Facing The Challenge of COVID-19 in Retail Sector
TradeGala – the B2B online marketplace was originally created as a digital platform to smoothly connect new and established fashion brands with buyers from all over the world. As a business owner, you try to prepare for every eventuality, but I don’t think anyone could have seen the current crisis coming or the scale with which it would affect businesses globally. We had to move quickly to adapt to the situation, reassessing our processes, slowing things down and working closely with our suppliers and providers to make sure that no-one was left behind.
The community spirit within the industry has surprised me more than anything, as companies have really pulled together to overcome the difficulties we all face. Sales across the whole retail sector have obviously been affected, but traffic has been improving since June and we’re looking to the future with a positive outlook as we work together to succeed.
It is vital for businesses to keep implementing new ideas in “turbulent times” by planning for the future and building a strong foundation. The fashion industry, in particular, has changed drastically due to the COVID-19 pandemic. It’s clear the fashion industry has changed completely, as has customer behavior, and we need to make sure we fully understand our customers’ changing priorities in order to give them what they want, how they want it. We’re listening closely to our audience to make sure we stay relevant and in tune with their needs, and we’re investing both time and resources into the latest technologies to improve our customer journey at every step of the way.
In these unprecedented times, entire sectors have fallen prey to the complexity left behind in the pandemic’s wake. Many retail companies have seized the opportunity to reinvent themselves in the digital space, harnessing the importance of free-flowing business as the world evolves to a new way of virtual living. TradeGala has smoothly adapted to the new normal, reassessing continuity plans and addressing valid concerns from partnering entrepreneurs and customers alike. In response to the shock to supply and logistics chains and the fall in customer demand, both Goddiva (our women’s occasionwear fashion brand) and TradeGala have implemented critical changes in strategy to ensure safety from disruption and inclusivity for all the business partners and entrepreneurs using our platforms.
As demand drops, the marketplace community must focus on back-to-basic points; optimizing choice, re-assessment of prices, and managing short term costs, while finding new, innovative, and inclusive methods to provide customers with an unwavering reason to keep shopping.
We know that after the COVID-19 pandemic, start-ups will need the support and experience of mentors and industry experts more than ever. Part of the TradeGala vision has always been to help young and emerging entrepreneurs make their mark in the fashion industry. This strategy will not change at all and the COVID-19 pandemic has only strengthened our corporate vision to work even closer with industry entrepreneurs. We must understand that the post-pandemic retail world will be very different; it’s all about taking it with a grain of salt.
Mina Melikova is the CEO of TradeGala