Impact of Coronavirus on Marketing Businessdigital marketing company | 29 September 2020 Reading Time: 2 minutes
The ongoing pandemic is impacting every part of our lives. The impact has been in the form of not being able to visit places and not spend time with friends, and have to prioritize the way you spend your money. The pandemic has made a significant impact on marketing and advertising too. Here’s a round-up of all the consequences:
1. Jump in online sales:
Several countries witnessed a jump in online sales post-lockdown. The month-on-month rate of online sales has seen growth too. Multichannel retailers have been the most successful at generating new sales. As they increase their focus on e-commerce, there seems to be an increasing gap in performance between these and online-only stores, with a rise in sales.
2. Favouring local shops:
Since the lockdown, many people have preferred shopping from local stores. While restrictions to travel have played a part too, people have been flocking towards online stores to support them during the crisis. Consumers are becoming mindful of their spending in their local communities. Fifty-seven percent of those surveyed said that they were more likely to buy from a brand that sells products that are locally sourced after lockdown has ended than they would have been before Covid-19.
3. Luxury shopping after lockdown:
Before the corona hit, Asia’s luxury market was growing at a rapid rate. Now, the majority of the people have shifted their purchasing focus towards essentials and postponed buying luxury items to the post-lockdown phase. Many consumers have adjusted their attention towards the same buying pattern and are willing to make a luxurious purchase after the lockdown lifts.
4. Online post-lockdown:
In countries where lockdown has been eased, people are still preferring to shop online despite many physical stores having reopened now. The online shopping trend is believed to continue in the post-quarantine phase. It is thought that a sharp increase in e-commerce live-streaming and sales promotions, alongside broader online brand engagement borne from stay-at-home orders are the main reasons for the heightened popularity of online shopping.
5. Online car buying:
Many people say they will purchase a car sooner if there was an option to buy it online. After the outbreak of corona, 8 out of 10 people say they will now consider buying a vehicle online. If such trends continue, we can witness an online showroom of cars and physical showrooms to be shut down. Forty-six percent of prospective car buyers said they planned to visit a dealership within just one month of the end of lockdown, with half of these looking to do so within the first fortnight.
There will be a major shift in marketing once the pandemic passes. There will be a change in shopping behaviors, and people will still be practicing social distancing as a safety norm. You can maintain your business stay ahead in such significant changes by hiring the Best Digital Marketing Company. They can help you adopt the changes and keep your business alive and running no matter the circumstances – thanks to the new digital lifestyle. Call us for a free consultation.