"BOOM!" - The Market

Brands are adapting to the new norms and fashion brands are using canceled inventory to upcycle face masks. The concept of life after Coronavirus is unknown but one thing is certain, the consumer is more cautious and conscious. Online businesses and e-commerce is booming.

“Rather than risking their health going to the supermarket, they [consumers] rely on Instacart shoppers”-  Forbes Senior writer Jack Kelly

The businesses that are surviving are the ones connecting with their customers digitally.With a drawback in consumerism, individuals are decluttering, focusing on the necessities and supporting brands they believe in. “People are becoming more value-minded and probably more longevity-minded about products,” says retail consultant Robert Burke. The products they’re consuming are those they feel connected with and that share similar values with them. The research is clear, online secondhand fashion platforms like Poshmark, Depop and Thredup are in high demand during this time. 

The pause allows focus

Fashion mirrors what is happening in society. The topic of sustainability and circularity in the industry are increasing as individuals question their own consumption. People are selling their old clothes, furniture, art and there’s a huge opportunity to tap into this from the comfort of home. This is the time to make those dream projects a reality and build an online business. I think about Depop, Poshmark, Etsy, Thredup and others which allows consumers to also be businesses.

As a recent 2020 graduate with the struggles of unemployment, I’ve even turned to these platforms to make some extra cash to pay my bills. I personally consigned digitally with The Real Real during this quarantine to get rid of some unwanted items.

graduating class of 2020

With the graduating class of 2020 comes more questions of uncertainty, but we’re also graduating into a job market that is relying on the idea of work from home. We’re reminded that our computers and phones keep us in business. While unemployment is a tragedy to many, this pause allows us to focus on our hobbies and creative desires that we put to rest because of the chaotic responsibilities of everyday life pre-Coronavirus.

Those unemployed can start sourcing new ways to get creative and make some money. In conversation at VOICES 2019, Chief Executive Maria Raga, explained why the social selling platform has become a cult hit amongst Gen-Zs and Millennials who are looking to buy or sell pre-owned clothes.When you think about the activity that’s on Depop, you see super young, creative people building businesses and creating trends,” Raga said. The digital economy and resale market are both industries that have potential to grow.

Max Bittner, the chief executive of  Vestiaire, a resale online fashion platform, puts it in perspective how “It’s e-commerce, it’s being a platform; it’s community; and it’s sustainability, these are the things that will be a bigger focus, rather than a smaller focus, in a post-Covid world.”

There’s hope for a more sustainable future, for an opportunity to dive into the digital economy and connect with others. While it’s not the normal we were used to, it may be a new beginning.

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