Fin Tech
Fin Tech
2
Ms. Priyanka Agrawal, Assistant Professor ; 3Mr. Abhishek Singh Chauhan, Assistant Professor
Ms.Aarushi Rautela, Ms. Priyanka Agrawal, A Review Of Modern Marketing Tools In The Era
Of Covid-19”-Palarch’s Journal Of Archaeology Of Egypt/Egyptology 17(6),ISSN 1567-214x
Abstract
From past few years digital transformation of retailing activities have become very much
important to stay competitive in increasingly dynamic markets. . In recent years, artificial
intelligence (AI) has become an emerging trend in various fields: science, business, medicine,
automotive and education. AI has also reached marketing. All of the new technologies came up
with new implications for marketing activities and have opened up many opportunities for the
better performance. Cognitive technology or artificial intelligence (AI) has always a way of
capturing the public’s imagination. The emergence of artificial intelligence (AI) has changed the
dynamics of the business world. AI holds tremendous potential for vastly altering how marketing
is done. Creation of value to customer is very much important for each and every business. Since
the last decade many things have been changed like the way people interact with each other.
Earlier people were not known about social media but now social media is used heavily by the
people of each and every age group. This kind of technology is called Disruptive Innovation.
This kind of innovation creates new market trends, value, transportation and communication
between people in the society. Modern Marketing helps to improve current marketing tactics and
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also creates entirely new ways of creating and distributing value to their customers. For
example: Social media marketing can allow for a more comprehensive view of customer
behavior, predictive analytics of everything , and deeper insights through integration with the
help of Artificial Intelligence. New marketing tools like biometrics, voice, and conversational
user interfaces offers many ways to add value for brands and consumers alike. These innovations
all carry similar characteristics of hyper-personalization, efficient spending, scalable
experiences, and deep insights. The technology helps all of the marketers to perform in a better
manner, to understand the needs, wants and demand of their customers and enable them to
target in a better way and in a customized form. The present research is aimed to review
available literature and explore out the modern marketing tools in the era of covid-19.
Keywords
INTRODUCTION
Marketing is both art and science i.e. art of selling goods profitably and
science of initiating a transaction or exchange through a predetermined series
of actions.
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MODERN MARKETING
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Some of the most popular ways of modern marketing used today are:
DIGITAL MARKETING
Digital Marketing is the part of marketing that uses web and online based
computerized advances. For example: computers, laptops, cell phones and
other digital media and stages to advance items and services.
email direct showcasing, show publicizing, digital books, and optical plates
and games have gotten ordinary. Digital Marketing reaches out to non Internet
stations that give computerized media. For example: TV, cell phones (SMS
and MMS), callback, and on-hold portable ring tones. The expansion to non-
Internet channels separates digital marketing from online marketing.
ARTIFICIAL INTELLIGENCE
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Artificial Intelligence is all around us. Perhaps the concept still comes as new
to some, but it already has a huge impact in our daily routine. When we
contact Uber, Alexa, Amazon or the voice assistants on our smart phone like
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Siri, Artificial Intelligence (AI) technology works to make life easier for us.
Businesses have been using AI to boost the decision-making process. Some
examples are online customer support, intelligent personal assistants, or
process automation. The use of Customer Relationship Management (CRM)
software is growing, as well. The value of providing a better service for
consumers helps guide a business. Spending time and other resources on CRM
is very important as companies realize the importance of not just knowing, but
understanding their customers.
Advertisement
Chatbots
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The term "ChatterBot" was originally coined by Michael (creator of the first
Verbot) in 1994 to describe these conversational programs. Chatbots are
typically used in dialogue systems for various purposes including customer
service, request routing, or for information gathering. While some chatbot
applications use extensive word-classification processes, Natural Language
processors, and sophisticated AI, others simply scan for general keywords and
generate responses using common phrases obtained from an associated library
or Database Today, most chatbots are accessed on-line via website popups, or
through virtual assistants such as Google Assistant, Amazon alexa, or
messaging apps such as Facebook messengers or WeChat Chatbots are
typically classified into usage categories that include: commerce (e-commerce
via chat), education , entertainment , finance , Health, News, and productivity.
Chatbot learns from every conversation it has with the customers. It goes
through the previous interaction to improve the current response. This activity
helps to improve the efficiency of bot response. Also, helps to understand
your customer’s choices and preferences. Smart interactions save customer’s
time by helping them to find the right information and address their queries. A
company must always train its chatbot with enough data. This will help them
to strike meaningful conversations. Making the conversation look more
natural than robotic.
