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COVID-19 von Mind Map: COVID-19

1. Freelancing

2. Sustainability measures impacted?

3. Still crave a physical retail experience but with safety measures

4. expand return and exchange options?

5. Country Population

5.1. Decrease in immigration-more and more jobs, teams and education/ development going virtual people will realize they do not need to immigrate to get 1st world benefits.

5.2. People from safe countries are going back to where they are from

6. Safety

6.1. Hygiene Issues

6.1.1. Avoid face-to-face contact

6.2. social distance

6.3. In need of antibacterial products

6.3.1. Masks

6.3.2. Sanitizers

6.3.3. Alcohol

6.3.4. Gloves

7. Employees

7.1. Work from home

7.1.1. Remote work

7.2. Continuous learning

7.3. Multiple Jobs

7.4. Will not want to travel for work

7.5. "Safety Salary Premium" for workers who have to meet customers physically

7.6. More prestige and higher pay for blue collar workers

7.7. Increase in AI and Robots replacing workers (i.e. cashiers, or sales assitants)

7.8. More sick leave and health benefits

7.9. Expect employers to have free skills/learning certification/development programs as part of HR policy

7.10. employee-sharing program among partnering company

7.11. Caring for work-life balance

8. Travel Restriction

8.1. Decreased Demand for Tourism

9. Industry

9.1. Extinction- Need To rethink business Model

9.1.1. Consulting / Auditing

9.1.2. Traditional retailers

9.1.3. Tourism

9.1.3.1. Hospitality

9.1.3.2. Duty-free shop in airports

9.1.4. Cruises?

9.1.5. Traditional Retail Banking

9.1.6. Fast Fashion

9.2. Survivors- Model needs to be adapted

9.2.1. Restaurants/Bars

9.2.2. Amusement/Theme Parks

9.3. Thrivers- Models are agile for Post COVID

9.3.1. Pharmaceutical

9.3.2. Amazon

9.3.3. Cosmetic

9.3.4. Grocery Delivery Service

9.3.5. DTC Models

9.3.6. Video Streaming (Netflix)

9.3.7. SAAS

9.3.8. automobile

9.3.9. Online Healthcare Services

9.3.10. Social Networks

9.3.11. Digitally Optimized Banking

9.3.12. Mobile Gaming (animal crossing)

9.4. Retail in general

9.4.1. Readjusting Price

9.4.1.1. Price hike: Luxury brands - Chanel, Louis Vuittons, Hermès

9.4.1.2. Mark-down: Unsold items across the whole sectors

9.4.2. New services

9.4.2.1. Untact, touchless

9.5. Luxury

9.5.1. Travel Retail

9.5.1.1. Source: 6 Ways Luxury Travel Will Change After Covid-19, As Predicted By The Experts

9.5.1.1.1. focus on hygiene and cleanliness

9.5.1.1.2. Search for sanctuary: less crowded destinations + More privacy + calm and peacefulness

9.5.1.1.3. Rise of wellness travel

9.5.1.1.4. Rise of Staycations and local destinations

9.5.1.1.5. Travel, but with purpose

9.5.1.1.6. emphasis on travel that gives back and brings a connection with the local communities.

9.5.1.2. Source: Luxury Convalescence

9.5.1.2.1. The concept of following customers = idea behind Travel Retail affected by two phenomena

9.5.2. Model

9.5.2.1. Cost Structure

9.5.2.1.1. Source: Luxury Convalescence

9.5.2.2. Wholesale

9.5.2.2.1. Luxury sectors dependent on wholesale channels (Like watches) will buy back stock to preserve brand image and equity and take the hit to P&L. The business will continue to be wholesale because very few watches and jewelry brand are capable of creating a profitable single POS that generates sufficient traffic

9.5.2.2.2. For Fashion and Leather- already primarily via direct retail so the remaining wholesale business will be in very strategic locations where brands are unable to access the location via a direct retail store

9.5.2.2.3. Wine and Spirits- no change to model. But will accelerate E-commerce and data acquisition

9.5.2.2.4. Perfume and Cosmetics- wholesale model is resilient bc of investment in digital presence and negotiating power and quality of relationships with distributors. But more brands will sell both wholesale and e-commerce creating competition for resellers

