A recent survey by members of the Australian Fashion Council (AFC) reveals though fashion brands in the country have been hit hard with strict social distancing restrictions on consumer spending, many businesses are taking advantage of the current crisis to rethink over their business models to be more competitive in a post-COVID-19 world. While 75-80 per cent of the 182 survey participants reported they were negatively impacted by COVID-19, 55 per cent said they are proactively responding by developing ‘post-COVID’ strategies.
Topping the list of priorities is beefing up their digital offerings. Around 45 per cent of respondents affirmed their plans to increase digital marketing and otherwise amplify their digital channels. But many also expressed interest in pooling resources and forming joint ventures to modernize Australian manufacturing, and creating co-working spaces, sharing assets and equipment and combining orders to meet MOQs to help smaller brands and sole traders compete.
The participants also expected the government to support local supply chains and manufacturing and increase global awareness of Australian fashion brands by creating group opportunities at international fashion and trade events.
They also expressed interest in adopting more sustainable practices, such as moving towards circular economy and recycling fashion waste. The AFC also noted the need for investment in smart infrastructure, clean energy, tech innovation, increased use of Australian natural fibers and increased processing of regenerated and recycled fibers, as well as a product stewardship scheme for textiles like there is for e-waste and plastics.
