How will COVID-19 affect Manufacturing Industries?
The manufacturing sector is the backbone of the economy of the United States of America. The manufacturing sector provides basic goods to the market and is essential in driving market forces like demand and supply. Amidst the Coronavirus outbreak, many economists suggest the manufacturing industry will be negatively affected due to an array of reasons. The secondary sector, which is manufacturing, is essential in creating jobs, promoting research and developing better ways to supply goods. With the world at a pause, this process has been disrupted and this takes a toll on the United States economy as a whole.
The impacts of COVID-19 on manufacturing would be:
Workforce crunch
Disrupted demand-supply chain
A decline in exports
Wastage of surplus
Stagnation of the sector
Dipping in the stock market
- Workforce crunch: With the United States under mass lockdown and the number of cases increasing every day, the labour required for the industrial sector will not be available. This will make the industries function very slow. With masses having a sentiment of fear, it will become difficult to run the industries and manufacturing sector.
- Disrupted demand-supply chain: With shops, superstores, markets and malls closed, the physical retail sector witnesses’ minimal customers and hence the demand for the majority of goods is decreased. This will cause a domino effect and shift the equilibrium of the market.
- A decline in exports: another way to supply goods was through export, but the USA is one of the worst-hit countries in the world, the export rate from the country has seen a sharp decline. This further damages the manufacturing sector.
- Wastage of surplus: manufacturing companies, more than often keep a surplus of goods, but with the pandemic, this surplus goes to waste. The costs incurred because of the losses are huge.
- Stagnation of the sector: with minimal demand, and government restriction and the above-mentioned reason, the factories and manufacturing sector will have to lower down or even completely stop their supply chains. This will cause the secondary sector to stagnate.
- Dipping in the stock market: with the purchasing power of consumers at an all-time low and drained savings capacity, the stock market will see changes for the worse. The US Dow Jones which is an industrial average index indicates a negative impact on the leading market companies. Profitable stocks like Amazon, eBay are also witnessing huge losses.
In times like these, it is essential to make the most of the services. Digital marketing is an essential tool for running your business virtually. It is the perfect way to safeguard yourself and your businesses from the COVID-19 impact. It is time to formulate a smart strategy, to combat the virus and its hold on your business and the best way to do so is through the new age solution digital transformation.
We give to you the best and most effective ways to become a master at digital marketing and transform the way you work. These are the freshest digital marketing trends to digitally transform your business.
Social media
Relatable
Approachable
Accessible
Affordable
- Social media: One of the gifts of the new digital age is social media. It has done wonders for business. It has a plethora of benefits. Mass reach, larger consumer market, more creative way to connect to the public and more engagement with the consumer. To make your business a star on social media, remember to keep in mind the following tips:
- a) Relatable: The consumer loves an idea they can relate to, make sure to follow up on trends and market your business in a way that the consumer can see themselves using your product or service.
- b) Approachable: Any organization, which seems to be friendly and formal is seen as credible yet approachable. Remember to gain their trust and voila! Your product is their new favourite.
- c) Accessible: Ensure that you use as many social media platforms as you can so that it is accessible to all the online population. Make your product and idea inclusive of all types of people to optimize your chances of attracting consumers.
- d) Affordable: It is important to focus on huge profit margins, but selling as much as you can. So keep the pricing minimal. Do not excessively cut costs, but keep your prices competitive.
‘Pay-per-click’ Advertising
Social Media Shopping
Make ‘search engine optimization’ your new best friend
Attractive schemes and offers
Local Search Engine Optimization
Google Shopping Feed Integration
Reviews and reputation
- ‘Pay-per-click’ Advertising: with people in their homes, spending hours on their laptops and skimming through the website, it is a smart move to use “Pay-per-click”. This will give you a competitive edge over your rival businesses. This is a smart digital marketing model, where every time an advertisement your website is clicked the advertisers will pay a fee. This can be the highlight of your digital marketing 2020 strategy.
- Social Media Shopping: The favourite way for people to pass time, is scrolling through social media platforms. Building a base on social media platforms, like Facebook and using this platform for advertising your service or product will fetch you a larger consumer base.
- Make ‘search engine optimization’ your new best friend: An online presence is extremely important. Visibility becomes very important, in the wide sea of websites. It is essential that your website can be found easily on the internet. SEO is a tool which uses a keyword to make your website reach the consumer searching for a business or product similar to what you provide. It filters and sorts the articles, according to how relevant they are to the searches. Search Optimization 2020 is your key to success. It helps you climb up in the number of pages on Google searches and makes your visibility higher. Make this strategy to reach the correct and relevant audience. This also optimizes your chance of selling your product or service.
- Attractive schemes and offers: with the coronavirus outbreak the inflation rates are spiking, and people are not willing to buy expensive goods. At this time to make your pricing competitive and give away schemes and offers which are attractive. People are buying products in bulk. Play this to your advantage and offer discounts like never before.
- Local Search Engine Optimization: People are looking for the most efficient and nearby services and goods available. Use local search engine optimization, to have high visibility in searches regarding your services in the ‘near me’ criteria. This is one of the new SEO Trends 2020.
- Google Shopping Feed Integration: Google has provided Free Google Product Shopping Feed from April 2020. The Google Product Feed extension allows you to create a real-time feed to supply product information to Google Merchant Center, a prerequisite for setting up Product Ads. Using the full power of Google AdWords – you’re in full control of your ad setup and budgets.
- Reviews and reputation: The digital marketing trends 2020 show a website with local reviews and a credible reputation is always preferred by the online consumer market. Positive reviews can make your website popular and a favourite on the market. The public sentiment about your product or service is of utmost importance.
Conclusion
The COVID-19 outbreak has led people to shift to the Internet for all their needs. The above-mentioned tips will help you to market your business according to the trends of digital marketing. These are tried and tested and are used by the leading online business. Happy Digital Marketing!
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