24 May 2021
"Every setback is an opportunity to reflect on the deeper issues and improve matters for the long run."
Back in 2018, the global new and alternative promoting sales increased by an estimated 11.6%, totalling $496.08 billion. But, nobody was ready for the market change that was going to confront our strategic aptness, giving many countries a reality check by shaking the core of local as well as major global businesses. From being stuck in our homes to the way we spend our time, the COVID-19 onslaught has impacted everyone's life and changed priorities. As the pandemic single-handedly brought the world to a halt, we got more time on hand to think about life and more opportunities to learn from those around us. We used to boast and battle for trivialities, but they are now forgotten or, at the very least, sidelined.
As a result, the economy is already down by more than 10% in May 2021 compared to May 2020. If the economy had not declined by 75% in April, it would not have been down now by 10%; hence the growth rate for the whole 2020-21 period will be -30%. Yet, the socially distant activities have awakened the brands and clients in the country to thrive while keeping the market with digital expanses. Not just digital enthusiasts but also everyone working remotely was grasping every possible break to vest their interests and energy in promoting the new normal.
The contrast in the picture between May 2020 and May 2021 stands out. Read ahead for stats and factors that exhibit this change;
COVID-induced isolation has transformed what was once discretionary into a required component of business planning. The spread of pandemics has had a lasting effect on buying behaviour in the global market. This altered customer behaviour has resulted in increased use of digital marketing and has eliminated physical obstacles while maintaining social distancing.
Several marketers took various social media sites on the digital front, giving away free trials or delivering entertaining and compelling content to entice people who were expected to stay indoors. Clients are more inclined towards getting on board and making some noise with their brands. To skyrocket their revenue, marketers are also launching data-driven campaigns that generate maximum reach and match the user's needs and interests.
In the past three years, the business for digital marketing has seen a drastic change and is now something that you cannot afford to neglect, regardless of your offering. Everyone is moving to it, from small to large labels, and 2021 has shifted the needle forward to the digital side. With the proliferating number of internet users crossing more than 560 million, digital marketing has grown dramatically. Not only B2B digital commerce sales doubled in 2020, accounting for about half of all B2B revenues, but global income from offline commerce platforms will fall by nearly 20% by 2021.
In the post-COVID-19 age, digital transformation will become ubiquitous, with the virtual sharing of knowledge becoming the new reality. Even during the lockdown, most companies maintained stable market continuity and credited their performance to successful digital tactics and tools in place. This led many companies to change their priorities while focusing on the digital transformation of their operations during and post lockdown.
Online purchasing platforms would eventually overtake brick-and-mortar ones, necessitating businesses to invest in online networking tools in addition to planned digital strategies. Although it will be a sunset scenario for many firms, it will be a landmark opportunity for many other businesses who have been looking for an inflexion point.
All being said and done, we advise you to make the best of this lockdown period with the best solutions for Digital Marketing as we Adjust - Adapt - Accept.