Coronavirus, the bane of all things known to business. It’s been about four months (for us in India) since the first lockdown. A lot seems different, whether it’s advertising, communication channels or consumer behaviour. Businesses have adapted really fast to stay relevant! The constant inspiration for innovation is a result of thought-leaders and businesses owners identifying patterns that are slowly and surely helping them adapt to market shifts.
So where does it all begin? I’d like to say ‘The Internet’, but my preferred word would be ‘social media’. Social media has become the digital crutch of daily sustenance. In India alone, the surge of social media usage has risen up to 82% in q2 of 2020 according to YourStory.com and WPP’s stats, which constitutes a near-average of 4 hours of screen time per day! You’re wondering what people are doing? Watching things and buying things!
In the past year, the US has seen an 84.7% hike in purchases using social media, as opposed to purchasing made on retailer websites that feature at 57.9%. However, this also highlights that people are focus-buying things, which means that in Mar-Apr 2020, online and offline sales of food and beverages ranked at 75.5% compared to 2019, health and beauty rank second at 25.1%, while footwear and accessories rank at 22%. The ones going in negative are fashion and apparel, and home, jewellery and luxury, which rank at -40.8% and -65.3% respectively. On a related note, it is thoroughly interesting when I hear a Spotify ad constantly replay how the J.W.Marriot luxe hotel chain is now delivering meals home, sanitization et al.