As we all know the impact of Coronavirus has taken a lot of life. One of the most deadly viruses has taken more than 1,67,369 life globally, this fact is shocking. It has not only impacted loss to human life but also the global economy. The actual financial loss is hard to predict but the trend shows the impact may lead to a global recession. Majorly hit countries are China, Hong Kong, Italy, Spain, Germany, Iran, etc.
Some industry experts predict the annual advertising growth rate has fallen to 3.9% from 7% in 2020. Despite this news, there has been an 18 % growth in e-Commerce advertising and Social Media advertising budget has increased by 23%. As consumers are reluctant to out in the market, the online purchase has increased.
Trend Shows Online Shopping Has Increased Amid Coronavirus
Coronavirus has led to deserted streets in most of the coronavirus impacted countries, but there is a relief for the digital marketer. 50% Chinese and 31% Italian customers are saying they are preferring online shopping over retail shopping. There is a long queue in all the retail outlets, most of the daily useable items are out of stock. Companies are preferring to focus on online advertising as it can drive online sales. eCommerce business has seen decent growth in some countries amid the most deadly virus outbreak. eCommerce companies are also focusing on maintaining hygiene before delivering the products. This has helped digital marketing agency to grow the business and clientele.
The conference is now Webinar
With companies like Adobe, Google, Rakuten Advertising are cancelling product launch event amid Coronavirus outbreak. Companies like Zoho, Google have started work-from-home as a preventive measure to reduce coronavirus impact. Most of the IT companies are preferring work from home for safety and security.
Tourism Industry has Badly Impacted
As the news spread the travellers who planned their overseas and even domestic holiday trip have cancelled their plan and tickets. This has impacted a huge loss for most of the travel agent and tour operator companies. As per a report, the tourism industry is likely to see a decline of 15% to 20% in terms of revenue. As per the source, even Google has witnessed 15% downfall in ad spending from tourism companies. Be it small or big, everyone from the tourism industry is suffering. Advertising agencies have reduced their investment or traditional marketing as focusing more on digital advertising. Badly impact on revenue of tourism has forced them to effectively utilize the marketing budget. Hence, companies are focusing on digital marketing to reduce marketing cost and effectively utilize the funds.
No Job Loss in Digital Marketing Sector
Unlike other industry, digital marketing sector has suffered a little but if it is compared from other sectors the impact is very less. Digital marketer is working from home to get the work done. Most of the companies including TCS, Wipro, IBM, etc started work from home culture. For a digital marketer, you need a laptop and an internet connection. So, the digital marketing industry has hardly seen any impact of Coronavirus. Work from home has increased the productivity of the team members as per some reports.
What’s your role as a digital marketing agency?
For a trusted digital marketing agency, the primary objective is to provide a result-oriented solution to their clients who are suffering huge loss amid coronavirus. During this economic slow down try to cut down the cost and use only whenever necessary. Marketing cannot be stopped but utilizing the budget efficiently will give an assurance to the client and a better result.
So, if you have still not explored digital marketing for your business. Don’t wait, talk to our digital marketing consultant now and revive your business.