Covid-19 has heavily impacted the techstyle industry, prompting companies to resolve some long-standing issues in the supply chain. Since knowing the problem is the first step towards finding a solution, we should first understand how the pandemic has impacted each sector.
The industry has been looking for solutions to recover from the pandemic. Perhaps a circular economy can help the industry bring about a profitable and sustainable future by reducing waste and fully utilising resources. McKinsey conducted a survey during the pandemic, which revealed that most consumers consider brand value above all when making purchasing decisions, creating a golden opportunity for the industry to transition to a circular economy.
The lockdown rules have heavily affected our lifestyle — We used to spend time with friends, go to the gym and attend concerts, but since the outbreak of Covid-19, we have spent the majority of our time at home. How can lifestyle brands and digital platforms enable us to maintain a healthy lifestyle and transform the meaning of staying at home?
Since physical shops were forced to close during the lockdown, brands and retailers have moved their sales channels from offline to online to retain customers. Startups and innovators have introduced digitalised solutions to facilitate the transformation, enabling food businesses and retailers to provide consumers with a more convenient shopping experience that may permanently change the industry.
The pandemic has revealed various supply chain inefficiencies — data inaccuracy, excess inventory, fulfilment errors, to name a few. Innovative solutions introduced in this article have improved supply chain management by enabling the industry to forecast demand, increase data visibility and streamline the shipping process.
To avoid another supply chain breakdown caused by future uncertainties, companies should re-examine their operations. We discuss how digitalised supply chains and reshoring help increase resilience and rebuild the local economy. AJ Mak, the CEO of Chain of Demand (a Fabrica incubatee), talks us through how data empowers companies to predict demand more accurately under the new normal.
In the previous two articles, we have covered building up supply chain resilience by improving software infrastructure. Optimizing hardware — factories, mills, farms and ranches — is equally important. During the pandemic, companies failed to monitor overseas suppliers due to travel bans and logistics disruption. As a result, the fashion and agri-food industries have started to rethink their supply chains by reshoring and localizing production to gain access to their suppliers.