By this time you know about Covid-19
On a very optimistic note, over the last 15 days of lockdown in India there has been a 30% increase in internet usage. We strongly believe that the impact would be different across various sectors and accordingly marketing spends online. With more people spending time online, brand budgets online are bound to go up and IPL around the corner Hotstar mobile app might cross 400 million users this year. With more people spending time online, marketing budgets will accordingly move online as an after-effect of Covid-19.
Food Retail -Online and Offline
Except grocery and essential items all retail outlets are shut down and home delivery for non-essential items is almost stopped. So for e.g. in e-Commerce it is only Grocery retailers like Big Basket, Milkbasket, Grofers, Amazon grocery are delivering orders which come under basic necessities.
If you look at Search queries, more people are searching for grocery, food, cakes online especially after the lockdown. In this scenario where it is tough to ramp up stock at a faster pace and also delivery agents, the small local mom-and-pop retailers appear to have an upper hand. However the potential to get new loyal customers is very high.
People are still celebrating birthdays and important special events. Cake search volume is up. However they prefer it home delivered during the period of lockdown. Grocery has seen a hockey stick growth in terms of search volumes.
This can be an inflexion point for online retailers as we expect new set of people to become online buyers. Also for retailers with limited presence online or less focused presence, this is the best time to streamline their strategy, setup e-Commerce enabled stores, increase visibility, setup tie-ups for delivery (very important) once things come back to normal.
Typically for all products whether is Home Loans, Personal Loans, Credit Cards etc there is mandatory paperwork and also KYC ( Know Your Customer ) verification. In the case of Life Insurance you also need a medical checkup. With complete lockdown in place all activities which require paperwork have come to an almost standstill.
However trading value in the NSE stock market has actually gone up in the month of March. Look at the data here
Today with digital onboarding, a lot of new customer acquisition can be done online with no paperwork especially for Demat account, Trading account, Commodity account opening leveraging PAN database, eKYC using Aadhaar OTP, Video KYC verification and Aadhaar based digital signature. Companies like Digio, signzy and others provide digital onboarding in India. Most startups with limited offline presence have setup digital onboarding from day one. It is time for the large incumbents across Stock brokers, Mutual fund houses, Life insurance, General insurance, Loan providers, Banks etc to leverage these new age tools to streamline process.
Loan providers both retail and corporate can leverage data and services from Account Aggregators (once they are fully functional) to provide loans much faster.
We strongly believe registration process is going to be more digital with no paperwork and budgets for digital marketing across Fintech will stay constant or go up in the next few months. Along with that if banks also share their KYC data it would further quicken the process.
Edtech companies are seeing a significant increase in search volume, visitors and probably sales too. The search volume for the keyword “study online” has increased by 250% in the last three months and the big growth is seen in the month of March. So for all educational institutes it is time to build the online capability and also ramp up your online presence and marketing budgets too.
Some other big changes
1) Significant sale of laptops — To enable people to work from home, companies are procuring laptops in bulk to provide required access to employees. With mobile internet being uber present after the launch of Jio, the investment in Wireless dongles is not so high.
2) Work from home — Teams with no other option are getting accustomed and comfortable to work from home and also start seeing increase in efficiency.
3) Tools to track employees – If the lockdown continues longer then tools to track employee work hours would be the next big thing.
We at UserTense digital work with clients especially in the Fintech, e-Commerce, Healthcare, education and B2B space leveraging Digital Marketing and other channels for large scale customer acquisition and drive sales.
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