“The time for buying stuff for the sake of it is over,” said rag & bone CEO Marcus Wainwright in a letter to loyal customers. Rag & bone is one of many retailers that cut prices 20 to 75 percent to take action during this pandemic. They are not the only ones. Brands worldwide are reevaluating their mission and how they can best serve the public during this time. Wainwright is one of many retailer CEOs that is sending strong messaging to consumers showing how their brand is working with this new normal.
Amidst this global pandemic, businesses large and small are filing for bankruptcy, closing storefronts, and furloughing employees. Macy’s, for example, furloughed 130,000 employees to date. H&M, another massive retailer, stated declining sales of 49 percent. Even Amazon is delaying its renowned “Prime Day” until at least August. While closures may seem unavoidable, using this time to reassess a brand’s mission and taking action to help the public could be largely beneficial in the long-run.
Repurposing Production Facilities
One way a brand can take action during this pandemic is through repurposing production facilities. Conglomerate LVMH, for example, is transitioning from making perfume to hand sanitizer to combat COVID-19. UK-based Dyson and Grey Technologies are switching from airflow tools like vacuums to producing ventilators. But it is not solely large manufacturers that are helping combat COVID-19. Even college students have stepped in to sew masks for at-risk populations.
Take Action During This Pandemic
COVID-19 has certainly thrown a wrench in many company plans. What has persevered are acts of kindness, like repurposing production facilities, to aid those essential workers combating this pandemic. Big and small brands alike can contribute by showing their customers they care through donating funds to relief organizations, creating personal protective equipment for healthcare workers, and lowering prices for customers that may not have a steady income anymore. The time for buying “stuff” has ended. Instead, reevaluating how your brand can make an impact within your customer base, community, or nationally, will drastically affect company loyalty and brand image in the long-run.
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