9.5.2.3. Direct Physical Retail

9.5.2.4. Ecommerce

9.5.2.4.1. More luxury maisons will activate digital presence and increase e-commerce logistics

9.5.2.4.2. Ecommerce will complement Physical stores and vice versa

9.6. Acquisitions

9.7. Industry Disruption

9.7.1. contactless delivery

9.7.2. Untact service in the physical store

9.7.2.1. Amazon Go!

9.7.2.2. Lotte duty-free city mall

9.7.3. seasonless fashion cycle

9.7.4. distant selling need

9.7.5. Investment in Touchless Technogy

9.7.6. Industry Collaborations

9.7.6.1. Cross Industry

9.7.6.2. Within Industry

10. Social Distancing

10.1. Unconventional attempts for personal gatherings

10.1.1. Teleconferencing

10.1.2. Balcony concert

10.1.3. Birthday parade (USA)

10.1.4. Plus do not want to bump into conducted tourist

11. Lockdown / Shutdown

11.1. Slow down

11.1.1. back to basic (house renovation, wardrobe cleaning, cooking)

11.1.2. spend more time on mental health

11.1.3. worry about self-competitiveness (online-course/education)

11.2. Environmental impact

11.2.1. Positive

11.2.1.1. Limited activities from factories, offices

11.2.1.1.1. Slashed greenhouse emissions

11.2.1.1.2. Air quality level improved

11.2.1.2. Reduce air flights, road traffic

11.2.2. Negative

11.2.2.1. Increasing hazardous wastes: Disposable masks, gloves and bottles of sanitizer, single-use packaging from take-away food delivery

11.2.2.2. Rise of organic waste due to severe cuts in agricultural and fishery export levels

11.2.2.2.1. Rise of levels of methane from decaying leftovers

11.3. Stress

12. Education (USA)

12.1. Less people willing to pay for 4 year undergraduate degree

12.1.1. More gen Z will take gap years after high school to invest in skills and internships instead of going to college

12.2. Shift from "Prestigious" colleges to "Prestigious" Professors. People only willing to pay for professor and curriculum

12.3. Rise of online learning

13. New-Old (?!) Technologies

13.1. Turn to technology

13.1.1. Video conference - Zoom

13.1.2. Reservation Apps

13.1.3. Voice ID

13.1.4. Thermal Vision

14. Consumer behavior

14.1. Goes to two extreme sides: i.e. Luxury and fast fashion, Chanel and Zara

14.2. Revenge Buying

14.2.1. i.e. Hermès in China

14.3. increasing sportswear/yoga-wear for work-out (health is wealth)

14.4. crave for more transparency (can't get out)

14.5. more trust on SA who know them well

14.6. Increase local consumption

14.6.1. local currency

14.6.1.1. Buying luxury goods locally despite of the price difference between Europe and Asia

14.7. More sensitive to value for money

14.7.1. looking for “investment” pieces — minimalist, last-forever items, that feel more responsible- Per BOF "Cautious Consumption"

14.7.2. invest on more valuable items like handbags/jewelry

14.8. Continued rise in sustainable clothing

14.9. Increasing secondhand businesses

14.10. Purchased products for safety (Antibacterial products)- Masks, gloves

15. Healthcare

15.1. Citizens will share health data for better safety with government and trusted companies

15.2. Government will track health data in more detail to protect citizens

15.3. Importance/need for Public Healthcare is hiking

16. Social Trusts

16.1. Racism

16.1.1. Afraid to go abroad in case of Asian

16.1.1.1. Boost localization

16.2. Hatred

16.2.1. Western toward Asian

16.3. Violence

17. Supply chain

17.1. Vendor relationship

17.1.1. Will request shorter payment terms

17.2. IDT escalation (Intra Division Transfer)

17.3. Factories

17.3.1. Bankruptcy/Acquisition

17.3.2. Creation of own DTC brands

17.4. Investment in local supply chains

17.4.1. Nearshoring

17.5. Inventory Flexibility

17.6. Investment in Antibacterial Materials R&D

17.7. Warehouses

18. Corporate Management

18.1. Cash Flow

18.2. HR / Marketing Budget hold

18.2.1. Layoff

19. merchandising/buying

19.1. sleeping old stocks due to COVID

19.1.1. Where does those old stocks go? Discount? Staff sales? Outlet?

19.1.2. new discount strategy?

