Undoubtedly, it has been a defining event of the year and will have implications that will well continue into the decade.
One of the ways that people have coped with this period of isolation and uncertainty has been by altering their shopping behavior. From bulk-buying to online shopping, people are changing what they’re buying, how and when. It can be safely said that the coronavirus pandemic has completely transformed the e-commerce landscape and has massively accelerated its growth.
What people are buying is changing too. It is, perhaps, returning more to the relatively normal consumption patterns. Electronics and apparel purchases saw a surge of 11% and 12% respectively. People are working from home, yet they shopped for clothes with the rationale being that it’s been a while since they bought new clothes. Prices are also witnessing a change. Grocery prices have gone up by 4% since May as compared to 2019.
Major Trends Expected to Emerge
Over the next period, e-commerce businesses will need to be much more careful about how they approach the future.
• First and foremost, they will have to adopt risk-mitigating strategies that allow them to continue reaching their customers. These will include diversifying supply chains, more reliance on automation, implementing DTC models and reinventing the entire business process. They will also need to pay more attention to meeting customers’ demands.
This story is from the September 2020 edition of Business Of Fashion.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the September 2020 edition of Business Of Fashion.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
LET'S MAKE FASHION PRODUCT GREAT AGAIN
A panel of experts comprising of top leaders debated the evolution and trajectory of the fashion retail industry in the last ten years - the decade of millennials and e-commerce...
COOL COLORS: Redefining Mid-Segment Fashion for Modern Men
Praveen Bafna, MD, Bafna Clothing Pvt Ltd, speaks on Cool Colors’ growth since its inception and expansion plans in a freewheeling chat with IMAGES Business of Fashion
NOT JUST JEANS: KILLER Transforms into Edgy, YouthFocused Brand
Hemant Jain, MD, KKCL, says the brand will open 500 stores in India by the end of next year, along with expanding into the Middle East and Eastern Europe...
WESTSIDE More Than a Transactional Brand; It's a Lifestyle
Since its inception, Westside has grown beyond just fashion and has evolved into a much-loved family lifestyle brand...
MAS HOLDINGS: A Journey of Innovation and Expansion to a $2 Billion Valuation
With a presence spanning across 14 countries and manufacturing operations in 8, MAS Holdings serves as a pivotal partner to renowned brands worldwide, including industry titans like Nike, Victoria’s Secret, and Lululemon.
ENHANCING INSTORE SHOPPING EXPERIENCE: The Role of Technology & Personalisation
Embracing technological innovations not only guarantees enhanced customer satisfaction but also fosters unwavering customer loyalty, thus paving the way for a thriving future for Indian retailers...
H&M Move Offers Functional 'Movewear' To Empower Individuals Of All Skill Levels: Yanira Ramirez Country Sales Manager, H&M India
In conversation with IMAGES Business of Fashion, Ramirez spoke about how H&M's activewear brand, H&M Move, aims to inspire global movement in a more sustainable manner...
DECATHLON Launches New Brand Identity, SustainabilityBased Business Model
Decathlon is adopting an ambitious global strategy, which encompasses an enhanced customer experience, a strong commitment to sustainability and an overall modernisation of the company...
Casualwear & Athleisure Markets in India WITNESS MASSIVE GROWTH SPURT
In the last few years, the market has witnessed a massive growth spurt driven by growing income levels, changing lifestyles, increasing casualisation among professionals, emergence of start-ups and the entry of foreign players
THE INDIAN ATHLEISURE MARKET: Redefining Comfort, Style & Performance
Athleisure, initially perceived as a simple combination of athletic and leisure wear, has evolved beyond its origins to become much more than just that. It's no longer just about comfort; it's a full-fledged fashion revolution...