25 Mar How can emerging brands overcome the coronavirus crisis?
Emerging brands are quickly feeling the economic impact that the coronavirus crisis brought to their businesses. The global lockdown put supply chains, offices and stores on near-total pause. Some small designers are starting to consider abandoning the production of their fall collections, to protect their companies from what could turn out to be a global economic meltdown.
The coronavirus outbreak became a health emergency, triggering a sequence of events worldwide. Designers are currently evaluating how to sell their spring collections (now shipping) to consumers largely working from home with no fashionable places to go. In this scenario, emerging brands, that rely on wholesale partners for revenue, face an uncertain future.
How can you overcome this crisis?
- Accelerate online growth
If your brand already has an e-commerce, it’s time to focus on it. And if it doesn’t have yet, trust us: it can save your business. Although traditional shopping habits are temporarily abandoned because of panic, e-commerce is an alternative to not completely stop your business. According to Triboo, in the first two months of 2020, online sales of the brands managed by the group recorded an overall growth of +25%.
- Be sensitive to society’s needs
Sometimes crises can offer the best growth opportunities. Besides, when you are still a small brand, you don’t have any labels or stereotypes attached to you. So, especially at the current moment, you have a unique opportunity to absorb society’s demands and position your brand in an engaging way. First, before looking at your own business, look outside to find the answers you need. What are people demanding? Then, how can you meet these demands through your business/product/service? With fear and anxiety now gripping almost everybody around the world, looking at consumers with sensibility and, from the begging, build trust and loyalty relationship will represent a turning point for emerging brands.