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As global news continues to be dominated by stories of the COVID-19 pandemic, marketers face one of the most difficult moments in history: finding the right strategy and opportunities to overcome this situation.
In the following article we go deep into facts and opportunities for Fashion Retailers during this period.
Fashion is going Online
In 2019, the fashion business was worth $1.3 trillion and was forecasted to hit $1.5 trillion by the end of this year. COVID-19, however, has brought the industry to a complete stop with the majority of physical stores shut down and high profile events cancelled.
Deepening the impact is the fact that much of manufacturing and design is done in China and Italy, two of the worst hit countries. Retailers are now focusing their efforts on online sales in the hope of minimizing potential losses.
It is time for Brand Awareness!
Retail brands may feel the losses at the moment but they should try to maintain some form of brand awareness. Clothing and luxury goods are considered emotional purchases and consumers will return to purchasing these items, especially as the initial shock of the crisis subsides.
Furthermore, once this situation ends and things start normalizing, consumers will likely flock back to shops and brands will want to be top of mind once this happens.
Across the U.S. and in Europe, retailers and stores have been closing their doors (either by mandate or voluntary).
However, in China, where life and the economy are slowly on a path to recovery, stores have begun reopening and foot traffic is steadily returning.
If the coronavirus persists, what impact do you think this will have on your sales?
Source: Squire Patton Boggs, UK Retails, 2020
Bearing these insights in mind, therefore, Fashion brands should continue to use Facebook and Instagram but this would be an opportune time to test other platforms like Snapchat and TikTok as audience density would be much higher in this period.
So it is time to replace conversion campaigns for more reach and branding.