Why Enhancing Forecasting, Scenario Planning Is imperative Now

The pandemic has dealt a blow to every industry, and fashion is certainly no exception. Brands worldwide have been forced to close stores, furlough employees and absorb the impact of canceled orders and a disrupted supply chain. News that the fashion weeks of London, Milan and Paris are going ahead this fall — albeit with strict social-distancing measures in place — provided some much-needed relief, but the picture will change quickly in the event of a second wave of the virus. The experience of buying clothes in store — key to the ongoing success of fashion brands despite the rise of discount competitors online — has also been undermined by the crisis. Not only are consumers fearful for their health while visiting stores, as explored in recent Accenture research, but local restrictions may limit their ability to touch or try on garments. They may have to wait in line for long periods before being permitted entry and, once inside, need to be mindful of others’ personal space at all times. It’s a far cry from the “retail therapy” of old. As fashion brands respond to the new reality, as they consider where to reopen stores and how to manage the customer experience

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