Retailers in many countries are back in business as lockdowns ease, but they are operating under new rules.
E-commerce soared in the month of April worldwide, with the general retail sector experiencing 209% growth compared to the same month last year, according to an analysis by ACI Worldwide of hundreds of millions of e-commerce transactions.
Meanwhile, the fast-fashion supply chain is anticipating a “Darwinian shakeout”, according to Achim Berg, a fashion industry specialist at McKinsey. Manufacturers in Bangladesh have lost $3.18 billion in export orders canceled or suspended, according to the Bangladesh Garment Manufacturers and Exporters Association (BGMEA). It could get worse for suppliers in Asia as retailers in the West are likely to shift more sourcing closer to their markets, shorting lead times.