Understanding the Impact of Covid-19 on Fashion Brands and Designing a Flexible Business Model

DOI

10.2991/assehr.k.220404.298How to use a DOI?

Keywords

Flexible Business Model; Covid-19; Fashion Retail Sector; Digitization

Abstract

As the Covid-19 virus spread, most countries dramatically restricted social life in order to slow its rapid spread, leading to a complete shutdown of the economy. The virus gripped almost every industry. Amongst them, the fashion retail sector suffered the most because it was of least priority to customers. Due to the closure of stationary retail stores, online shopping became the only means for consumers to satisfy their consumption needs and hence it is more important than ever to upscale their online presence. For the post-pandemic world, brands should prepare for the new normal by adapting to a model which caters to the needs of the consumers without compromising on the profits. Any brand hit by the pandemic is suggested to take the staircase approach i.e to first focus on the recovery from losses and then focus on profits. Fashion brands can recover and retailers can change these sudden developments into lucrative opportunities by adopting the proposed flexible business model in this paper.

Copyright

© 2022 The Authors. Published by Atlantis Press SARL.

Open Access

This is an open access article distributed under the CC BY-NC 4.0 license.

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TY  - CONF
AU  - Swasti Jain
AU  - Vikash Konathala Naga Sai
AU  - Sekar Fairux Darmawan
AU  - Mei Ie
PY  - 2022
DA  - 2022/04/21
TI  - Understanding the Impact of Covid-19 on Fashion Brands and Designing a Flexible Business Model
BT  - Proceedings of the 3rd Tarumanagara International Conference on the Applications of Social Sciences and Humanities (TICASH 2021)
PB  - Atlantis Press
SP  - 1833
EP  - 1836
SN  - 2352-5398
UR  - https://doi.org/10.2991/assehr.k.220404.298
DO  - 10.2991/assehr.k.220404.298
ID  - Jain2022
ER  -