19.2. Virtual visual merchandising (360 degree store visit)

20. Sustainability

20.1. An opportunity for businesses to re do their entire supply chain in a sustainable way

20.2. Could Coronavirus Spark a Sustainable Fashion Awakening? BOF Article

20.2.1. sustainability will now be an act of conscious living, whereby we acknowledge that ‘more and more,’ ‘faster, not fewer’ and ‘bigger is better’ will not sustain us anymore.

21. Economic impact

21.1. Global shares take a hit

21.1.1. Potential risk of high yield bond market

21.1.2. Currency Swap between countries

21.2. Unemployment rate at a record high

21.3. Oil prices crash

21.3.1. Oil War between Russia and Saudi Arabia

21.3.1.1. Diplomatic tensions between countries

21.4. Risk of recession

21.4.1. China as a world's biggest consumer experiences economic slowdown

21.4.1.1. Government promote the Street-Stroll in small cities, and it became heated topic

22. Psychological impact

22.1. isolation

22.1.1. The rise of tiktok, Youtube

22.1.1.1. Contents creating

22.1.2. Depression

22.1.2.1. Riots and Protests

22.1.2.1.1. Racism

22.1.2.2. Domestic violence

22.1.2.2.1. Intimate partner violence

22.1.3. Familism

22.1.3.1. Localization

22.1.3.1.1. Blockchain

22.1.3.1.2. Racism

22.1.3.1.3. Anti-globalization

22.1.4. Find new hobbies

22.1.4.1. Demand for educative/informative content

22.1.4.2. Home Training

22.1.4.2.1. Care for Health

22.1.4.3. Home Dining

22.1.4.3.1. Dalgona coffee making

22.1.5. Increased Internet Data Use

22.1.5.1. Streaming Services

22.1.5.1.1. VoD Industry

22.1.5.2. IPTV (Smart TV)

22.1.5.3. Smartphones

22.1.5.3.1. Gaming Industry

22.1.6. Rethink of Essentials (Necessary Goods)

22.1.7. Uncertainty

22.1.7.1. Fear of an uncertain future

22.1.7.2. Financial insecurity

22.1.8. rethinking relationship

22.1.8.1. divorce rate go up dramatically

22.1.8.2. Might not be an imperative for companies

23. Customers

23.1. Retail Customers

23.1.1. Spend less

23.1.2. Will shop more online

23.1.2.1. Growth in e-Commerce

23.1.3. Expect ROPO

23.1.4. community shopping pooling

23.1.5. Rise of social commerce

23.2. Luxury Customers

23.2.1. Chinese Customers

23.2.1.1. Purchase more domestically

23.2.1.1.1. Chinese Market will grow by the overall share of Chinese customers will decrease

23.2.1.1.2. Gen Z and Millennials want Immersive digital experiences

23.2.1.2. Still the number 1 luxury client for the next 5 years

23.2.1.3. What is Chinese Sensible shopping?- Very schizophrenic

23.2.1.3.1. They want a safer world and responsible world. But it doesn't necessarily mean sustainable or environmentally responsible

23.2.1.3.2. Return to safe investments and classic style such as Hermes

23.2.1.3.3. But also prefer Militant brands like Balenciaga and Gucci to display their individual value

23.2.2. Local Customers

23.2.2.1. Cannot be the miracle cure to make up for drop in revenues from travel retail

23.2.2.2. Have to rethink access to this customer and how to connect with the end client

23.2.2.2.1. After access- the challenge is Collecting Data and using it

23.2.3. Need to know customers and personalize the overall experience

23.2.3.1. Traditional Luxury= Product Centered versus post Covid Luxuryl= customer centered

23.2.3.2. Maisons already collect data and customize for VIC but can now pay special attention to more customers beyond VICs

23.2.3.3. Avoid a standard experience and adapt to customers and devise tailor-made experiences

23.2.3.4. Engage in direct and constructive dialogue with customers from VICs to lower third of CRM pyramid

23.2.3.5. Train SAs to Clientele

23.2.3.6. Rise of Experience based E_commerce like Live streaming

23.2.3.7. The experience should be seamless from Physical to digital

23.2.4. Communicating Meaning and Sustainability

23.2.4.1. Most initiatives are at group level and lack of concrete and tangible statements in boutiques

23.2.4.1.1. Opportunity to define Brand Purpose and go beyond product and storytelling of craftsmanship