COVID-19 is an infectious disease caused by a newly discovered coronavirus.

People infected with the COVID-19 virus tend to experience mild–to–moderate respiratory illness and recover without requiring special treatment. Older people and those with underlying medical problems like diabetes, cardiovascular disease, chronic respiratory disease, and cancer are more susceptible to develop serious illnesses.

The signs of coronavirus are similar to the common flu. As a result, this makes it hard to distinguish between the common flu and the coronavirus without undergoing a series of laboratory tests.

The coronavirus is spreading across the globe quickly, and this is making it difficult for health officials to determine the source of this infectious disease. It is essential to take preventive measures to avoid getting infected by this virus.

The World Health Organization (WHO) has made it official: Coronavirus is the first “Global Health Emergency” of our new era of major power competition. It will affect global markets, and geopolitics as well. The ongoing spread of this new coronavirus has become one of the biggest threats to the global economy and financial markets.

Wherever a stringent policy response is deemed necessary, businesses will inevitably be impacted, with both near-term effects and less-expected long run consequences. Travel restrictions and quarantines affecting hundreds of millions of people have left factories short of labor and parts, disrupting just-in-time supply chains and triggering sales warnings across automotive, technology, consumer goods, pharmaceutical and other industries.

The Coronavirus is shaking up business and consumer behavior on a massive scale. Both the public and private sectors are scrambling to slow the spread of the illness and contain COVID-19 infections. While the full economic consequences of this black swan event are still unclear, we know the effects of this virus, and the drastic measures being taken to contain it are already precipitating change across industries.

Here are the top three ways Apidel Technologies’ analysts think the pandemic is set to impact digital media, telecoms and technology, payments and commerce, fintech, banking, and healthcare segments.

Digital Media

Short-term adaptations

Recent research has shown that 61% of marketers are altering their short-term media strategy. However, only 9% are making long-term changes. There is a slight move from offline media to online, as marketers in the same study made clear that they would take a more online approach.

Moving to flexible channels

Marketers seeing a cut in budgets will benefit by moving toward cheaper and more flexible channels such as programmatic advertising where consumer presence and available impressions are increasing.

Digital display ads, social media, and online video are channels that will notice an increase in the short-term media plan.

Out-of-home advertising such as metro billboards will have much lower exposure due to most people staying at home. Event marketing has come to an immediate stop, and we’ll likely see that marketing budget cease or shift towards online ads.

Banking

A potential drop in branch visits could shine a spotlight on banks’ digital capabilities and customer experiences. As customers will still need access to their money, this could lead to a spike in activity in digital channels and call centers, making digitalization the primary channel for a greater portion of customers across the world. Falling Central Bank interest rates are likely to hurt savings account interest rates that some banks rely on to acquire customers and drive deposits. Central banks across the globe have been making emergency rate cuts to cushion their economies as the coronavirus threatens growth, The New York Times reported.

Healthcare

Digital health firms have an opportunity to fill gaps in care services, and assist healthcare incumbents prepare for, contain and diagnose the coronavirus – which could lead to increases even after coronavirus outbreak. Companies touting AI-powered remote monitoring tools are granting clinicians the ability to keep track of patients’ health from afar in real time.

Conclusion

There is no doubt that the coronavirus has left its mark in history. The question we have to answer today is “How will things change going forward?”

We have now seen the effects on different industries and marketing efforts, but how will companies adjust? More digital solutions need to be considered for all industries. Webinars, digital entertainment and virtual doctor visits are examples of solutions to come when physical contact is restricted.

Even during a time that feels like a downward spiral – there can be an opportunity waiting to be seized. This budget shift is not surprising, considering that digital media is consumed at a higher rate due to the online lifestyle of the post-corona consumer.