Industry Update: The Impact of the Coronavirus Crisis

The Coronavirus Crisis has affected every corner of life and business across the world. Since the pandemic upended life in the United States in March, Bidtellect has been tracking its effect on advertising, industries, and consumers. Below is an ongoing compilation of those resources.

Man with credit card and phone - black and white

Coronavirus Impact on the Financial Vertical. Our advice? Build trust.

How has the coronavirus crisis has impacted the financial vertical? What has and will emerge is greater attention to savings thanks to financial strain and high unemployment. How should advertising efforts continue and what can we learn from the ’08 crisis? 

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eMarketer

29% of US internet users conduct mobile banking on a phone

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Edelman

29% of Americans have already begun using a brand due to the innovative or compassionate way they’ve responded to the COVID-19 crisis.

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Kantar Research

75% saying brands should inform people of what they’re doing.

Contextual Targeting and the Cookie-less Advertising Future

Retail - black and white

Retail Gains Traction During Coronavirus Crisis Thanks to e-Commerce

The retail sector is gaining traction during the coronavirus thanks to e-commerce. Empathetic brand messaging, digital advertising, and shifting to changing consumer needs will help retail grow online sales through the coronavirus crisis.

 

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Emarsys and GoodData

The number of online orders for web-only online retailers in US and Canada increased year over year for the 2 weeks of March 22 – April 4.

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Edelman

83% of respondents want compassionate connection, including brand messaging that communicates empathy and support with the struggles they face.

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NetElixir

Online food sales surged 183% between March 1 and 25, vs. the same period last year.

Up Your Game: 5 High Impact Creatives for Max Native Engagement

woman applying lipstick - black and white

Beauty and the Coronavirus: eCommerce, ‘Affordable Luxury,’ & the Future

The global beauty industry generates $500 billion in sales a year and accounts for millions of jobs, directly and indirectly, according to McKinsey. For this largely brick-and-mortar industry, coronavirus certainly impacted sales, but the industry (and its customers) proved dynamic with its shift to ecommerce and booming skincare and “affordable luxury” products. For now and moving forward, expect a permanent shift to ecommerce or hybrid shopping models. Offer promotions and content to inspire shopping online. And, when in doubt, “Pour yourself a drink, put on some lipstick, and pull yourself together.”

 

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McKinsey

Several prestige brands are offering discounts online of up to 40% to capture promotion-oriented consumers, according to McKinsey. Promotions also help move unsold seasonal inventory.

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McKinsey

More than 77% of Americans tried new shopping behaviors during the crisis (up from 76% in late July), including new methods, brands, and places, with the intention of sticking with them in the long-term.

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eMarketer

64% of respondents (US Internet Users) are more likely to digitally purchase cosmetics and personal care during the coronavirus pandemic. 

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Woman on iPad talking to doctor - black and white

The COVID-19 Impact on Health & Pharma and What It Means for Marketers

With COVID-19 and stay-at-home orders still dominating the collective consciousness in the US and Canada, pharmaceutical and healthcare marketers may be wondering how best to manage their efforts. Indeed, coronavirus impacted planned ad spend in March and April, but recovered quickly; prescription drug spending and video performance remained steady. Since May, ad spend is up YoY. Performance testing, creative solutions to information requirements, and the power of Native will bring pharmaceutical marketers the most success now and beyond. Pharma marketers: here’s what you need to know.

 

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MediaRadar

By May, medical and pharma ad spending was up 56% overall year over year,

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MediaRadar

Prescription drugs soared 123% over typical spending levels during the spike—and cancer drugs in particular,

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BioPharmaDive

The percentage of doctor visits happening remotely (via telehealth) increased to 28.1% of HCP visits since mid-March.

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B2B - iPad- Black and white

B2B and Coronavirus: The Digital Advertising Opportunity

B2B sales during coronavirus are holding steady thanks to ecommerce. Adapting to work-from-home and digital events is key. The golden opportunity is digital advertising, according to data.

 

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MarTech Series

B2B online purchases have increased by 24% since last year. 

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MarTech Series

The number of online B2B purchases has risen from 41% before lockdown to 46% during lockdown. 

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eMarketer

43% of US B2B Marketers are reallocating event marketing budgets not used because of coronavirus to Content Creation. 

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Woman Traveling wearing a mask

Travel Post-Coronavirus: What Should Advertisers Do Now?

How has the coronavirus crisis impacted travel? What are the expected consumer trends and what can brands be doing now? How can advertisers adjust their messaging? This is the coronavirus travel impact for digital advertisers.

 

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Forrester

40% of consumers say that they plan to make fewer long distance leisure trips and instead would consider planning more short distance leisure trips. 

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eMarketer

A combined 64.6% would feel neutral, happy, or very happy about seeing a travel ad for where they live. 

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eMarketer

82% of adults said they support deep cleaning after every flight.

eMarketer Podcast Insights: What Consumers Expect From Brands During Coronavirus

Man online taking class

The Current State of Higher Education and Coronavirus

How has the coronavirus crisis has impacted education? What will students trend towards and how can colleges, universities, and alternate learning programs adjust their solutions and messaging?

 

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New York Times

Fewer than 10% of Coursera students pay for courses; they take them free.

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OneClass via New York Times

75% of students said they don’t think they’re receiving a quality learning experience.

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SimpsonScarborough

15% College students who, when given the option to finish their degree online or complete their degree in-person, want to finish online. 

Bidtellectuals Share Their Favorite Quarantine Reads

Fast food line

QSR Post-COVID: Think Digital, Appeal to Local, Create Content

The Quick Service Restaurant (QSR) industry – aka Fast Food, Drive-Through, To-Go – has largely held strong during the pandemic. Brands that relied heavily on morning commuters and eat-in customers suffered the most, while brands that maximized digital channels, at-home delivery, and promotional content flourished. These are the top three takeaways for QSR marketers to adjust your digital strategy during the coronavirus pandemic and beyond.

 

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AdExchanger

Taco Bell Same-store sales increase from 75% drive-thru to nearly 100% drive-thru or contactless delivery, and overall sales increase 1% in 2020.

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eMarketer

A 2019 eMarketer study forecast that more than 20% of US smartphone users will order food via an app by 2021 – that’s 49.8 million users. This was before the coronavirus pandemic.

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McKinsey

Targeted communications that are relevant and useful can create lasting customer loyalty and drive revenue growth of 10 to 30 percent.

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