CNBC reported that 25,000 stores are predicted to close in 2020, as the coronavirus pandemic accelerates industry upheaval according to tracking by Coresight Research, with 55% to 60% of those situated in America’s malls. Because of the lockdowns and strict health regulations to fight the Pandemic, many businesses have been hit with the crisis, up to the point that many are filing for bankruptcy.
Because of that data, you are probably wondering if you should follow my footstep or make the right business decision? That is to create an eCommerce store during these trying times when many retailers and big malls alike are already closing. Well, just like what the title of this article said, the Pandemic and eCommerce are your unlikely duo.
People who have been in the marketing scene will call it cause marketing, but for millennials and Gen Z, they call it woke marketing. But what is cause/woke marketing, and how does it influence entrepreneurs everywhere, especially those in the clothing industry?
Cause Marketing is defined as a type of Corporate Social Responsibility (CSR) in which a company's promotional campaign has the dual purpose of increasing profitability while bettering society. So in simple terms, your business support relevant issues like LGBTQ equality, Black Lives Matter, and the likes. Now whether you are new or already settled with your business, it is good to know what are the Pros and Cons of Woke Marketing before you jump in the boat.