For all the talk of fashion’s digital transformation, it’s an industry that still runs on brick-and-mortar. 🔐
For all the talk of fashion’s digital transformation, it’s an industry that still runs on brick-and-mortar, meeting and interacting with consumers face-to-face.E-commerce has offered some small ray of hope in the shutdown, but with stores locked and associates furloughed, the web business is hardly big or profitable enough now to support troubled companies for long .
Visits, the number of orders and total sales across all countries, started dropping noticeably around March 7 and worsened through March 20, when revenues for the day were down 32 percent and visits were off 24 percent, according to the analysis. Macy’s Inc. drew $6 billion of its $25.3 billion in total revenues from the web last year — a tidy sum and a significant business, but the department store still had to furlough most of its 125,000 workers this week to conserve cash.
That brings more urgency to the question of when all of this will start to end and consumers — including the three out of four Americans under lockdown — can let loose even a little, reevaluate their financial situation and adjust accordingly. “While the COVID-19 headwinds are extremely severe and the downturn will likely be much deeper, we believe it will be shorter in duration than past recessions, setting the group up for a strong 2021 recovery,” the analyst said.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
If Most Of Your Coronavirus Tests Come Back Positive, You're Not Testing EnoughA WHO official says communities should aim for only a tenth of coronavirus tests coming back positive. High rates mean that the tests are being used mainly to confirm obvious cases -- and that officials aren't finding the full extent of the disease.
Read more »
FBI was not careful enough in seeking secret surveillance, review findsNEW: The FBI did not closely follow the rules for verifying claims when its agents applied for court permission to conduct secret surveillance, according to a preliminary audit by the Justice Department's inspector general.
Read more »
The five TV shows we can't get enough of this weekThe Times TV team recommends the five TV shows we're watching this week — and that you should be too.
Read more »
The next coronavirus hot spots are in states that aren’t testing enoughGeorgia, Michigan and Oklahoma are among the states where coronavirus outbreaks are intensifying — and where per capita testing rates are some of the lowest in the nation
Read more »
The Stimulus Package Isn’t Good Enough for Independent Restaurants and Service WorkersIt’s clear that the bill isn’t the bailout or disaster relief the restaurant industry — independent restaurants or their employees — were counting on to make it through this unprecedented crisis.
Read more »