POST COVID 19: A DIGITAL ERA

INTRODUCTION:

The coronavirus crises initially detected in China have infected and devastated people across 185 countries. Its expansion has left brands and businesses around the world counting their survival costs and borderline rates.

Global shares do a big hit.

Big changes in stock markets, where stock and shares in businesses are purchased and sold, can affect the rate of pensions or individual savings accounts (ISAs). Investors are worried that the spread and circulation of the coronavirus from person to person will destroy and deplete economic growth and that government action may not be sufficient to stop the decline and deadlock.

In response, central banks in most nations, including the United Kingdom, opened up their interest rates beyond imagination. But few analysts have notified that they could be fragile until the pandemic is obtained.

More people searching for work

In the United States, the number of people or crowd filing for unemployment boost a record high, signalling a deadline to a decade of expansion for one of the world's biggest economies.

Approximately one million people in the United Kingdom also tried for the advantages in just two weeks at the end of March.

Oil prices crash 

Oil demand is very high, but it slowed down as lockdowns worldwide have kept people inside. Brent crude is the mark made by Europe and the rest of the world. Its price dropped below $20, to the lowest level observed in 18 years. 

Risk of recession

If the economy is rising, that generally means good and a wealthy nation and a newer job. It's determined by calculating the percentage shift in the gross domestic product, or the value of products, goods, and services produced, typically from three months to a year.

But the International Monetary Fund (IMF) claims that the world economy will reduce by 3% this year.

Although it analyzed that the coronavirus has shrunk the world into a "crisis like never before", it does want economic growth globally to pick up to 5.8% next year if the pandemic reduces its effect in the second half of 2021.

Turn to technology

Governments around the globe have requested employees to work from home wherever and whenever situations are acceptable. Shares in technology businesses such as Zoom have boosted up to a different level as more people rely on video conference calls and email to manage meetings or get official and personal tasks done.

The want for online shopping and entertainment has also shot up high as people keep themselves indoors. Amazon's share prices to a different level of heights.

Travel among the hardest hit

The travel industry has been hugely drained down, with airlines cancelling flights and customers shrinking up business trips and holidays. Governments around the globe have introduced travel restrictions and new regulations to try to reduce the cause and effect of viruses. 

IMPORTANCE OF DIGITAL MARKETING:

Covid-19 pandemic has re-arranged our regular routines. Social distancing is the new trend, and the internet has played a critical role in making us connected to our beloved who are far and the outside world.

People are giving more time online today, more than ever. According to Forbes' preliminary analysis and statistics, internet strikes have raised by 50% to 70%. An analysis of media consumption announces that online media intake has increased by greater than 4 hours since the COVID-19 lockdown compared to the average of 1.5 hours in the pre-corona times.

Businesses are eager to witness a paradigm shift in the shopping nature of millions of households as the pandemic will shift more and more buyers to go online. An article written by live mint features statistics from a survey conducted by Capgemini Research Institute, which says that consumers will seek convenience in the name of online shopping going forward. Concerns and interest around health and safety will become a major issue of thought as "they will expect safer in-store and not out store and last tile exercise".

With end to end-users prevailing indoors and providing more time on digital channels and platforms, it makes sense to transform the target of your marketing strategies from traditional and old techniques and sources of print and outdoor activities to digital, mobile, and modern campaigns. 

The advantages of digitally shifting your marketing and advertising are not an ear holding anymore. A data-oriented and information-keeping approach keep it easier to judge and define your target audience and potential customer. You can customize marketing advertisements and campaigns to target a specific customer set and get a good ROI. Settling the budget decided for a campaign is possible with just the click of your cursor. Such flexibility and adjustment are not possible in old or traditional marketing techniques.

If you haven't experienced the potential or calibre of digital marketing, now is the proper pace to do so. And, for businesses and companies that are already a bargaining chip for the power of digital, now is the time to target expanding and increasing your reach, if not revenue. It is also a remarkable opportunity to entire with your audience and customers, both existing and potential, at an insight level with the help of blogs. 

Data and analysis from Hubspot say that businesses and companies that publish and post blogs as marketing means get approximately 55% more website visitors as varied to those that don't.

In marketing, communication and the transfer of thoughts are the keys! Now is the time to join wisely with your customers or audience using the capabilities of digital marketing.

