A Post-Pandemic Future Means Rethinking How We Shop. These Businesses Are Leading The Way
Creativity amazes me in this time of Covid-19.
As I watch the devastating effects of the long-term retail shutdown, what is heartening in this unprecedented time is that creativity abounds. New business models are popping up and agile brands and communities are pivoting quickly to the new reality. I have become hooked on reading the in-depth coverage dedicated to the fashion and luxury business that The Business of Fashion, McKinsey Retail reports and Retail Insider provide on a daily basis.
Today, I share three inspiring, creative solutions that are already being adopted by Canadian businesses.
Toronto-based intimate apparel brand Knix is one example of a company that has embraced new digital strategies including launching virtual fitting rooms to help sell its product. It can be challenging to get the fit right when purchasing intimate apparel online, so with Knix, they have made it easy to book a virtual appointment and be walked through the process of how to get the right fit. This proactive customer engagement has helped the company maintain strong sales, states The Retail Insider.
In order to survive, Duer, a Vancouver based activewear brand, has reinvented its business model by crowdsourcing new designs to match consumer demand -- and it could be an idea that stays long after Covid-19 is gone.
Duer has placed new designs of its product online and allows clients to pre-order. Only when enough orders are placed for a specific design will it go into production. "This approach allows Duer to avoid waste and costly marketing efforts, and also results in a price tag that's 20 to 30 percent smaller," explains a recent BC Business article.
Gary Lenett, Duer co-founder, sees it as a potential long-term solution. “This is how the clothing industry is going to reinvent itself to align with the current reality,” he says. “We will no longer try to create demand through large marketing budgets and inventories, but rather gauge consumer demand and then supply to meet the exact desires of the customer.”
Building a digital marketplace
When it comes to small towns and small retail businesses, many often don’t have the ability or money to build a strong e-commerce business. This is where “The Downtown District Marketplace” comes in.
Two hours outside of Toronto, the Belleville Ontario Business Improvement Area needed to urgently support its local stores, which had to close during the pandemic but didn’t individually have the resources to quickly switch their sales to online. So to help, the district launched an online platform where people can shop their favorite local brick and mortar stores from the comfort of their home.
