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If 2020 has been an annus horribilis for most of us, for the fashion industry it has been the worst. According to McKinsey’s report, the fashion industry loses about 93% of its economic benefits.
The drop in sales, changes in consumer behavior and the disruption of supply chains were some of the aspects that caused this collapse. Factors that are not too surprising due to the current situation of uncertainty. The global pandemic caused by Covid-19 has turned everything upside down and uncertainty has been present throughout the year.
But it’s not all bad news, because fashion loses relatively. The focus on digital and the empowerment of e-commerce have grown significantly. Online sales have doubled their numbers. But the local commerce has also re-emerged. It seems that this state of uncertainty in which the sector lives is actually the right time to review some practices that may have become outdated and explore new paths for the relationship with customers, workers and corporations in the sector.
The most successful will be those who know how to stay afloat, implementing new forms of business that give a new shape to the fashion sector. That means focusing on an omnicanal perspective, focusing on the digital route of course. Also, ensuring sustainability throughout the value chain, the textile industry and consumption. Consumers, and this can already be seen today, will reward those companies that treat both their workers and the environment with respect.
Perhaps the coronavirus has helped the fashion industry to build deeper relationships with the environment. This will provide benefits never before seen. And, the report gives hope for this coming year, so, we will have to pay attention to it.
If you want to check out the report you can go to Mckinsey’s official website and download it.