With the corona pandemic looming all over the world resulting in a complete lockdown in several countries, industries in all sectors everywhere have taken quite a hit especially the F&B sector and the retail industry. With malls and retail outlets being shut a drop-down in sales is inevitable moreover with the factories also being on a standstill one can witness disruption in the supply chain.
The impact of the lockdown is one of the biggest crises that the apparel industry has seen in a long time. Amid these inescapable crises of declining demands and inventory build-ups, online platforms are a way to keep sales afloat. But this too has its own set of drawbacks, delayed deliveries being one of the biggest ones. The scenario right now may look bleak however we will eventually see a gradual pick-up in sales once the lockdown is over.
While the conditions seem to be quite unpredictable at this point of time, but once the lockdown is over, we will surely witness a surge in offers ranging from major discounts to cashbacks and promotional offers to entice people and make up for the lost sales.
The lockdown has led to an increase in the screen time of users where you can find people thoroughly active across the various social media platforms. Branding will a major role in the scenario since all the brands will be vying for customer attention, what is important here is to stand out and provide the customers with the most engaging content that is relevant to the current atmosphere. The brands will then have to swiftly recover from this state and transition proactively into building content that is relevant and keeps the user interested even after lockdown is over.
It may require some time for people to bounce back to their pre-pandemic sales behaviour in such a scenario, omni-channel marketing is a great mechanism to leverage on for pushing sales. Since the customers today are omnichannel, it is imperative to adopt this means to serve customers efficiently and effectively. The post lockdown period will witness aggressive marketing strategies from brands to win the goodwill of customers and recover the loses.
While these are few pertinent measures that can help get a business running smoothly, the footfalls and the sales will take up some time to resurge even once the lockdown is over. The market conditions will evolve but we may also see a change in consumption patterns even after the conditions return to normalcy.
- Vikash Pacheriwal (Co-Founder - Raisin)