With governments urging their citizens to stay home and businesses closing their doors, COVID-19 has had a huge impact globally and a lot of practices and behaviors have changed. At a global level, companies can’t deny that they are experiencing one of their biggest challenges, especially in the marketing and advertising field were several high-profile events including Mobile World Congress Barcelona, Formula 1, Facebook’s Global Marketing Summit and many other major events have been either cancelled or postponed due to the spread of COVID-19. Unfortunately, a lot of companies will face huge losses. However, even in the wake of this pandemic, there could still be a silver lining when implementing the following:
- Shifting to Digital
During this most significant health related crisis, it is significant that organizations adapt quickly and seek out new growth opportunities, the changing of consumer behavior in the digital age presents a huge opportunity for retailers. It is very crucial to optimize the digital space during times like these through simplification of product lines, business models, customer engagement and sales channels is possible to be achieved through digital marketing.
- E-commerce Opportunities
Across the globe, the reduced in-store activity is driving increased e-commerce activity. In some parts of China for instance, major retailers like Starbucks, Apple and Nike have temporarily shuttered their stores, while smaller retailers are facing big challenges and being hit hard the more foot traffic declines. Consumers in China are shifting to online shopping. For instance, in Carrefour, vegetable deliveries increased by 600%. Also, JD.com, China’s largest online retailer for sportswear, has seen sales of everyday household items quadruple over the same period last year. The more consumers continue avoiding crowded public places, the more they will utilize online shopping to get their essentials.
While the coronavirus pandemic presents business risks in many business areas, it also offers opportunities in a lot many other areas. As a marketer or a business owner, the key is always to acknowledge the potential threats while exploring the possibilities at the same time.