Life in the time of COVID 19:

It might be a little fragile, but here's an overview of what is to arrive in the coming future. Liquidity is assumed to be tight and tough as the cost of borrowing in actual terms will jump upwards. It is despite central banks' try to minimize interest rates. Banks and financial institutions will be under ultra-stress and pressure as the tension of NPAs, insolvency, and bankruptcies upgrade multifold. The government will target the high demand for imported goods, while less important companies and businesses will target recovering their receivables/outstanding money due from debtors. New strategic allocations or business partnerships will not combine during this period.

Adversely affected Sectors

Apparel & Textile will be heavily pushed down and hit adversely due to disturbance in labour supply, less availability of raw material, working capital constraints, and less demand due to limited migration of people around and purchasing capability.

The auto sector (which involves automobiles and auto parts) will face challenges on account of the scarcity of demand, worldwide recession, and reducing income levels.

Aviation & Tourism is one section among various sectors with the maximum probability of moving under without direct government intervention. In the coming year or so, it's greatly unlikely that citizens will travel for recreation apart from very necessary travel.

Shipping and Non-Food Retail: Non-food retail chains and world shipping companies and businesses will search these 12 months very challenging.

Sectors with a possible uptick

Digital & Internet Economy: Online based goods, products & services businesses will have to search for new takers.

Ed-tech and Online Education along with firms and companies involved with online-skill orientation and development.

FMCG & Retail will rise immensely. With prolonged fear, food-based retail chains and firms catering to low-ticket consumption demand will emerge as champions.

Speciality Chemicals: Companies dealing in Chemicals will observe a rise due to lots of demand for disinfectants, drugs, and medicines.

Pharma: Pharmaceutical businesses are set to observe an enhancement in the near term.

Peering into the Future

Many people will lose themselves and millions more affected. Nations will introspect, companies will realign. But as Jackie's 21st-century take on turning lemons into lemonade goes, there is a hope to have a silver lining.

Technology & Future of Work

Technology for many companies and firms, until today, was determined to be a support system with it being utilized as a means to get to an end. It is set to transform as technology will now become the frontline need in most organizations or firms.

Its necessity will be comparable to that of revenue-generating actions – sales and business up-gradation and development.

Trends will boost to a new level. Automation will rise in momentum as the exploration in giving on sophisticated IT infrastructure outpaces natural resources. The job is fixed, with more offers being circulated out on a contractual basis than on a full-time segment. This type of gig economy will settle in the emerging markets as well as the more established markets. Companies in few sectors will understand that employees doing their job from home are equally productive and beneficial compared to when they are working from the office. It will be a great benefit in saving infrastructure costs.

Back to basics

Businesses and firms will try to reframe their strategy of boosting sales without profitability growth. Companies claiming hefty valuations and numberings based on sales growth will no longer get buyers – target on profit and profit growth will be the latest trend.

Data is the new oil

Data will become even more important and valuable, and with it, data and information misuse through AI will also become a new topic of concern. We're already observing governments and private entities roll out contact tracing tools and services with bad implementation and pose severe threats and concerns to data security and privacy. As these entities have understood, data can play a vital role in fixing the impact of viral phenomena – diseases, protests, misinformation…. The list continues to go on.

Data and IT security will become even more vital for businesses and firms. Traditional companies and firms, including heavy industries and factories, will find it very tough to live without access to data and information required to help with optimization and extracting efficiency.

Human Attitude towards closed doors, open windows culture:

With the Indian government relaxing and retaliating terms and conditions to initiate work from home (WFH) at this pace, the COVID-19-prevailing trend is set to continue after the lockdown. It could well be one of the most efficient takeaways from the worldwide business lockdown trend.

While WFH is across the latest trends and modernity and the pace of the moment and will continue in some type or the other post-lockdown, it is the IT and BPO firms that have been the big takeaways in the whole trend. 

Beyond the IT sector, firms and companies in other sectors, too, have adopted WFH wholeheartedly. It has been especially justified of firms in different auras like Finance, Health, media, and entertainment.

It seems very clear that WFH will be the 'latest trend' or 'new trend' as businessmen call it. After the commencement of lockdown, managers and professionals seem to have eased into this type of work. 

Firms have also been told to continue WFH due to two major practical facts. One is that social distancing needs would mean that companies can only be managed by up to 50 per cent or less of their workforce in the coming future. Second has been a common thought that employee productivity and calibre have not reduced, as was drowned and doubted by many managers and sectors, even as accountability and outcome have been far better.