Digital Marketing Landscape & Reshaping a New Era for Retail Consumer
The ongoing pandemic has impacted every aspect of our lives and has provoked us to change our priorities with regard to how we spend our time and money. The health of the population is rightly the first and primary concern of the entire world along with Understanding Retail Consumer Behavior Online during COVID-19.
According to Dentsu Aegis Network, with people spending more time at home,14% of the brands have responded by actively working online. According to the research, most of the brands have renewed their strategies for short term goals, with 61% making changes for immediate targets and just 9% making amends for long-term plans.
Another statistical survey conducted by DigiDay and Glossy asked 100 brands in retail, fashion and beauty regarding the changes they have made to their marketing plans amid the crisis. It shows us that the vast majority of Ad campaigns are on hold or cancelled. According to the buyers, 73% of brands are now “pausing” campaigns while they assess their next moves during this pandemic.
The shortcomings of the pandemic: Ad spends may drop:
With the supply chain being affected, most likely the availability of products may also be reduced, leading to companies holding back on their advertising expenses. If fewer goods reach the market, business houses will see less profit from advertising, so to avoid the heavy losses marketers will resist investing in Paid Social Media Marketing Ads until they see a clearer picture of the pandemic settling down.
Scope for Growth: Increase in Ecommerce
Since most countries are still under a lockdown with limited access to their work places, Ecommerce will see a huge rise in the coming weeks. Initially, people might just order essentials online, but once the non-essential goods commence business, a rapid hike in Ecommerce is surely expected.
According to the survey:
- The top concern of 30% of retailers has been to look for a productive marketing channel
- 58% of retailers are confronting a challenge in acquiring new customers.
While Facebook, Instagram, TikTok, and online searches remain largely unscathed, brands need to focus more on these platforms in the present and in the future.
Even though it might seem like a tough time to acquire customers, consumers are spending time reading, watching the news or being on social media more than ever before. Marketers now have the opportunity to capture a vast audience by advertising on popular websites, at a lower cost than the pre-corona period.
Need of the hour: Adapt to the new customer
For a brand, an online presence has never been as important as it is today. Going digital has become the vital need of the hour.
Locating your target audience and studying changes in their lifestyle can really help brands to map how to draw their attention.
- What are your target audience’s emotional state and needs?
- What do they want to hear about the services?
- How should you be communicating with them while being sensitive about the current pandemic?
- What are the value adding features to cater to their modified demands?
- Ways of bridging the gap between the new consumer and creating a niche in the global business marketplace.
If a brand is able to decode the mind of the consumer, then that would be a substantial foundation for a Digital Marketing Strategy in the coming months.
There is no doubt that the coronavirus has left it’s indelible mark in the history of mankind. But the question arises that once this pandemic is over, how things will unfold for us to get back to our lives, that we once considered “Normal”.
Without a doubt more digital solutions need to be considered for all the industries to progress in a unified manner. Webinars, digital entertainment, consultancy etc. are a few examples of solutions when physical contact is restricted.
Even though during a testing time like this when it all feels like a downward spiral – there is an opportunity to be seized, for every CLOUD HAS A SILVER LINING!
Since 2004 Netgains has been building fashion e-commerce website & running effective fashion digital marketing campaigns for fast-growing as well as established fashion brands. Our expertise in fashion eCommerce ensures that your brand and products are delivered to your customers in a way that makes them buy. Get in touch today!