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The outbreak of COVID-19 has already changed the way businesses across sectors function. Companies are re-strategizing and re-structuring their internal models and business plans so that they are able to efficiently get back on track when the pandemic is behind us and the economy has revived. With people observing social distancing in India and staying at home to help curb the spread of the disease, the retail sector has taken a big hit with offline stores and malls remaining shut. Being part of the footwear industry, companies like ours are introducing innovative and productive ways to be better prepared in times of a crisis like this. The priority of most businesses is how to retain their customer base by adapting to new and emerging trends that will be here to stay post COVID-19.
Health For All
Most organizations have prioritized the health and safety of their employees and customers over everything else. Special health helplines have been set up that are monitored on a real time basis. Warehouses, stores, office premises and even footwear are being sanitized. Special teams are being put in place to train front-end and back-end staff on adopting all necessary safety with no room for compromise. Going forward, this will be the norm as it will be a while before people are able to move around freely without fear. The footwear industry will be more conscious of providing a safe and healthy environment for both customers in stores as well as employees.
Consumer Buying Patterns
The current situation has taught us that a crisis can come in any shape and form, and if one is not well-prepared, can cause dire consequences. Thankfully, we have the digital medium to fall back on at a time like this. There is a general sense that even post lockdown, the situation will not normalize to what it was before COVID-19. Increased shopping on e-commerce platforms will be the new norm, with even those averse to buying online, jumping on to the bandwagon. Though online stores are expected to see a steep rise, offline stores may take longer duration to get back their usual sales. Because of the slowdown in the economy, people will hold on to their disposable incomes and only spend on what is necessary. As a result, we are expecting muted festive and wedding sales. Big ticket purchases will be pushed by a few quarters. We plan to focus more on the basic and affordable footwear section during this time. Another trend we see picking up is foot care accessories such as shoe sprays which will help in footcare and maintaining foot hygiene. The demand of customers will stem from their need for hygiene and cleanliness in everything they purchase.
At such an uncertain time like this when the future cannot be foreseen, cash conservation by individuals and corporates is the biggest mantra. We are all in an internal huddle mode to work on strategies wherein their current fixed costs such as, rent, retainers, etc. can be moved to variable costs. Rentals for all stores are being renegotiated. Companies are also partnering with other brands to share manpower. Since imports have been disrupted for many International brands, companies are already working on strategies to maximize sourcing of products from within India. This will reduce transportation, logistics and other related costs to a huge extent. Sourcing from withing India, will also contribute towards helping the economy grow.
Though the pandemic has brought with it a certain fear, uncertainly and regard for health, it has also, in many ways, reset the world. Once the economic stability has returned and businesses have bounced back, there will be very important lessons learnt that I hope will elevate the footwear industry to a much better place in the future.
Footwear brand Neeman’s has partnered with The Woolmark Company – the global authority on wool – launched a range of shoes made from Merino wool.Footwear brand Neeman’s has partnered with The Woolmark Company - the global authority on wool – launched a range of shoes made from Merino wool
In the winter wear range, customers can pick and choose from a wide range of overdyed cotton sweaters, hooded over dyed sweatshirts, denim jackets, biker jackets, sweatshirts in different wash techniques, over-dyed and garment washed cotton jackets, cardigans and pullovers. Front open sweatshirts with zipper are doing phenomenally well for Lee Cooper.
The company said in a statement, “Today marks a sad day in the long history of Roger David menswear and for Australian retail. Despite the directors’ best efforts with the business, it simply could not compete with the influx of multinational retailers and the rapid, global evolution of online shopping.”
“Other than the weddings and festive season, people shop for occasions like birthdays, anniversaries, housed warming parties, new year eve, holidays, every year students who are (20-25 year old) shop for their graduation day. People also shop for gifting purposes as it is one of the easiest items to pick up and can be exchanged,” says Shachi Singhania, Brand Manager, Turtle.
Sethia on the other hands say that the USP of his brand Success is innovation. “With an in-house production unit, factories equipped with state-of-art machineries and skilled labour, our product innovations are so fast-paced that the time taken for a design from visualization to rack is very short compared to other brands,” he expounds.
Myntra has announced the launch of Sztori, its in-house plus size apparel brand, especially designed to suit a larger range of body shapes and sizes. It is essentially a designer wear in the plus size category, offering consumers, the perfect fit and multiple style options at affordable rates. The apparel is made to suit plus size body types rather than prove to be a mere extension in size on existing profiles, thus breaking the existing age-old norm in the Indian market.Myntra has announced the launch of Sztori, its in-house plus size apparel brand, especially designed to suit a larger range of body shapes and sizes
Traditionally, the occasion wear market in India was catered by either the unorganised players or the high-end designers. But, today, this segment has emerged to be an attractive market for the middle class as well. “Today, all consumers are target customers for occasion wear. The rise in the popularity of social media as well exposure to international trends and self-image has meant that it is not only the affluent consumers who are going in for occasion wear but also the young middle class, armed with higher disposable income, which is fuelling the demand in this category,” says Vinay M Chatlani, Director and CEO, Soch.
Ensuring designs with sober embroidery and texture detailing at economic price range, Manish Creations uses the best of handloom fabrics which are rich in texture and quality. Following the fast changing trends in men’s ethnic wear, the brand is focusing more on cuts.
He added, ” In terms of traffic, we have always had the maximum traffic, this time the search is unprecedented. One of three people are coming at looking at the fashion products and our job is to convert them. All our growth rates are indicative of who is ahead of whom. We are very clear that we are the preferred destination for fashion.”
“We are constantly working on developing new fabrics, taking inspiration from international trends in terms of colors, cuts and design sensibilities. We are looking at brands like Fendi for embroidery inspirations, and also working very closely with the interiors of Varanasi for the fabrics. So, in a way we have our eyes on all sectors and segments,” explains Bhanjdeo.