The recent updates in the news suggest that one of the largest emerging economies’ growth contraction by nearly 24% in the first quarter of 2020-21 is the alarming sign of recession.
In this context, Dr. Kumar Shubham, Entrepreneur and Director at Double Click Solutions
discusses in detail the declining wage growth and the contraction of the money in the market. He says, “ In past years, India has never experienced an economic contraction in the last four decades. It is the first instance where the growth rate is negative hence leading to fear of recession, layoff, and unemployment. As a repercussion, this could cause declining business
revenues and consumer spending.”
On Monday the data released by the ministry of statistics and program Implementation showed India's GDP contraction by 23.9% for the April to June quarter.
To explain this statement, Dr. Kumar Shubham describes this as ‘an extraordinary phase of an exogenous factor of pandemic lockdown due to Covid-19.’ He further explains that the domestic economic activity had been impacted highly due to the 3 months lockdown period where all the industrial sectors were closed and there was maximum to absolute no production. All the top industrial states came up with zero output, which ultimately collapsed the demand part of the economy too.
On further conversation regarding the sectors that have suffered the most impact, Dr. Kumar Shubham commented, “Some Indian sectors are facing the worst slowdown in months, even years. Due to the closure of the revenue generation sector like tourism, industries, Railways, Government Offices country had to spend from his savings which gave a larger impact on growth. The Indian automobile sector, the fourth-largest in the world in terms of sales, has been facing declining demand, resulting in a significant sales slowdown. Other sectors such as real estate and banking
, the situation is similar.”
On further inquiry regarding the impact of this economic slowdown, on his business, Dr. Kumar Shubham shared an interesting and systematic analysis of Digital Marketing with the.
Dr. Kumar explained how despite the extraordinary circumstances, their agency has proved to generate profitable revenue of 10%.
Giving a considerable explanation to this he says, “With over half of the world's population being active online, many companies realize the impact their marketing department has on the profits of their organization. Therefore causing the demand for digital skills to double in just the last five years.”
In support of Dr. Kumar’s statement, a report into hiring trends reveals the growing demand for digital marketing skills reveals about 69% of companies plan to hire more marketers, with the most in-demand expertise being digital advertising (45%), content creation, and curation (42%), and content strategy (39%), SEO/SEM, and lead generation.
The need for digital marketing and social media management has become a necessity for companies around the world. This is excellent news, for digital marketers, as high profile businesses are now interested to invest in digital marketing specialists to take their marketing team to new heights.
Dr. Kumar Shubham, being an academician in the field of Electronics Engineering himself following this addressed the issue of lack of skill-based learning within the education system. Starting a conversation for the youth of the country to the possibility of exploring arenas beside their academics to cope with these unprecedented times. Being a skilled based field he enlightened regarding the growth in different areas of Digital Marketing. Dr. Kumar explained how Content Marketing, Retargeting, and Remarketing, Email Marketing, Search Engine Marketing, Search Engine Optimization, and Social Media Marketing now much-in-demand services in the freelancing industry, with minimum to absolutely no investment and high ROI.
Giving us a glimpse into the statistics, Dr. Kumar Shubham talks as to how as per the prediction of the global digital transformation market revenue from 2017 to 2023. By 2023, the spending on the technologies and services that enable digital transformation worldwide is expected to amount to 2.3 trillion U.S. dollars. According to him in 2020, one can expect to see much more marketing in messaging apps, with many companies, including video and interactive content to engage users.
Increased wages, Opportunities for growth, in-demand skills, unparalleled flexibility, continuous learning are some of the basic pros to the Digital Marketing Services in the coming times. As digital marketing matures, companies are aligning the mix between online and offline in a far more effective manner causing to drive a flattening-off of demand for traditional marketing roles.
To conclude the insightful conversation over his expertise, Dr. Kumar Shubjham talked about how any professional digital marketing company is ought to provides various services. With this, he added how it os meticulous yet of vital importance that a business chooses the best digital marketing solutions for its success. It is extremely important for bloom in long-term relations between an agency and brand thus ensuring that both parties' business objectives and goals are being uplifted in the right direction.