By Ajay Rajpal,
The one foremost carry forward which the year 2021 will have from 2020 is the ongoing impact of the COVID-19. The pandemic is anticipated to influence economies for at least a couple of years to come. The “New Normal” is here for a long stay, and like every trade, the fashion retail business exposed incredible agility in adjusting to the demands of the current time. From the concrete stores to online shopping, the fashion retail space has been re-creating, re-planning, and re-positioning themselves to speedily develop the business environment, industry trends and shifting consumer needs.
Certain drifts that are at a budding or emerging stage now will intensify and expand this year. While the supply chain management and logistics network would have mostly retrieved and rehabilitated from the lockdown shock wave, public movement and footfall are anticipated to stay squeezed. The implementation of digitalization across businesses would address manifold issues and reinforce numerous facets of the trade, including strengthening the supply chain management and logistics network, hastening digital promotion activities, forecasting revenue and sales, direct sales, and encompassing to consumers an incomparable shopping experience.
Artificial Intelligence (AI) is one of the greatest advancements for which the fashion industry is waiting. With people devoting more time online, much of the action will be online. It will offer brands to ensure more mind space for consumers. Fashion brands and data collectors would be obtaining huge amounts of information and insights into shopper preference. AI has a key part to play to manage the data and discover buyer behavior and support brands plan their portfolio. It will help brands recognize their worst- and best-retail products.
Online shopping will reinforce, and retail brands will focus on leveraging contemporary technologies to deliver a smooth virtual shopping experience. The attempts will be to make online shopping feel more tangible and broadening a customized practice to the shoppers.
Digital marketing & promotion budgets are destined to rise more than what was projected during the pre-COVID age. A massive push would be to influence all possible digital platforms for enticing shoppers, driving sales, and most significantly maintaining brand loyalty.
Furthermore, e-business is anticipated to achieve more market stake, while fashion brands will leverage innovative strategies such as going hyperlocal or unveiling pop-up stores.
The current international scenarios have made it significant for most segments to differentiate and display resiliency in their business operations. As brands embrace forthcoming trends and make them conventional, the industry is essentially stirring towards online fashion retailing. The industry focus is to make the online shopping experience across platforms unbroken, absorbing, appealing, and seamless, while forming a constant link with the customers.
Online fashion retailing is futuristic, and it is going to be the leading highlighting trend for the eras to come.
The columnist is a fashion entrepreneur, and an actor. Views expressed are the author’s own.