| |September 20219This involves a tedious computation process before assessing the GST. Needless to say, there's a lot of back and forth required to get things done in books of accounts. It is, thus, a time-consuming process for all startups. To overcome this shortcoming, it's important to apply innovative strategies like finding ways to cut inventory costs, improving marketing efficiency, reducing shipping costs, and controlling order returns.IMPLICATIONS FOR FASHION ENTREPRENEURS The outbreak of the pandemic has had some significant impact on the fashion startups operating in the ecosystem. Here are some implications that have occurred: FRUGALITY & SUSTAINABILITYOver the past one year, sustainability in the fashion industry has become a catch-all phrase which also includes re-branding of CSR, diversity, and inclusion. Consumers are now more inclined towards purchasing from the brand that supports and stands for social and political issues that align with their principles and values.The demand for sustainable fashion will be bigger than ever in the coming times as consumers nowadays are aware of the damage done by fast fashion and the scarcity of resources. The brands need to serve the purpose by focusing on creating things that are ethically made and economically feasible. Wastefulness and cruelty will no longer attract a crowd and the fashion brands looking for profit, must change their thought process, strategies and navigate the post-pandemic fashion taste of customers. Slow fashion that nurtures and protects the environment is the only key to make future businessprofits.RESPECT FOR CONSUMER SENTIMENTSThe future fashion landscape will be majorly defined by millennials as it will soon become the largest demography in the world, with the largest portion to spend in fashion. While the millennials would focus more on the overall sustainability of the globe, fashion brands would need to cater to their demands. Right from methods to grow and treat raw materialsto the conditions of laborers in the industries will have a huge impact on the future business. Consumers would want to buy from brands that identify with their emotions and care about them. CATERING TO DIVERSITYRespecting all cultures and races would help brands fetch profits and survival would be easier. Social media has proved to be a boon for the fashion industry and people have easy access to fashion brands from across the country. Fashion entrepreneurs will have to ensure that their services reach every part of the country and that the new line of apparel that they launch has to be sensitive towards the needs and demands of end consumers. SUMMING UPFashion brands, established ones and startups, are now pivoting to make sure that consumers have a plethora of comfortable clothing options. Working on marketing and pricing strategies, understanding the changed shopping behavior and tracing future market scope would help brands to expand their business during the second wave and also in the post-pandemic era. RESPECTING ALL CULTURES AND RACES WOULD HELP BRANDS FETCH PROFITS AND SURVIVAL WOULD BE EASIER
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