all channels possible.
“The Helsinki Fashion Week features 100 percent 3D avatars – draped with 3D imagery of fashion – created by real designers. Stylumia will, for the first time create an AI driven design, without any human input. The point is, there are a lot of virtual experiences in store for consumers post the pandemic; can we bring them to our consumers to give them a virtual experience of going to a physical store and buying a product?
COVID-19 has also resulted in a spike in increased online shopping globally. Setting-up of online platforms has become indispensable for offline stores, and the offline-to-online integration is expected to increase at a greater and faster rate. This represents a real and immediate opportunity to centralize operations and drive efficiencies digitally.
Post lockdown the biggest challenge for the businesses would be to change consumer psyche and diminish the fears in their minds pertaining to crowded spaces like shopping malls. Consumers will now re-think and re-prioritize their purchases which will eventually impact brands’ sales and strategies. A higher penchant for online shopping can already be seen amongst the customers, which is expected to rise even further in the coming months.
Mann further added that it also is imperative for brands to prepare a digital contingency plan for ‘this period’. “While we have had a very strong online presence, we have stepped it up even higher post the pandemic. We have now inculcated a live chat that even stays active for late hours to serve our overseas consumers. Our digital story telling has become even stronger, and we are interacting more with the consumer in a bid to understand them and offer them a better experience,” she stated.
To leverage this potential, leading international and local brands are shifting their focus to athleisure wear and the results have been fruitful. In 2019, Nike’s collaboration with South Korean rapper, G-Dragon, for its Air Force 1 range of sneakers sold out in just 0.06 seconds post launch in China, underpinning its popularity. Adidas and Nike lead in terms of international brands in the APAC region and have placed China as a specific market to target for organic growth opportunities.
“There are short term trends at the moment, and we probably will be in the process of re-balancing for at least about a year or so. The industry, at the moment is weighing different things to see if it is going to be the new trend like virtual fashion shows and digital fashion weeks, etc. One of the big things that I personally think will happen is that the voice of sustainability is just going to get bigger. I think, the biggest reflection should be on reconfiguring the value chain and the business model because it is apparent that many of our business models are not strong enough to sustain a crisis like the one we are going through now. There also is a huge opportunity here for technology to create new trends in terms of new supply chain models for luxury brands,” stated Mihim.
Elfers continued, “We believe that our long-standing transformation strategy has prepared us well for these uncertain times. As demand for our essential children’s clothing continues to surge, our omnichannel advantages are clear; quarter-to-date, our consolidated sales are up positive low double-digits, with on-line demand up 300 percent, while approximately 95 percent of our stores remain closed. We are planning to have the majority of our stores open by July 1.”
Converse, which operates 3,000 plus mono-brand stores in Asia had to shut stores right before one of the most commercial moments – the Chinese New Year in February. But the brand survived the catastrophe only because of its robust e-commerce capabilities.
Needledust brings to you a line of bespoke fine leather juttis with hand embroidered designs, that speak the charm of a true old school artisan with a desire to recreate fashion for those that wear, admire, preserve its elegance, class and culture. With love for the handicraft and passion for revival of the jutti, amalgamating the finesse of old royal moulds with innovative design and embroidery patterns.
Work from home has become the need of the hour, it’s no longer an exception. To maintain business continuity there were steps taken to keep the teams connected via various channels and approaches. Video conferencing has become the new normal, we are using this collaboration channel extensively for communications as well as utilising the current lock down period to train and reskill team members.