Covid 19 has been a great blow to marketing and industries, shutting out many across the globe. Finland, one of the best platforms for business development and among the most resilient lands for development, also badly suffered in this pandemic.
The established businesses couldn’t depend on the physical trade, which has been a massive change to the existing culture. Let’s examine further the impact on the Finnish marketing industry and what the current scenario is.
Changes in brick-and-mortar business
According to the survey of 2019, which is pre-pandemic time, only around 10% of the consumers in Finland have been using online platforms or mobile shopping resources. Since the country is also well known for its marketing foundation, brick-and-mortar businesses were prevalent to date. The statistics from June 2020 have witnessed a sharp spike in e-commerce trends as 25% of the consumers now shifted to online shopping platforms.
Among many business respondents trying to modify and develop their strategies, around 30% have found their web platforms gaining fresh attraction and more traffic after the pandemic set in. It was the turning point for the marketing industry to step into the digital forums for sustaining the trade.
Modifications in marketing budget allocation
There has been a significant change in the allocation of marketing budgets in different businesses and industries as soon as the marketing and advertisement evolved from print and media to online and web platforms. As the expense of advertisements was cut down, around 90% of the budget was left without being used.
Continuing the trend, many companies have decided to bring down the marketing budget by 30% in the coming years. The probable reason is the massive replacement of print advertisements by online campaigns. Comparing both the scenarios, the results show a decrease of 50% in the external advertisements in newspapers and banners, whereas online ads and social media bagged a gain of 30% audience.
The current marketing scenario
As the digital resources are quicker and relatively cheaper than the external brand promotion, the marketing budget is now cut and put forth in other developing departments of the industry. The pandemic has seen around 44% of Finland’s consumers become trusted online shoppers as they felt the mode safe and efficient for the long term.
Today, e-commerce covers a larger domain of all goods and services, decreasing the advertisements in the newspapers or props on the streets. 25% of the shoppers still prefer domestic businesses and depend on affordable and local services. Regardless of the age group, marketing has slowly shifted to the preference of the digital domains.
The global statistics and economic surveys were conducted for every society to study the change and development during the depression period. The mentioned studies and references are extracted from a collective research project by Finland’s healthcare institutions and finance ministry, along with a comprehensive statistical study of research data certified on Statista resources.
The data and details obtained from the industrial big-heads of Finland indicate the past two years as a great turning point for their economy to step into a hybrid model of business management.