“We are seeing a bunch of changes in consumer behavior which have emerged – increase in online grocery shopping, online education, online medical consultation, online entertainment, and probably online giving,” he said.
These macro changes in consumer behavior are pushing changes at the business level too.
“For example, more and more businesses are now looking at creating online presence, especially small businesses who were probably still waiting and watching. They are now, accelerating their move to go online – whether it is creating their own website or social media pages, and lot of such things,” Rungta added.
With several smaller businesses, in addition to large brands, realising the power of digital and online marketing, there is an uptick in the number of advertisers Verizon Media has seen. The firm has seen around 25-30 percent new advertisers who had never advertised on Verizon’s platforms, he said.
Small businesses are also realising that a lot of their own customers are online, and they can reach them there.
Many of them today have also figured that if they want to expand beyond a small city, or a state, they can do online marketing and reach out to the whole nation, which some of these local or hyper local players were not able to do earlier.
While some of these trends had already started, they have been accelerated by the pandemic. Instead of taking two to three years, these have now happened over the last three months.
“We are seeing new categories opening up and starting to advertise digitally, he said, adding that these categories include consumer product companies, online gaming firms, service driven companies like plumbing, electrician etc,” the official said.
The firm expects to see that number grow sharply in the second half of the year with the opening up of the economy and the unlocking of the economy.