54% of businesses have been impacted by covid in India: Modern Marketer Reckoner Report

By: |
December 16, 2020 4:45 PM

This year’s report focuses on two major perspectives – the consumer lens and the marketer lens

34% of business respondents have increased digital media budgets while 23% have focused more on eCommerce sellingThe global conversational AI market is likely to grow from 4.8 billion dollars in 2020 to 13.9 billion dollars by 2025.

54% of businesses have been impacted by covid in India, of which retail, travel and tourism have been hardest hit, the report ‘Modern Marketer Reckoner’ released by MMA in association with GroupM revealed. With the various shifts that have happened in 2020 as well as mobile always being an important part of our daily lives, this year’s report focuses on two major perspectives – the consumer lens and the marketer lens.

As per the report, the hardest hit are the discretionary categories – 77% have reduced eating at restaurants. 55% have reduced buying clothing and fashion accessories and 48% have reduced spending on consumer electronics. What has seen a positive impact are the areas related to health and hygiene – 29% are exercising more at home, 24% are consuming more vitamins and supplements, 23% are spending more on groceries.

Furthermore, the report added that 34% of business respondents have increased digital media budgets while 23% have focused more on eCommerce selling. Meanwhile, almost 90% of people agree that they are more careful about how they are spending their money. While 50% of people have delayed big purchases and almost 38% have cut down on day-to-day expenses.

The report also highlighted that among the digital-first timers – 45% streamed movies, 43% got WFH software, 33% used an e-learning app, 28% purchased grocery online and 22% consulted a doctor online.

The advertising and marketing industry has been encountering some fast changes in the past few years with the advancement in innovation and technology, Prasanth Kumar, CEO, GroupM South Asia said. “In this current wave of uncertainty and ambiguity, it becomes even more critical for marketers to measure ROI and therefore, invest in data and technology to do the same. The pandemic has triggered a definite shift in the consumer and the business landscape but if we display rigour and foresight and use effective advertising and modern marketing models, we can help businesses stay on top. This year with the report we wanted to decipher the changing face of content and influencers, new communication formats and channels, and the ways to build powerful brands,” he added.

“The reckoner underlines the marketing industry’s certainty when it comes to the rapidly expanding mobile channel. The industry, on the whole, recognises that the modern era of the market is upon us and we need to embrace it. This new age of marketing is going to be built on tools and technology that this report helps to outline along with great examples through the lens of various industry leaders who are the torch bears of this change… helping @shapethefuture for marketers and agencies in India and abroad,” Rohit Dadwal, managing director, MMA Asia Pacific, stated.

Read Also: Former Enormous Brands’ strategist Rahul Tekwani launches new venture ‘Branding Edge’

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