These drastic times call for drastic measures and fashion retailers, designers, and influencers have had to rethink their strategies for this new world.
Although a lot is in flux right now, it may be an opportunity for the fashion industry to change course for the better.
Sustainability
While this crisis has highlighted the need for sustainability, it also threatens the future of this progressive trend.
Those brands who don’t truly practice what they preach will find it difficult to continue with sustainability, while those who have deeply incorporated the practice into their supply chain will last.
While sustainability has been sidelined in the short-term, expect to see the acceptance of it grow beyond this crisis now that the problems with the traditional, unsustainable processes are laid bare.
Now is the time to make sustainability a core part of the industry and not just another buzzword.
Overstock
The fashion cycle has been accelerating due to the increasing availability and production of fast fashion. But this previously booming sector has suddenly hit the pause button and now they’re left with millions of dollars of overstock that won’t stay in fashion forever.
They also can’t simply discount it without impacting the overall value of their brand. Some luxury brands have literally burned excess inventory to retain their image of exclusivity.
This may push the industry into a period of recycling items or reimagining them for next season. Helping the bottom line while being forced to innovate may create some new paradigms of fashion next season and in the future.
Digitization
Brands without strong digital storefronts are having a lot of trouble right now. Even those who have gotten with the times may have to change the way they do business online.
Direct-to-consumer has been thriving during the quarantine due to traditional distribution chains facing issues.
Vogue and the Council of Fashion Designers of America have partnered with Amazon to launch a digital storefront featuring the work of small and medium-sized designers.
Video and 3D technology are being utilized for virtual fashion showrooms, catwalks, and clothing visualization.
Consumers have quickly gotten used to the idea of shopping online too. From the essentials to tailored suits and everything in between. This time-out has shown people that almost every part of the process can be done from home.
The Future Is What We Make It
The fashion industry will bounce back eventually, but it may look drastically different. Now is the time to think progressively, to implement stronger core values, to innovate.
It’s a challenge that will only make the industry stronger in the long run, but we have to put the work in now if we want to survive.
