Many companies have recognised that more people are comfortable using online platforms to purchase clothes and keep up to date with fashion trends. To stay relevant and increase sales, companies must adapt their operations to meet these new digital demands.
“Fashion start-ups can reach potential customers online without the need for a large investment, and Vietnam is already accustomed to ordering almost anything online and having it delivered to the customers’ door,” Dr Yiu said.
“They can also take advantage of the advent of new technology in digital prototyping, image generation, and other related digital forms of output.”
While the pandemic is deeply worrying for people and disruptive for most organisations, experts say there has been an opportunity for the young industry to review their business models and identify approaches to reach more customers.
“Local brands also need to diversify their products and markets and not rely on one line (product category) to carry their business,” Dr Yiu said.
“Local brands in Vietnam should understand their targeted customers, their niche markets and implement strategies to keep loyal customers as well as understand what the profit margin is before setting the retail price or applying any discount promotion," Dr Yiu emphasised.
A shift in mindset is required for any businesses, especially in the fashion industry.