Fashion Industry Must Change Its Colours To Survive In Post-Pandemic World

The pandemic forced most non-essential businesses, including the fashion industry, to shut down for a period. Due to the switch to “work from home,” many people transitioned to wearing casual, basic and essential apparel. Fashion and apparel are not just basic needs, but also tools for self-expression and identity. As people could not shop for or wear new styles—because of general (prohibited access to shopping venues) and personal (low or no disposable income)—restrictions, they suffered emotional distress. Research in consumer behaviour suggests more women than men use “retail therapy” to resolve such distress. As the world emerges from pandemic-induced bans, businesses are reopening, and consumers are preparing to shop to alleviate their emotional troubles.

One good thing brought about by the pandemic was the downtime—allowing professionals, including those in the fashion industry, the space to think and explore. Without the pressure of deadlines and commitments, many creative professionals, such as product developers, designers and artists could work on innovative and creative ideas, helping their creativity to blossom, resulting in inventive new products. As the world leaves the pandemic behind, fashion is experiencing a similar revival. Simplicity, elegance and minimalism have gained traction, as has the increased importance of casual wear and athleisure. In fact, “casualisation” is expected to be a big trend in the near future. Fashion firms and brands focusing on casual wear and products will see a rise. Luxury brands will also excel, as their target customers have higher disposable incomes and are not price sensitive. This is the beauty of India’s diverse consumer market, which gives players an opportunity to succeed by appealing to different segments.

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Covid has pushed businesses and consumers to bring some of their plans and practices forward by a few years. Most consumers used to buy from bricks-and-mortar stores; e-commerce comprised approximately 10 per cent of their total revenue. But when these stores shut down overnight, online shopping revenue rose by almost 25-50 per cent. Even as the pandemic recedes, this upward trend for e-commerce will continue. Businesses have learnt that omni-channel outreach—through integration of physical stores, websites and social media—is a necessity and retail can’t avoid investing in it. Small mom-and-pop stores are no exception. If they don’t adapt, they won’t be able to satisfy either current or future needs of consumers, which will ultimately affect their business.

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Over the last few years, consumers have switched from buying commodities to products, services and finally experiences. Businesses too have added value by adapting what they sell. American authors B. Joseph Pine II and James H. Gilmore, in an article in 1998, named this concept the “experience economy”. Before the pandemic, there was significant emphasis on providing the best possible experience to consumers, apart from selling them products and services. The pandemic thwarted that progress; consumers reverted to buying only essential products. Even though businesses are gradually reopening now, engaging consumers through innovative experiences has become a challenge for them. On their part, consumers are focusing more on ease, convenience and safety than the ultimate engaging and satisfying experience. Fashion brands, therefore, will face bigger difficulties in drawing consumers and providing new experiences. However, this situation will change; focus will slowly shift to providing memorable, authentic shopping experiences, which will help fashion brands distinguish themselves and achieve a competitive advantage. Maintaining an enhanced online presence, being authentic, doing business with true purpose and meaning, conducting business dealings with integrity and honesty, practicing diversity and inclusion and promoting equality, honesty and sustainability, will help fashion brands increase their customer base and do business.

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Pre-pandemic, the buzzwords “sustainable” and “green” were gaining momentum among fashion brands and consumers. Covid-19 has accelerated this. Sustainability will be a critical aspect of how the fashion industry works and how consumers make purchase decisions going forward. Fashion businesses will practice sustainability in their manufacturing and by treating employees fairly, caring about their communities, and minimising environmental impact. Fast fashion brands, which develop and deliver their products quickly to consumers, will maintain their popularity. However, they will come under closer scrutiny for their unsustainable business practices. Such brands will try to emphasise consumer concerns such as affordability, environmentalism, and self-expression. With increasing emphasis on sustainability and green apparel, which coincides with younger consumers’ preferences and attitudes, consumers will make shopping decisions that are more sustainable, as well as better for their finance, health and well-being.

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Despite a conservative outlook, many fashion brands will try to attract young consumers by catering to their liberal and progressive attitude and mindset through increased focus on inclusivity, equality and gender neutrality. Fashion lines geared toward plus-size populations will draw attention. Further, fashion magazines may break beauty/size barriers by featuring plus-size models on their cover pages and advertisements. Likewise, with the sweeping reforms concerning LGBTQ rights, the fashion industry will be instrumental in raising awareness among consumers. Adventurous fashion brands will not hesitate to communicate such values via traditional and social media, runway shows and product lines.

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With the spate of recent controversies in Bollywood, its movie stars and celebrities are, to some extent, losing their appeal for the wider audience, which naturally reflects on their brand endorsements. Consumers are more willing to listen to and follow influencers who share the same values as them, who demonstrate and review products on social media, and who actively engage consumers with the brand. Such mega and micro social media influencers will play a more prominent role in the fashion industry in the near future. Struggling but creative designers will be able to take advantage of social media marketing and influencers to reach out to target audiences and engage them with new fashion lines, making a good impact. If they fail to leverage this influential medium, it will be a missed opportunity.

Fashion businesses that are flexible and adaptable will survive and excel. There have been several disruptive innovations in fashion retail of late in Western markets, like subscription box retailing, digital native brands and direct-to-consumer selling. Moreover, businesses based on the shared economy concept (e.g., Uber, AirBnB or Rent the Runway) are flourishing. They will make an impact by displacing traditional retail practices. Use of advanced technology in product design and manufacturing (e.g., 3D printing), supply chain (e.g., RFIDs, NFCs, blockchain), marketing (e.g., social media influencers), and retailing (e.g., use of augmented reality, virtual reality and artificial intelligence) will be incorporated into regular practice in the future.

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The global supply chain was hugely affected by the pandemic. Recovery may take another 12-18 months. Globally, many firms have been forced to cancel their orders or manufacture/source locally. This trend of “local over global” may continue. Lockdowns have taught us that nations have to self-sustain where they can. Considering India’s advantages (young minds, political stability, business-friendly regulations, manufacturing capacity, compliance and accountability), the country is poised to emerge as one of the most favoured fashion apparel exporters.

(This appeared in the print edition as "Chic Business")

(Views expressed are personal)