Coronavirus’ Impact on Beauty, Retail, and Fashion
The coronavirus (COVID-19) pandemic affects businesses around the world, including those in the beauty, retail, and fashion sectors. In this episode of the Smile podcast, world-renowned facial plastic and reconstructive surgeon Dr. Babak Azizzadeh discusses the pandemic’s impact on these sectors with longtime fashion industry advisor Rebecca Damavandi.
What Does the Pandemic Mean for the Beauty, Retail, and Fashion Sectors?
The pandemic has changed the way consumers approach beauty products, according to Damavandi. Whereas could go to a department store to try different beauty products before they purchase them, the pandemic has increasingly forced consumers to shop online. As such, many department stores temporarily shut down due to declining interest during the pandemic. These stores are starting to reopen, with safety precautions in place to protect employees and shoppers against spreading COVID-19.
Many beauty and fashion stores have laid off or furloughed workers during the pandemic, too. These stores are exploring opportunities to grow their e-commerce businesses, but doing so has been difficult for several reasons.
For instance, some beauty and fashion stores are facing steep competition from Amazon, Neiman Marcus, and other globally recognized brands. Thus, even if these stores can sell their products online, they may encounter myriad problems as they try to compete against industry-leading brands.
Various specialty beauty and fashion stores have been forced to close due to the pandemic as well. These stores offer distinct products to a specific target audience, and they often require foot traffic into their brick-and-mortar locations to generate revenues. But, the pandemic has prevented consumers from visiting specialty beauty and fashion stores, which has crippled these businesses to the point where they have been forced to shut down.
How Will the Beauty, Retail, and Fashion Sectors Recover from the Pandemic?
It may take several years before the beauty, retail, and fashion sectors recover from the pandemic, Damavandi pointed out. However, businesses in these sectors are exploring innovative ways to stay afloat in the midst of the crisis.
For example, some beauty and fashion retailers are offering in-store shopping by appointment. This lets consumers visit a store and shop in a safe environment. At the same time, it enables a beauty or fashion retailer to provide personalized shopping experiences.
Zoom video calls are also changing the way that beauty and fashion retailers engage with consumers. They enable consumers to connect with brands from the comfort of home, without putting their health and wellbeing at risk. Furthermore, Zoom calls ensure consumers can connect with a beauty or fashion industry professional, discuss different products, and make informed purchases.
What Does the Future Hold for the Beauty, Retail, and Fashion Sectors?
Safety is top of mind for businesses in the beauty, retail, and fashion sectors. Going forward, these companies must implement safety protocols to guard against spreading COVID-19 and ensure that customers can enjoy safe shopping experiences. They must also continue to stay up to date about the pandemic and monitor and update their safety protocols accordingly.
In addition, beauty, retail, and fashion businesses may be more inclined to embrace e-commerce in the foreseeable future. If these companies can deliver exceptional e-commerce shopping experiences, they are well-equipped to extend their global reach and grow their revenues.
Learn More About the Coronavirus’ Impact on Beauty, Retail, and Fashion
Damavandi offers expert insights into the coronavirus’ impact on beauty, retail, and fashion in this episode of the Smile podcast. To learn more from Damavandi, listen to the podcast today.