40% of marketers and retailers expect layoffs due to the coronavirus
The coronavirus pandemic is causing tectonic shifts for businesses. As physical stores close, consumer demand is also dropping. For most marketers, this means costs need to be cut. And for many, people are the place to start.
A new Digiday survey about the early effects of the coronavirus on brands and retailers found that 40% of top execs expect to have layoffs due to the crisis.
For a whopping 83% of respondents, the coronavirus will also cause them to miss their forecasts for the year. A total of 130 execs at brands and retailers took the survey.
The massive economic impact of the coronavirus is already being felt across the country. With physical retail largely shut down for many companies, the commerce department has found that sales declined 0.5% in February, the biggest drop in the past year. The expectation from marketers now is that March, and April, there will be even larger drops. Plus, as supply chains and distribution gets disrupted as people stay home and more people get sick, that’s going to have an impact on operations.
Last week, a staggering 3.3 million U.S. workers applied for unemployment.
According to Forrester, 40% of consumers expect personal economic situations to get worse over the next month. And while online buying is increasing, it’s not across the board: About 38% of Digiday respondents said they’re seeing an increase in online sales, while 54% said they’ve seen a decrease in physical sales already.
The issue is about the same in media: Digiday Research found that 88% of publishing executives surveyed expect to miss their business goals this year due to the outbreak.
‘Its inevitable’: Domino’s hungers for attention and context
Attention-based buying is turning into a legendary tale of patient and nonchalance. So when there’s a glimpse of progress, marketers tend to take notice. Domino’s being one of them.
Why Cars.com is driving away from performance marketing and toward influencers
To boost brand awareness, Cars.com is doubling down on its influencer marketing efforts.
Why Unity Technologies is leaning into AI as economic headwinds pick up
As one of the largest gaming companies listed on New York Stock Exchange, Unity Technologies leaned into AI during its May 10 earnings call, with Unity CEO John S. Ricciatello stressing Unity’s “competitive advantages in and around AI.”
SponsoredWhat the measurement and currency discussion really means to TV advertisers
Ali Mack, head of TV and agency, Experian Major streaming video providers have recently made headlines by adopting new currencies for ad measurement, threatening Nielsen’s long-standing TV ratings monopoly. NBCUniversal, for example, has certified iSpot and VideoAmp as currencies for advanced audiences and formed the Joint Industry Committee with Paramount, TelevisaUnivision and Warner Bros. Discovery. […]
Dopamine rush to deeper engagement: short-form video boom fuels brands’ embrace of longer-form content
Audiences craving more are now being treated to captivating longer-form narratives. It’s the addictive nature of those quick hits that has fueled this transformation.
How gamers’ engagement with short-form video is changing
To better understand how modern gamers are engaging with short-form video, Digiday teamed up with Gamesight to pull key points from an exclusive report on gamers’ shifting video consumption preferences.