The state of our current marketplace is in full-blown panic mode. The COVID-19 has set new levels of uncertainty in our 21st-century living. Certain companies are embracing for “worst-case scenarios” and can expect to have hit on their revenue. For example, the travel industry is having a massive drop in revenue as consumer demands begin to decline in fear of contracting the virus. In a world where everything is digital, how is this pandemic going to affect the digital marketing ecosystem?
Throughout the past week, we have seen how significant events and conferences canceled, we have seen an increase in demand from Lysol products to toilet paper, employers are allowing employees to work remotely from home, and there have been issues with the supply chain.
Conglomerations are put on hold
Conferences and major events from concerts and sporting events have all been put on hold due to the virus. This hold is affecting the ecosystems as many businesses rely on these events to generate new customers and sell products. Significant events like concerts and sporting events will take a hit in sales, and employees who work these events are now out of a job.
Stores are jammed backed, and supplies are flying off the shelves. The supply is having a huge impact when it comes to the ecosystem. Companies are needing to plan their marketing budgets and advertising dollars. Cleaning supply companies’ revenue is going up as this pandemic continues to spread and Lysol, Hand Sanitizers, hand soap are flying off the shelves. Another impact in the ecosystem is companies that depend on China as their manufacturer or distribution supplier. China is on lock down, and getting products from China may take longer than expected.
Travel Industry at a Halt
Travel and Cruise lines are in panic mode themselves as customers continue to cancel their travel arrangements. Their ecosystems are going haywire, and these companies are having to halt their marketing campaigns due to the current pandemic.
Stock Market Fears
The ecosystems strive when a business is doing well. The current situation has shown a drop in the Dow of 1,000 points. However, certain companies will see an increase like Zoom and Skype as more people will be working from home, and universities are switching to an online classroom.
During this pandemic, companies are beginning to see the stress of the stock market, the stress of supply and demand, and their ecosystem will not be at its prime for 2020.