The coronavirus outbreak is the real constituent which is changing buyer’s conduct in this digital era. Let’s put a light on the potential effect on online business and the digital marketing industry.
While we take a glance at the world economic scenario, the impact on the stock market is immense due to coronavirus. For instance, the global wellbeing alarm has monetarily hit the gravity which is seen through the fall in the stock exchange. Be it National Stock Exchange or Bombay Stock Exchange one can find the comparative decays in even European markets.
The similar impact can be seen on the economy due to operational disturbances and severe effect on supply chains. Since the inception of coronavirus took place in China, the entire production unit in China is impacted due to which there will be fewer availability of Chinese products. According to forbes, the coronavirus outbreak impacted the giant companies like Apple and Tesla as well.
Speculation around Ad expense
With COVID-19 lockdown around the globe, access to merchandise has been decreased. Owing to this businesses would foresee less value for their money from marketing as only fewer products can now make it to the market. People who generally used to spend on advertising will definitely pull over from investing any further resources into advertisements.
Also, various experts are assuming that the coronavirus will get settled anywhere around june. This is also one of the reasons why businesses have reduced their investment on the ads spend for the first half of the year. Nevertheless, there is no such evaluation done for the second half of 2020. Various analysts have similarly brought down their promotion business in the first half of the year.
Cancellation or postponement of Events and Tech Conferences
Due to lockdown situations in various countries, many marketing events and tech conferences have been cancelled or postponed. If the similar circumstance prevails, there would be further withdrawal from events and summits. To tackle this businesses are also shifting towards online summits, online meetings and webinars. Infact, social media has been playing an important and active role in keeping in touch with customers during this pandemic crisis.
Switching to E-commerce
Due to lockdown and panic buying, customers would now prefer to shop online. Taking into consideration the world-wide scenario, online shopping giants like Amazon, Walmart and eBay have seen a striking increase at their online stores. Most of the online brands deals have quadrupled which is quite contrasting with the time period in 2019. This is the right time to acquire those customers who generally prefer physical stores.
Companies shifted towards working remotely
There could be every possibility of expansion in remote working with the increasing number of cases of coronavirus. Most of the employees around the world have started working home. As a result there has been a tremendous rise in online meetings, calling and conferencing wherein data and networks services boomed. For example, zoom video conferencing sales have increased leaps and bounds.
There are various digital marketing companies which are helping businesses bring down their business in online platforms and working remotely during this pandemic crisis.
Although all these changing business patterns are momentary, the shift in choices may have a long lasting effect. The huge digital transformation during this emergency period seems to be more prominent. By watching out closely the changing consumer patterns and behaviour, businesses can sustain this pandemic situation.
Rajat Jain is an award-winning entrepreneur, author and an expert in implementing Digital Marketing strategy. With years of experience in the digital marketing field, Rajat has built an array of successful businesses.