Fashion & Retail Industry & Covid 19
A
quick google search will tell you that 2020 is the year of the rat. You’d think
that’s pretty accurate. I for one don’t think we should give rats that much
credit. I’d say it’s more like the year of the phoenix. Almost as though a new
problem rises from the ashes of the old one.
Living
in a pandemic and coping with the same is not what any of us had in mind when
mapping out our 2020 plans. Especially those of us who have ventured into new
businesses or had plans to drop launches and introduce new products. Truecode has reason to believe that the
retail industry has taken the biggest hit so far with Covid-19 stopping people
from even stepping out of their homes. Market
research shows that this pandemic has brought life to a standstill,
economies to a recession, and businesses that relied on face to face
interaction to inevitable losses.
Market researchers like Truecode still aim to show that even in
these times, there is a silver lining. With the insistence of people to stay
home, they are allocating much more of their time on being online and browsing
through virtual platforms provided by retailers. According to market research, quarantine has peaked
the engagement of consumers on social platforms which in turn has led to a hike
in online trade. Online retail is at an all-time high providing services as
essential as delivering groceries and take out, to even being able to shop for
an entirely new wardrobe just by lounging on your couch.
In
spite of the ease in lockdown restrictions, people are hesitant to step out and
try on clothes, cosmetics, and even be in a public space, with the fear of
contracting the virus. At Truecode,
we have noticed that after months of staying mostly at home, and missing many
occasions including birthdays, weddings and graduations, some consumers are
likely to make up for the lost time. Consequently, those who want to advocate a
bit of normalcy in their lives and still step out are clouded by the
limitations and regulations that have altered the entire shopping experience.
Regulations on the number of customers, appointment booking, and one on one
shopping have redefined the idea of shopping. Market research has proven that this has not only reduced revenue
and but has also drastically increased competition among each retailer in every
sector. To meet the demands of the consumer and to adapt to the changing
consumer behavior, traditional retail platforms are shifting to a completely
virtual arena or incorporating a major sector of their sales to be on different
online platforms. Truecode has
recognized that Myntra, Amazon, Flipkart, and other e-commerce giants host
various online sellers to trade their products and services with ease during
these difficult times.
Unsure
of when the quarantine will be eased out and if it will be implemented again,
especially with the rise in cases paving way for a second wave of the
virus, referencing to market research, we can conclude that retailers find
online platforms to be a more stable revenue source to attract consumers
surfing online. At Truecode, we have
seen a shift in the sector by incorporating social media marketing to increase
activity and inform consumers about their deals, and adding to their virtual
experience, retailers are trying their best to ride this wave.They have to bear
the consequences of opening and closing shops multiple times, having to deal
with limited customers and lower revenue, fewer working hours, and having to
lay off their employees. We, at Truecode believe
the added benefit of this shift in consumer behavior is the biggest motive to
provide their service with utmost safety and reliability.
Market research proves that online portals have
been stretched above and beyond, proving time and again their potential to
adapt to colossal changes with ease.
