The economic crisis caused by the coronavirus hit the fashion industry especially hardYes, more people have started buying things online, but this is not enough to compensate for the damage from closing points of sale and reducing household spending due to general uncertainty.  According to experts from The Boston Consulting Group (BCG), the revenues of the fashion industry worldwide this year will decline by a third, which is equivalent to a loss of $ 640 billion.Many countries are gradually resuming economic activity and companies are returning to work.Despite this, the fashion industry is in for a major change.  The habits, tastes and attitudes that emerged during the pandemic will continue to have a significant impact on the fashion industry.Among the trends that will shape consumer behavior, BCG experts point out the following: the growing popularity of online commerce, closer attention to the ethical and environmental practices of brands and a more rational attitude to shopping.
 New habits
It is already clear that the economic recovery will not be easy.  Research from BCG and other companies clearly shows consumer confusion.  According to the latest data, 81% of Americans believe that a pandemic will inevitably lead to a recession.  More than half of the consumers surveyed by BCG are worried about their wallet and plan to cut spending on clothing.  More than 40% of respondents expect brands to accommodate them and develop special offers and promotions by the time of store openings.
All over the world, people are getting used to online shopping: someone orders home delivery, someone independently comes to pick up the purchased goods at the point of delivery. BCG is confident that these habits will become the new norm.  The pandemic has simply spurred the popularity of online commerce.  Thus, in the United States, 14% of all consumers made their first purchase online during quarantine.  Something similar happened in the early 2000s, as a result of the SARS virus epidemic that caused SARS. Then online sales, having jumped during the outbreak, remained popular even after the epidemic ended.
 Here's how the experts formulated trends that will have a global impact on the fashion industry.Consumers will spend less and be more selective.  Overall spending will decline, but categories such as casual, sportswear, household goods and cosmetics will increase in popularity.They will spend less on bags and formal clothes.  In general, they will buy not what catches the eye, but what is practical.Sales channels will change.  More and more products will be diverted through digital applications and social media.   The segment of mobile applications will grow especially.  Most of the products will be sold on the world's largest markets through digital. In this light, the struggle for consumer attention becomes key for brands.  It can be attracted through customization, improved application functionality, a good delivery service and the development of communities of fans.The points of sale will not be the same.  Since the bulk of shopping will move to the Internet, the number of stores will decrease.The main, image, locations will remain - the rest of the points will either disappear altogether, or will seriously decrease in size.  This will change the very direction of the shops: they will sell goods that are popular in a particular area or region.  In addition, online ordering departments will appear in stores.  Some points are being re-formatted into spaces where local fans of the brand could gather.Brands in the middle price segment will have a hard time.  People begin to save money and are forced to choose: either to buy the product at a lower price, or, conversely, at a higher price (to last longer).Thus, companies in the mid-price segment will have the hardest time.Demand for brands known for their environmental and social awareness will increase.Companies will need to pay particular attention to their environmental impact and reflect on how their activities affect society.Consumers will become more demanding. People will expect convenient online solutions and efficient delivery services from brands.More and more consumers are using social media to communicate with companies, so the latter will need to develop relevant, timely and personalized content.
Act without delay
According to BCG forecasts, the marginality of the fashion business could fall dramatically if urgent measures are not taken.At the end of this year, sales in the global fashion industry will decline by 30%. The fall, although not so rapid, expects the industry in 2021: according to experts, it will be 15%.  That is why it is impossible to stay idle.  Already today, it is necessary to cut costs, reformat sales channels and keep an eye on changing consumer habits.Perhaps, many brands will have to close some stores, primarily those that cannot boast of a large number of visitors.  At the same time, it will be necessary to continue working on online sales channels.   This could involve improving the website as well as working more closely with giants such as Asos, Amazon and Alibaba's T Mall, all of which have only grown stronger during the pandemic.In addition, it will be important for companies to analyze and revise their costs.Invest in online marketing and big data instead of big events.  Artificial intelligence can help with this.  In the next decade, its role in the life of the fashion industry will increase many times over, so it is necessary to introduce the latest technologies today. Brands will succeed if they can collect data from different sales channels on a single platform.  This will help you make decisions based on consumer behavior and respond quickly to any changes.The next two to three years, according to BCG analysts, will be difficult.  This may be the most difficult period in the history of the fashion industry.  Nevertheless, even in such conditions, you can succeed.  The main thing is to make decisions quickly and keep in touch with customers.
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Источник:https://m.forbes.kz/life/style/modnyiy_prigovor_1_1597822183/?utm_source=forbes&utm_medium=mlt_articles