As 2020 comes to an end, the year that has passed has left the market for goods and services scrambling for new means to adapt to the changes that have taken place in terms of restrictions regarding Covid-19.
As countries around the globe were forced to implement lockdown procedures, many brands and shops suffered gravely, therefore, these companies must have found a way to adapt.
Furthermore, all the changes have been forced upon these companies as new market research has found there will be permanent habit changes amongst consumers. Companies have already taken advantage of this by creating virtual events to reveal new product lines and more. Since global lockdowns have been taking place the phrase digital transformation has been a buzz word for many companies.
Digital transformation refers to the adoption of digital technology to transform services or businesses, through replacing non-digital or manual processes with digital processes or replacing older digital technology with newer digital technology. Many companies have invested heavily in this industry seeing that while no customers could go into the shops all means of purchasing goods and services were online. In addition to investing into digital transformation many companies have turned to influencer marketing. Consumer brands have historically used social media influencers to present authentic unbiased advertising to appeal to prospects and customers. The pandemic amplified the impact influencers have on the purchase of products, due to a limited ability to shop at stores.
In summary, due to the great impact the Corona-Virus has had on the consumer market, companies are forced to adopt the digital transformation way.