It’s hard to ignore the uproar in the streets arising from racial injustice among a vast number of factors. All of this in the midst of a pandemic that has disproportionately ravaged impoverished communities and communities of color.
While black business owners weren’t exclusively impacted by COVID-era restrictions, they, the immigrant business owner community (36%), and the Latino business owner community (32%) experienced a disproportionate amount of the hardship among the 22% total decrease in active business owners.
The country and the black community are coming to grips with high unemployment, insufficient social services, and a historical lending gap that traditionally turns a blind eye to black-owned businesses, which has led to the loss of nearly 450,000 businesses that work to prop up the black community.
Search is proving to be one of the most effective and agile channels during COVID-era as shoppers convert at a greater rate from search queries.
CPG category performance is up across Microsoft’s Audience Network. Clicks are up 50% during COVID.
Consumers are turning to online channels for a number of essential products, even as businesses continue to open and restrictions loosen.
The convenience of online shopping seems to be a trend that is remaining consistent as people are more reluctant to leave the comfort and safety of their homes.
In a survey of 500 consumers, ThinkNow found that consumers are overwhelmingly turning to large online retailers for their shopping needs.
Activity by Category
With the exception of a few industries, most have seen growth in interest and engagement.
Retail categories have been performing consistently WoW, even as COVID exerts less and less influence on regulating shopping habits.
While some businesses have pulled back and adjusted ad spend, 60% are still spending and refining their strategies.
As CPCs and CPMs decrease there’s more opportunity than ever to break into a larger portion of the market.
Brands are taking the hint and switching up their creative to accommodate for the new circumstances many of their potential customers and current customers find themselves in.
Staying relevant requires fresh creative to keep up with the changing world.
Social and search spend are bouncing back the fastest as brands find it necessary to pivot and test their new creative and messaging quickly and efficiently.
These platforms are also seeing the most growth and success as shoppers venture online.