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The Destructive and Optimistic effects on the digital market due to COVID-19 (Novel Coronavirus)!
According to World Health Organization (WHO), this pandemic has spread worldwide and affected many lives, the impact of COVID-19 on the industry is worse than ever, the most disruptive and prismatic result of it has been on the digital market. This outbreak has taken 100+ countries under the wing, and the impact of it has destroyed the economy.
This pandemic has hit the economy badly, whether it’s Chemical, Shipping, Auto, Textiles, Electronics, IT Industry, Tourism and Aviation, Agriculture, and Solar Power Sector. All the mentioned sector has faced the outrage of this virus and lost the revenue for this year.
There is no doubt that our Indian government has taken significant steps to help all the people in this crisis. However, still, it’s leaving the worst impact of it on every industry. Nevertheless, this virus not impacted the IT sector; ultimately, of course, the digital market has faced the loss due to COVID-19, but there is still a silver lining for digital marketers. You can’t ignore that this has only caused damage to the digital market; it also has some optimistic opportunity for us than other industry.
It took time for the employees to come on the track, but with the Work from Home option, all the IT market has bucked up and are supporting our economy massively. Let’s see the Destructive and Optimistic effects of COVID-19 on Digital Market.
The Destructive Coronavirus effects on the digital ecosystem
The worst-case scenario of the coronavirus is on the digital market are trends and the purchaser’s lack of interest in the product due to all the negative impact it leaving on the mind of your buyers. It has drastically decreased the marketing rate of it on the digital platform in the short span, and no one knows how worse it is going to leave the effects of it for a long time. In the insight of the industry, you can quickly determine how the budget of advertising on the digital platform has gone down in the various industries due to quarantine across all the countries.
(Source of this image: https://neilpatel.com/blog/covid-19-marketing/ )
Absent in Events & Exhibition
In the last few weeks and the upcoming weeks for the digital markets and other industry has faced the various glitches, all the organized events and exhibition regards to their marketing has to negated due to virus. All the invested money and the plans to get more clients or buyers been null; all the marketers seem to lose their regular clients and consumers. This virus has limited the scope of advertising in the digital market because most clients have decreased the total advertising plans across digital campaigns during these big events in the global wise.
Lack of Shipping of Online Product:
The digital marketers have the most significant economy source, and its online marketing, as per the survey, 72% women and 68% men shopped from the online platform. Due to COVID-19, the shipping rate has decreased, and people are maintaining social distancing. And it leads to the fall of the online marketing for the marketers and to recover all this loss is going to take a few months. The downfall in online marketing caused the drastic drop back in the economy of the country, but we will recover soon from this crisis, hope for the best.
Low Marketing Budget
The budget of every single thing in the market has gone down, especially for the food, travelling, online business, and digital market. For the restaurant and the travel agencies, hotels or any connected earning source, with these has caused loss to the digital market. Their website has gone down because millions of people have avoided travelling and devouring their food from the outside.
And the lack of search for these site has caused the dropping the rank of websites, and some of the clients have taken back their websites from companies, which leads the loss for the client and the digital companies at the same time. No matter how hard you try to get the rank up with all the various SEO techniques but unless this virus has the impact on it, the rank and the traffic will going to remain low for the sites.
Uncertainty of the Overseas Product:
As we have mentioned above how coronavirus has affected the digital online market for the companies and their clients, it goes the same for the overseas clients and their products. All the overseas companies have taken back their projects, due to the unavailability and less attentiveness of the buyers for the overseas products. The digital market has lost the growth for the products outside of the country due to a virus, we all are fighting from this crisis and the impact it’s leaving on the digital market or other industries.
These are some of the Optimistic Coronavirus effects on the digital ecosystem
As Albert Einstein stated “In the Middle of Difficulty Lies Opportunity”, and yes we are going to take the opportunity we are getting through this crisis. This crisis showed us that no matter what comes in the way, it’s not going to stop us from working as we have done before, we are standing in this crisis with all support of employers and employees for each other.
The work has continued
As we know, most of the employees are working remotely, home of employees and employers have become the new office for everyone, after this rigid option, the damage on the digital market is under control. India’s survey on Business Continuity amid Coronavirus, report shows that 96% organization has adapted the work from home policy. Working remotely from home consents flexibility and greater efficiency.
Online meetings and Conference calls
If you think that Coronavirus has succeeded in bringing down the spirit of our working than its wrong. The social distancing has brought all of us on the digital platform in the last few weeks. For digital marketers, their all the meetings and discussion with the clients has continued on the online. Via conference calls the tactics and strategies has blossomed through the industry and emerge more people to think out of the box, given the time it increased the confidence for some underrated employee in front of their employer.
Opportunities for e-commerce and online sales
In this outbreak e-commerce and online sales have taken the big leap in the digital market, of course, the force of the e-commerce was stiff, still, there were the companies who trusted traditional way of marketing over digital marketing, they also turned towards digital marketing for advertisement, selling and creating has taken the high flight in the market.
Change in the Industry
In this pandemic you can learn the new techniques for your market growth from the various sources, the online classes will be the new resource for you to learn and even to teach new things. Some of the free resources have the latest and better strategy to apply in the digital market to bring more clients and also the researcher will increase for your site, this time will help you to deal with those consumers.
Most excellent chance to afford the freelancers
And we firmly believe that COVID-19 has brought the most significant opportunity for the freelancers, in the digital market, the value of freelancers have more chances; it might threaten their work. However, it still holds the most significant chance for them to come back on the track, and work from the home policy has more opportunities for them. The digital markets hold the possibilities to give them more chances after facing this crisis. Also, the recruiter can hire the freelancer in the affordable price for their work due to the lack of work for them in the market will tend them to take up the offered work quickly.
COVID-19 (Coronavirus) is the worst time worldwide; whether it leaves the optimistic or disruptive effect on the digital market or any other platform, it doesn’t matter. We all hope to end this crisis and go back to the life we were all enjoying till now.
Might the digital market has some plus points regardless of the disastrous influence but still it’s bad enough for the world, so please follow all the instruction as per WHO.