Digital Transformation - Possibly The Only Silver Lining Of Pandemic
February 15, 2023
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While Covid-19 continues to hover like a dark cloud, most companies and individuals struggling to find a new normal in the pandemic-rich world have now got an effective medium to sustain their business needs. The containment measures like strict lockdowns ensured that people stay at home and spend more time in front of their screens as it has uplifted the internet as the primary source of entertainment and a shopping platform. This new normal molds traditional brand reach and visibility by pushing companies to adopt digital mediums and that has influenced an era of digital transformation which we are witnessing today.[lwptoc title="Digital Transformation - The Only Silver Lining Of Pandemic" skipHeadingLevel="h1,h4,h5,h6"]Under the shadow of the ongoing pandemic, consumers have shifted dramatically toward online mediums, and companies have also made reforms to meet consumer demands. Different survey reports confirm the sudden shift toward digital interaction between customers and companies. Indicators also reveal that Respondents are three times active now than the pre-crisis period as at least 80 percent of customer interactions are now digital.
Below are a few statistics and reasons that reveal how pandemic changed the marketing world, and companies rely more on digital marketing.
40% of social media users polled said they were spending more time on social media platforms like Facebook, Instagram, and Twitter.
Indicators reveal an almost 70% increase in social media content generation during the COVID-19, a 60% increase in blog content, and a 50% increase in video content
80% who have a content marketing strategy, 70% made significant or moderate adjustments to their strategy because of the pandemic
70% of companies have shifted from face-to-face interactions to a digital medium
75% of Small businesses claim that they have improved their digital marketing areas like SEO, social media marketing, and data analytics
25% of consumers started watching more live streaming videos during the pandemic
According to Forbes, OTT platforms in India experienced an 80% surge in subscribers amid the lockdown.
Based on the above-revealed stats and data, we can easily understand how people think and behave in recent times. These routine shifts and behavioral changes push businesses to explore more about consumers’ interests and improve their digital reach.
Most Heated Ecommerce Platforms During COVID-19
From the empty hallways of shopping malls to the busy servers of online shopping portals, COVID-19 has reshaped every place and process. As we discussed earlier Majority of consumers are now heading towards digital marketplaces to shop. An August 2020 survey from eCommerce ad agency Channel Advisor conducted by Dynata shows the following results.
US Top Retailers Ranked By Retail Ecommerce Sale In 2020
(All sales are in Billion Dollars)
The Home Depot: 16.71
Best Buy: 15.7
The Korger Co.: 11.28
Costco Wholsale: 11.18
Effect of Pandemic on US’ Retail Ecommerce Sales (2018 – 2020)
As the pandemic has accelerated eCommerce dependency worldwide in a dramatic manner as online sales are conquering new peaks. In the 3rd quarter of the US retail forecast, the following results are found.(The following graph represents sales in billion dollars)
People are bound to spend more time in their homes due to strict lockdowns, the closure of mainstream cinemas and amusement parks, and watching more influencer content. Since May 2020, digital consumers from the US and UK who followed influencers like Vloggers and Youtubers were most interested in influencer content that entertained or helped them do stuff with their daily lives amid the lockdown routines. The graph below portrays the post-impact shape of influencer content.(All portions represents percent share of total volume)
The Opportunity In This Era of Digital Transformation?
Although around 70% of businesses have already undertaken or implemented marketing transformation strategies to eliminate the product-consumer gap, consumers still feel businesses are still lacking in offering the mobile friendly platforms and accurate customer support.
The above statistics and data show upheavals in the global market, and we saw a rapid transition towards digital dependency during the pandemic. Examining the differences between what we saw in Pre-COVID trends vs. what we experienced in 2020 reveals a surprisingly unique set of observations. You can’t sell a car in a fish market and vice versa - the digital transformation is inevitable. To meet consumers’ demand differently and sell where people are looking to buy, it is now crucial for businesses to adapt to the recent changes and improve their digital channels.
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