How to Market during Corona?

COVID 19 or Corona has shook the world to its foundations. With over 2.5 million infected people and 200 thousand deaths, it has become lethal. It has pushed the whole world into a dark tunnel with no foreseeable solution. The only thing for sure is everybody is scared and they are right to be.

The Effect:

It has put millions out of jobs and billions in losses and trillions in potential damage. Companies are laying off left and right, and there is a growing fear this could be "the great depression of the 21st century". Questions arise whether the world will be the same ever again.

The foremost thought should be, to take care of yourselves and your loved ones, by staying inside. You are not only saving your life but also the people who are around you. With no medicine in the near future social distancing might be all that we have.

The Impact:

It's necessary to understand the fact that, at this point in time, no statistic can truly capture the actual effect of the pandemic. As, there are too many unknown variables associated, like the exact virus trajectory, availability of medical equipment, the effectiveness of decontamination efforts etc.

The fact that the economy was on a downward spiral even before the surprise of covid19 should also be recalled.

With the above in mind, it's quite common to believe that a recession is undeniable. Make no mistake; the possibility of a recession is real. But it's not as apparent as it might seem, as history has often shown us that bear markets do not always lead to a recession. There is no need yet to panic. Countries like the US and UK have encountered a massive blow while India seems to be relatively better off. Once we head into recession, it will be a tough time, especially for the middle and lower class citizens.

While this has been a terrible time for the economy new innovations are coming up in every possible domain.

1. The crisis can boost the adoption of the latest technologies and business models. For example, the 2003 SARS Outbreak was the primary reason, for the surge of E-Commerce in China, which led to the rise of the Alibaba Group.
2. EdTech: Amidst most of the educational institutions closed around the world, education is moving online. Services like Byjus, Udemy and edx have already witnessed 25.12% growth in daily active users and 82.73% in time spent.
3. Health: Traditionally, India has never invested much in healthcare. With 0.8 beds per thousand, India has one of the weakest health infrastructures. But, this could all change with the pandemic.

The first signs of growth are apparent from the introduction of the Aarogya Sethu App. Due to this, the public can now trace positively tested patients and access their risk of contamination.

Hospitality: The hospitality and travel sector have taken a massive hit. Many hotels and airlines have started downsizing considerably with millions getting affected. Gradually, this shock would spread across the other sectors as well, with manufacturing and agriculture already exhibiting early numbers. Forecasts have shown 0 % growth as a very real possibility.Situation of Informal Sector:

India's informal sector, which employees nearly 85% of the country, is now on the verge of collapsing. They are struggling to make ends meet. The majority of the informal sector are daily-wage workers, who are now struggling to make their ends meet. These people are the worst affected by Corona. With many stranded in slums and chawls with no chance of social distancing, their lives are in grave threat, and immediate reinforcements are needed.

Read more on How Leaders should react to the Current Situation and the Marketing Strategies, they can Adopt!