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76% Are Eager To Visit Stores, But Only Post Reassurance On Safety Parameters: Reports
The sector is facing headwinds in the form of a flattening demand from key exporting countries, major production leading to lower realizations and increasing competition from worldwide.
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Past few months has been quite challenging for everyone due to the novel coronavirus or COVID disease. Most of the sectors are facing the heat and burning in desire to get some profit to survive, so as the Indian apparel industry.
It is projected to decline by 35 per cent based on different domestic reports. The business circumstance is troubling, and new buyer and retail patterns will drive various changes which will expect producers to consider ahead others to stay pertinent.
The fashion sector is trembled heavily by the repercussions of the pandemic. A majority of domestic, manufacturing and retail companies are at stake due to the cancellations of their orders. The sector is facing headwinds in the form of a flattening demand from key exporting countries, major production leading to lower realizations and increasing competition from worldwide.
The daunting challenge which comes forth the fashion businesses is to reflect and formulate existing strategies according to the consumer’s massive transformation. The question lies whether the consumer is willing to Accueil the fashion industry with open arms or are they still hesitating.
The consumers are optimistic and even eager to shop again, they hover around 58%, according to a joint report by Wazir Advisors and Crownit. Though a lesser proportion still thinks they possess their required clothing and don’t consider the need to buy more.
At least 45 per cent claims that they would shelve before auspicious occasions. Other 65 per cent believe that the crisis will not halt them from buying their regular clothes.
At least 65 per cent of the population would prefer to buy comfortable clothes that can be useful for work and stay at home.
On the other hand, 60 per cent would invest in the proper clothing which would help them to work from home and even go on occasional office visits.
There is no denial in the fact that people would not be frightened to go out and shop again. The safety is a paramount aspect irrespective of the channel. Approx 74 per cent of the respondents focused on both the online as well as store visits. One of every third consumer is switching to online mediums for the very first time. 72 per cent of respondents re-balance parameters for online channel engagement and claim safety has ceded delivery speed as the first and highest priority. This is precise across age cohorts; and is emerging for the key reason for the older audience to adopt online channels. Consumers need to make sure of the measures undertaken by the company before shopping through any channel.
Re-initiating shopping apparels is not easy with the continuous extension of the lockdown. Also, it would be difficult to shop physically, considering the current scenario.
Value of a cloth portrays a pivotal role in allowing the consumer to explore the brand. 56 per cent reflects their readiness to purchase valuable brands at smart prices whereas only 50% is seeking for discount schemes. There has been an inclination of demand for footwear.
The large crowd across metropolitan cities emerges as the key reason to avoid going to the malls by 66 per cent of the respondents. More than half of the population believes that the brand would ensure proper safety measures that would indeed help them going down the stores in person. There has been a mixed preference in legitimate concern of malls, 48 per cent of respondents claim skew towards High Street owing to COVID.
This period is, moreover, a tremendous time for businesses to reach out and connect with their customers to establish a loyal base. With almost the entire world under house arrest and the internet at hand, it has never been easier to sway ones attention. Thus, with proper communication, a brand can use this ample time to strengthen the most prioritized factor for success in retail that is consumer engagement.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.