Executive Summary

Fashion has always been about individual expression – the opportunity for consumers to make a statement about who they are based on what they wear. But with the life-altering impact of 2020’s global pandemic, that expression is being compromised as discretionary spending gets strained. Fashion manufacturers and merchants are faced with the dilemma of how to engage consumers during and post-lockdown. 

With brick-and-mortar channels closed off for months, inventory
is going untouched and will be out of season by the time most economies open again. As a result, eCommerce has become the most pivotal channel. To invite new customers to fashion sites, unprecedented discounts are being promoted, along with expanded delivery and alternative payment options. While this helps recoup some lost revenue streams, it also exposes the fashion industry to more fraud during a time when internal resources are overwhelmed. 

This report explores the challenges that the fashion industry
is facing throughout 2020, providing insights into omnichannel optimization, increased customer satisfaction, and expanding revenue streams.

You’ll find insights on:

01   Adapting Omnichannel

With storefronts closed, the fashion industry is being forced
to adjust their omnichannel strategy. As eCommerce becomes the dominant revenue stream, new technologies are required to give consumers the in-store experience. At the same time, fashion merchants are expanding their delivery options to reach more customers, which exposes the business to more security risks. This chapter discusses how to optimize omnichannel shopping while minimizing fraud threats during and post-pandemic.

02   Building The Brand

It’s not just consumers who make statements in fashion. Taking a stance on inclusion, sustainability and crisis management is a means of engaging with customers. The message that consumers receive creates value that will dictate how tightly they align with the brand. This chapter examines the best strategies for expanding into new consumer groups and deepening loyalties with existing customers to improve customer retention.

03   Trusting Consumers

Consumers shopping online need the ability to seamlessly make returns if items don’t work out, but sometimes these policies can be abused. To avoid overly mistrusting consumers, fashion merchants need real-time fraud detection systems that they can rely on to continue offering consumers desirable policies and promotions. This chapter addresses how to protect revenue and growth when extending new payment methods and return policies.