How will the fashion apparel industry be revived post lockdown?

Analysis Of the Pandemic situation

  • It would take 9–12 months for a semblance of normalcy to return, during which businesses will do well to look at a broader supply chain backbone.
  • There will be structural changes within the industry, on both the cost side and the demand side, and that there will also be some movement towards online business.
Image: Unsplash
  • Post-lockdown period service to consumers will be the primary thing.
  • There will be a roll-on of inventory from one season into the next, at least until Diwali.
  • The Indian climate allows for spring-summer wear to be used until winter sets in from July to September.
  • It would also be a bad strategy if brands were to offer heavy discounts to get rid of the inventory; doing so, they will spoil not only the brand but also the market.
  • That most of the businesses that drove India’s GDP currently lie in the COVID-19 Red Zones.

Government support

GST relief
  • One of the ways in which the government could help the industry was by extending credit periods.
  • To boost consumer demand, the government could provide relief on GST, which could then be passed on to consumers. Consumers are likely to become more price-conscious after the pandemic.

Diwali hopes

  • New norms will emerge, and there will be a renewed respect for capital.
Diwali- the revival of business| Image: Unsplash
  • Companies will look to conserve cash, and Diwali could be a time for a revival — for businesses and the spirits of consumers.
  • A lot more people than before would now move online.
  • The ‘hyperlocal’ phenomenon would gain ground, wherein brands would service people from the nearest store.
  • Brands who are dealing with essential items like Swiggy and dominos; could expand the service to non-essential items too.

A Fashion Educator diving into the Data world