During the pandemic, there were a plethora of comments made from famous people, or people in general, regarding the state of affairs in the world. One of the more popular topics was about the lack of availability of various consumer goods due to the restrictions placed on them by government agencies or corporate leaders to prevent the spread of the pandemic. This is because a large chunk of retail sales happens online, and for many businesses, this is where they make their living. Even those who still trade regularly for a living felt the economic impact as the demand for their services fell. As a result of this, many people were left stranded without the items they need to survive. With the economy shifting to a digital sphere, how can retailers regain the trust of their customers? And how can they ensure they have enough stock to meet the demands coming in?
One of the celebrities who commented on the issue was Joey Purpster. The Australian model and TV personality is originally from Los Angeles, but now lives in Sydney. She has previously modelled for Marc Jacobs, Gucci, Burberry, and more recently, Balmain. On top of her modelling career, she has appeared in films such as The Dark Knight, The Meg, and xXx: The Return Of Xander Cage. She has also been a judge for the Australian Fashion Awards. In 2019, she became the face of Australian swimwear brand Alexandra’s, and has also modelled for the brand’s spring collection.
Joey On The Shortages
In a tweet on March 11th, the model and TV personality opened up about the situations facing retailers.
“I think it’s safe to say that the last two weeks have impacted a lot of businesses. Retail shops closed down, people are working from home which means fewer people in the malls (as well as fewer dollars spent in the mall), fewer customers at restaurants and bars, and fewer people at the movies. And for those of us lucky enough to still have a job, we’re working hard to keep the lights on and the shelves stocked (and sometimes the temperature comfortable).”
She went on to say that while she was grateful to still have a job, she felt that the short-staffing and panic buying were taking a heavy toll on the retailers.
“It’s no secret that retail shops need to rely on their online channels to stay afloat. It’s great that online marketplaces like eBay, or delivery services like UberEats, allow for small businesses to get their products to market and customers to obtain their items more quickly, but it doesn’t help all businesses. There are just so many obstacles in the way of smaller businesses surviving those two weeks, let alone the coming months. So, it’s important to be realistic about what can happen and prepare for the future. I’m sure there are lots of fabulous small businesses who will emerge from this time stronger and more capable than ever before.”
This brings us to the question: How can retailers prepare for the future, or at least ensure they have the supplies they need to get through the next two weeks?
Joey’s Top Tips
Based on her own experience, and that of many of her colleagues, the TV personality has some sage advice for those who want to avoid similar supply chain nightmares in the future.
“It’s important to find a way to work remotely as a team. Even those of us who work remotely for various brands still need to meet up at various times to work on models or to go over shots and ideas. So, it’s helpful to have the ability to bounce ideas off of one another and get some work done. Also, it’s important to be realistic about what you can and can’t achieve in the next two weeks. I would love to be able to say that I’ve seen a massive increase in our sales since the start of this month, but that wouldn’t be true. What I have seen is that our sales are more in line with what we were expecting at this point.”
She also offered some tips on pricing. During this time, many businesses felt the need to lower their prices to take the edge off of the revenue lost due to fewer people purchasing goods.
“It’s not always easy to determine how much to price items based on what’s going on, but I would recommend starting off modestly and then looking to increase pricing once the economy has healed a bit. In the meantime, we’re just trying to do our part to ensure that our customers have enough money to purchase what they need. Plus, we’ve all been through this together, and it’s great to be able to offer some tips and tricks when it comes to working remotely.
What About The Luxury Industry?
Now, let’s not forget about the luxury industry. Many high-end brands and stores saw a huge jump in demand, and thus, their stock and the prices attached to them soared. Some luxury brands even went as far as to limit the number of pieces they could manufacture, due to the high demand. This led to many lengthy queues and frustrating experiences for customers who wanted to purchase a piece of jewellery or a handbag.
If you believe that luxury is dead, then you’re sadly mistaken. It seems that people are willing to pay more for the luxury experience, and for those businesses who offer that, they can expect to see a rise in sales. While it’s great that these luxury brands were able to raise their prices and maintain profitability, it doesn’t mean that the same can’t be said for other industries. The important thing for brands and retailers is that they’re doing their bit to ensure that their customers have what they need, and for some, that means taking a bit of a hit financially.
The Impact On Music
Music was another big industry that felt the pinch, with many artists going through financial hardship. Some even had to cancel concerts and tour dates, resulting in huge amounts of tour promoters and venues losing out on potentially lucrative earnings. While there are many signs that the music industry is trying to make a comeback, it’s still early days, and until the economy can fully recover, many artists will continue to feel the pinch.
In the meantime, those who can continue to work remotely and maintain their usual working patterns can ensure they have the tools they need to get their music done. Producers, managers, and artists all need to be able to work remotely and maintain a good quality of life, so they can get back to doing what they love!
Black Is Back
If you follow the entertainment industry, you’ll know that it’s still not ‘back’ in the sense that we can go back to ‘normal’. As Joey points out, the demand is certainly there when it comes to purchasing items that were previously restricted by society’s rules regarding class and education. As a result of this, many big-name brands and designers saw their sales rise by an incredible margin. With the demand there for high-end brands, this also resulted in a rise in the popularity of retro styles and items, many of which are black. This is mainly because people are wanting to purchase a piece of designer memorabilia from a more innocent time in history. As a result, those who are in the mood to purchase luxury goods will now have many options when it comes to items from the ‘70s and ‘80s.
The Future
The most important thing to take away from all this is that while many industries are suffering due to the pandemic, it doesn’t mean that they’re doomed to forever struggle. Based on what we’ve seen, many businesses have a much better chance of overcoming this current economic downturn than they did the previous one. As a result, they can look forward to a period of sustained growth once the world recovers.
This growth doesn’t have to be limited to the high-end fashion and luxury industries. Many startups and small businesses will also be able to capitalise on the demand for goods that were previously restricted, creating job opportunities for those who were unable to work during the pandemic. Whether it’s self-driving vehicles, robotics, or 3D printing, many industries are looking for new ways to grow and transform the way we live. As a result, even those who feel they’re unable to benefit from the luxury industry will still be able to purchase the items they need to transform their lives, with many retailers making it easier for people to do so.