With 2020 drawing to a close, it brings the end to one of the most tumultuous and unpredictable years in recent history. People's personal and professional lives have been turned upside down, and the global economic outlook has never looked so uncertain.
As millions of people remained quarantined, unable to work, and forced into isolation, consumer behavior shifted significantly towards online purchases, which saw the stocks of many e-commerce companies skyrocket.
In fact, Business Insider went as far as saying, “Covid-19 has been like injecting Amazon with a growth hormone.” Although, it’s hard to argue with t
hat notion when you realize that Amazon’s stock is up over 75% since the start of the year.
With that in mind, the question for digital marketers becomes; will consumer behavior revert to pre-pandemic days, or is the pandemic a catalyst for a permanent shift that should now be considered as the “new normal?”
Businesses need to embrace the new digital landscape
First and foremost, we must recognize that nobody knows how long this current situation will last or what the outcome will be when a solution is finally found. This means that all businesses would benefit from embracing change and doing what they can to digitize themselves.
This involves migrating products and services to digital platforms and rebudgeting ad-spend on digital strategies and away from traditional media methods.