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Coronavirus has taken the world on a dark path. It came unexpectedly, without any warning.
No one could ever think that an outbreak of a certain deadly disease would affect every single person worldwide.
It is normal for a disease to appear and disappear after a while. But none of them has ever hit us hard the way Corona has.
Everyone is affected regardless of the social class, age, gender, and technologically. The most affected people are those in the business section. It is only for three months, but some businesses have already experienced significant losses.
Losses that will take several months to be recovered. Currently, most business transactions have been put on hold until things calm. The fate of the current situation is still unknown to people. But the big question remains, "will the market segments recuperate and go normal after Corona?"
What is today's situation in the market field?
The situation is getting worse each day. The economy is greatly affected by worldwide. Employees have no choice but to work from home. Schools are locked down, and all social gatherings were canceled.
There is absolutely no business that has not been affected. The impact of the viruses is felt in every nation. Businesses have been forced to cancel all meetings, conferences, and events.
For this reason, the profits have gone down, and market segments are likely to count more losses as days go on. Imports and exports cannot be carried out anymore. Let's see the affected areas in market segments.
Technology
China is the most developed country in terms of technology. Being the most affected region with corona, the technology sector has been dramatically hurt in all parts of the world.
Big companies like iPhone have shut down as it is trying to deal with the pandemic. It is disappointing to go to a shop for iPhone only to find none. All phone shops are empty.
Significant events like F8 Conference organized by Facebook had to be canceled.
Google cloud event, which was to be this year, had to be done online to maintain social distancing. IBM Company held its conference through Livestream. It is such a big hit for these companies.
Social media
Being at home has made people spend most of their time on social media platforms. After all, everyone is bored in quarantine, and the media is the only place that can provide comfort. Digital media is the least affected by the virus.
The panic in the air has made news to be on the limelight. This has made social media to gain more profits while other market segments incur losses. Interestingly, people have gone as far as making an app that enables people to party online.
Creative ideas are popping from each corner and are shared widely online. People are depending on social media for updates on what is happening around them. As a result, there is so much pressure in this sector. News reporters and field journalists are having sleepless nights searching for information to give out.
Delivery services
At this time, people are entirely dependent on delivery services. No one is ready to risk his or her life by going out. The lockdown has made delivery companies like Doordash be in the spotlight.
Most prefer to spend extra cash paying the delivery persons than to get the disease in the name of saving some coins. With the way things are going, it is clear that by the time this pandemic is over, people would still be using these services. Why so?
People have adapted these services and have realized how convenient they are. A few months from now, it will be challenging to convince someone to go to the market when that can be done by just making a phone call in the Doordash company.
Today and even in the future, this business will be in high demand. They have lowered their pricing, offered generous discounts and loans to make their services affordable to customers. Certainly, they will still have their customers even after the virus vanishes.
Health section
Any kind of business gains profit when it gets an incredible number of clients. But when it comes to health care, things are different. It has gotten to a point where hospitals are not enough to accommodate all the infected patients.
It's so bad that medical officers are only attending to those in critical conditions. The less affected are sent back to recover from home. Apart from running out of medical resources, its staff is losing their lives. If this continues, there may not be any medical officers in the future.
Loans
2020 has experienced a financial crisis from the beginning. Online loans have become the only savior to the helpless. Some loan lenders have lowered their interests to favor people who are in great need of loans.
However, payday loans are avoided as people don't know how long this situation will last. In this condition, most loan lenders are hesitant to lend money because they don't know when their money will be paid back. Banks are the only providers willing to give loans.
How it will be in the future
Although the aftermath of Covid-19 is unknown, we can have a rough idea of how the situation will be. Already we have seen big businesses falling into pieces.
According to interviews done on business managers, it will take 3-6 months for businesses to return back to normal. Certain plans have been made in market segments, and hopefully, these measures will prevent further damage.
But as it is, we can be sure that online transactions will be the way to go for many businesses. By now, people are used to doing their work online, and by the time all this is over, there will be nothing much to change.
Markets have embraced the idea of doing their activities through the internet, and most prefer it to offices. It is clear that in the future, marketing will be on another level in terms if it's operation.
Conclusion
Covid 19 has wholly ruined the market segments. Even so, marketers accepted the situation and have made the necessary steps to deal with this challenge.
The final say is that the market segments will never be the same after all this is over. Some businesses will fail totally, and others will rise to the top.
All we can do is to wait for mad hope for the best!
