Startup News Magazine

How Brands Managing Risks & Opportunities In Fashion Industry

Authored Article by Arvind Bajaj (Founder of Ezok Shoes)

In a world that is recovering from the pandemic, it is imperative to maintain your brand. Thriving must be on a priority for companies before the COVID era, but now sustenance amalgamated with a strategy that looks forward to the coming times is equally important. One of the industries that were massively hit by the calamity has been the fashion industry and not only has it hit rock bottom but it is also setting a great example of how to bounce back from it. Recovering and taking a step forward with every endeavour is healing and setting a precedent for everyone else in the market to follow.

One of the major focuses of the fashion industry is to be able to manage risks and opportunities in the sector. The market teeming with fashion brands has created a new landscape swarming with viral trends and in-demand styles (from classic to on-the-go, from vintage to sassy). One of the ways that it has aided the industry to keep its head above water is by running a cumulative analysis of where the brands stand versus where the brands want to be. The idea is not to develop a fancy plan to get to the peak of success but instead to be gradual with the profit margins and eventually raise the profitability to a new high.

The point is to not only focus on retail but also on external factors, including the product, its quality, the service offered by the brand, the post-service customer support and the customer’s ease of access to the brand or resolve its concerns etc. The fashion industry, when witnessing the nosediving low during the pandemic, eventually decided to resurface with a new virtual store or online trial room conceptualization. The idea was visualized in a way where staff caters to the patrons from across the screens and enables them to choose their pick on video or simply keep their orders ready to be picked by the customer directly.

Apart from the usage of Artificial Intelligence (AI), the brands have also been focusing on COVID-related meme-culture or making light or productive/ helpful content to reach out to their mass audience. It has bolstered its virtual presence and has been running campaigns for the brands to focus on as the COVID threat takes to a corner. The opportunities further include meme-merchandising.

Fashion businesses are getting smarter by the day and focusing on having the patrons’ backs as they look for diversity, newness, quality, and an array of fresh perspectives to choose their pick from. Adapting to conscious-choices, environmentally safe fashion or establishing the roots of green sustainable fashion, the industry seems to understand the message of a range of people coming together from different backgrounds, cultures, and ethnicities. This is further helping the brands to create a credible rapport while understanding the behavioral psychology of the demographic and strategizing the conceptualization, the sales, the risks, and opportunities in the mart regardless of all external factors.