Many countries are struggling to cope with the spread of COVID-19 and its variants. At the time of writing, Malaysia has hit a record high of 21,000 cases, the Philippines has detected the Lambda variant, Indonesia is struggling to get a hold of oxygen supply, and Sydney has recently announced a stricter lockdown.
Since the start of the pandemic, we have been producing resources to help navigate through this crisis. For ease of access, we’ve compiled a list of relevant resources in this article. While this list is non-exhaustive, it provides a relevant perspective through the lens of fashion experts and their tips on getting through this crisis.
7 Resources to Read
Although these resources were written at the start of the pandemic in early 2020, the key takeaways can still be applied to today’s crisis.
- Fashion Retail & the COVID-19 Crisis by Omnilytics
- Digital Revolution: Key Lessons from the Crisis and How Fashion Can Navigate the Next Normal by Omnilytics
- Fashion’s Guide to Navigating the 3 Stages of a Crisis: Panic, Stabilisation & Recovery by Omnilytics
- Leadership Lessons to Manage Through Covid-19 by Omnilytics
- Diversifying Sales Channels to Overcome Covid-19 by Omnilytics
- Smart Retail Markdown During COVID-19 by Omnilytics
- Fashion in Crisis: 6 Merchandising Best Practices by Omnilytics
4 Webinars to Watch
- Merchandising: Decoding Excess Stock with Market Insights featuring Giulio Xiloyannis, CCO of ZALORA Group
- How to Manage Inventory Effectively During the Pandemic with Regional Associate Director of Omnilytics, Amanda Liu.
- COVID19 Crisis Response Action & Key Strategies featuring CEO of Omnilytics, Kendrick Wong, and Director of Retail Strategy, Elaine Low.
- Merchandising Best Practices for Crisis Mitigation with Sarah Johnson, ex-Head of Merchandising at Asos
Key Takeaways on How to Navigate Through COVID-19
- There is a need for clear responsibility in decision making to avoid compounding issues at a time of crisis.
- During a panic stage, staying stagnant is not advisable. Instead, the best remedy to uncertainty is to take action by crafting a business continuity plan with tactical actions that you can act on today. In addition, plan ahead of time to prepare for the stabilisation phase so you are in the best position to capture market demand.
- While some turn to deep discounting to solve inventory issues, there will be implications in the long run. Therefore, it is best to opt for gradual discounts driven by .
- Diversify sales channels to optimise the allocation of products based on where your consumers are shopping.
- Re-forecast realistically based on current market trends as previous trading patterns will not be enough in this unprecedented event.
- Identify significantly sized “gaps” in the market to capture opportunities on what to produce.
- As straightforward as this list may sound, the most important step is to take action. Taking action can help unveil any drawbacks that you can treat before they get too big. Therefore, this would save you and your team time from dealing with such problems.
If you are unclear of where to start, reach out to your respective Client Success Manager at email@example.com, who has helped other navigate through this pandemic successfully.