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In the fashion industry, digital transformation has accelerated dramatically due to the COVID-19 crisis. In a McKinsey Company report, an executive from a leading apparel company proclmed, We've accomplished two years of digital transformation in just two months. Even prior to the pandemic, globalization prompted many fashion fir invest heavily in digital capabilities. However, lockdowns and the closure of physical stores turned digital transformation into an immediate necessity.
The choice for most fashion brands was clear: digitize or perish. The statistics illustrate this stark reality. At the onset of the pandemic, consumer purchase intent dipped by 70 to 80 in offline stores across Europe and North America according to McKinsey Company's report. Although e-commerce did not fill this gap completely, it helped most companies avoid bankruptcy and reach new customers. With many people confined to their homes due to lockdowns, the pandemic encouraged consumers to explore online shopping channels.
Indeed, surveys show that almost half of those who hadn't previously bought fashion items online started doing so during the crisis. Most consumers have become accustomed to online purchases and anticipate continued or increased e-commerce activity even as things return to normalcy. This realization has propelled fashion brands that were once hesitant about adopting new technologies into embracing digital transformation.
To succeed in this evolving landscape, fashion brands must see digitalization beyond merely establishing an eCommerce platform; personalization is a critical tr that will continue to gn prominence. Brands that tlor their messaging to meet each customer's unique preferences are likely to flourishcrisis or not.
Digital transformation might seem daunting, but businesses should view it as a long-term eavor that could take several years to fully realize. Having a clear roadmap with defined milestones is essential. Alternatively, focusing on transforming areas where the most impact can be seen early on, such as personalizing customer experiences, can lead to quick victories and consistent progress.
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