The novel coronavirus has put the world on pause. Businesses, restaurants, schools and malls across the world have closed. So what exactly does this mean for retail stores and the fashion world?

Stocks crashed

The economy is currently one of the main victims of the global pandemic, with all industries taking a major hit.

Macy’s stock is currently down 7.65% and is steadily dropping each day. Nordstrom is down 4.13%, and shows no signs of going back up to what it was before the pandemic hit.

NO MORE EVENTS

Designers from across the world were forced to cancel their events in response to social distancing. Thousands of shows have been cancelled, majorly impacting the designers, with some filing for bankruptcy.

Cartier, Chanel, Burberry, and Gucci are just a few brands who were forced to cancel shows and events which were scheduled for the next few months. Many events were completely cancelled, while others have been postponed until further notice.

Some brands such as Rolex have completely put a pause on their manufacturing as a way to help stop the spread of the virus.

Some Designers have decided to take their shows online instead.

GOING VIRTUAL

Moving online has been the main focus for many brands, since it is the only way for them to keep their audience engaged and show off their new collections.

Many designers have decided to use Zoom and similar websites to put on shows.

Bridal Fashion week was moved completely online. Set to run in mid April, designers will showcase their collections on Zoom.

Shanghai Fashion Week has partnered with Alibaba’s Tmail in order to create an online site for designers to show their collections for fall 2020.

These online shows are quickly becoming the norm for these brands who still want to showcase their collections.

push for online shopping

With malls being closed for nearly a month, retailers are pushing for consumers to shop online. Almost all clothing stores have free shipping with no minimum, in order to entice consumers to order from the,

Many stores have also amended their return policy, allowing customers more time to return if necessary.

SALES ON SALES

In order to keep their stores running during the outbreak, there has been major markdowns at most retail stores online. From clothing to makeup, these sales are to persuade customers to continue buying their product during this time.

40-50% off sales are enticing to consumers and allow the business to keep operating during this time, and allows them to reopen once the lockdown is lifted.

Sales are a great way for retailers to ensure that their product is still being purchased, even if it is at a much lower rate than usual.

Marketing strategies

Many retail businesses have taken this time to focus on getting their name out there, rather than actually selling. With jobs and schools closed, people are spending more time on social media than ever.

The app TikTok has gotten extremely popular since the world has been on lockdown and many brands are using the platform to get their brand out there. Companies such as FashionNova, PacSun, and Adika are using the app to show their clothes and get their brand more recognized.

what’s next?

The impact of COVID19 on the world is devastating. The fashion and retail world has taken a huge hit in both sales, stocks, and events. However this has not stopped brands from continuing to spread positivity to their consumers as well as help in the fight against the virus.

Brands continue to influence their customers to practice social distancing and good hygiene habits. Many have also given large donations for things such as masks, ventilators, and those who were financially affected by the virus.

FashionNova partnered with rapper Cardi B to give away 1 million dollars, in increments of 1 thousand, to those affected. While the fashion industry has been hit hard by this virus, they are doing everything they can to ensure health and success in their businesses.