Cognitive Technology
It’s a field of computer science that mimics the functions of a human brain by
various means i.e. NLP, Machine learning, IT etc. Cognitive technology has
also been applied in the business sector, and most famously with the
streaming of media service i.e. Netflix, which uses it to generate user
recommendations (a function that has largely contributed to the company’s
success).
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their product and services by making them much more convenient , faster,
effective, safer.
Covid-19
In the era of Covid-19 each and everything has changed drastically .It has
impacted all around the world. Social distancing, putting on masks,
sanitization on time is the only way to limit the spread of virus. In this era
people have stayed home and work from home is done by them buying
patterns have been drastically changed of the people. The impact of Covid-19
will last in the years to come. Social distancing can lead to stress, boredom,
anxiety, and a sense of loneliness. This makes it crucial to identify individual
consumer needs and address them before it becomes a problem area.
Life is like a riding bicycle. To keep your balance you must keep moving and
can’t say idle for so long. This worldwide emergency can either paralyze a
marketing team or galvanize it to thrive .In Covid-19 pandemic situation
that’s what we are actually seeing some companies are laying off the entire
marketing team while others are being agile and coming up with new ways to
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Long term study shows that the right approach is to increase your marketing
expenditure rather than decreasing it. Most of the consumers are more
receptive to marketing in this pandemic situation. A recent study from the
American Association of Advertising Agencies found that 43% of consumers
find it reassuring to hear from brands. In addition, 56% said they like learning
how brands are helping their communities during the pandemic. Only 15%
said they’d rather not hear from companies.
Some scientist are predicting that social distancing may last until 2022 and
that is quite a long time for a company to put marketing on hold . As a new
normal emerges out in this pandemic, technology will play a significant role
in modern marketing tools. Adapt, Innovate, Accelerate is the mantra for
business nowadays. Health is wealth and people will be skeptical of any
physical interaction with unknown people. Digital Marketing is the best way a
company can do to attract their customers because in this pandemic situation
there are people who have recently picked up new habits, behaviors and
routines in the wake of COVID-19 out of this some people are planning to
keep their new habits Consumers are also trying new products, with some of
them planning to continue using new brands which they’ve tried after
COVID-19. Consumer’s attitudes and behavior is totally changing. The focus
is now increased on personalized connectivity and other ways to keep the
services running. People may not be able to visit there favorite retail store or
restaurant but the virtual community which is created online i.e. in Facebook
mixed with creative ideas new delivery and commerce services may be a
realistic alternative for the coming future. Technology should then serve as the
backbone to deliver these ideas quickly. Brands have the right opportunity to
deliver real time assurance and a feeling of connection. For example: with
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schools and offices closed, it becomes difficult for parents to work from home
and engage their kids. So Audible an audio book service by Amazon, is now
offering free streaming of stories to entertain, teach, and engage children
while schools remain shut.
No one can predict when this global pandemic will come to an end but
survival of fittest is always there and to survive in this situation a company
need to understand, anticipate and go above and beyond to fulfill customer
needs, use right technology and ways to communicate with the customers and
focus on helping customers.
For Example: People are missing trying on makeup’s in store during COVID-
19 so few brands have launched virtual try on in their websites like
Maybelline, Sephora, L’Oreal Paris, Mac etc. on the other hand many other
brands have taken this situation as an opportunity and have started making and
selling out masks which matches the outfit of people and people feel
comfortable in them. The reusable face masks have been so popular because
of their designs, they are washable and environment friendly
REVIEW OF LITERATURE
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changed every possible way of predicting Human behaviour and modifies its
algorithm largely to help for brand promotion, Content Creation and improve
customer interface It is safe to say that Artificial intelligence is a secured
investment, which is sure to get dividends. The coming years, especially 2020
would see visible changes and impact due to the application of AI.
The recent work and trends in field of AI varies from Apple Siri enabled smart
mobile searches and catch of keywords to Google Duplex managing hair-cut
appointment and restaurant reservations (CNBC, 2018)
The pizza delivery chain Dominos introduced a function in its mobile app that
lets customers place orders by voice; a virtual character named “Dom,” who
speaks with a computer-generated voice, guides customers through the
process. Automating the process of ordering pizza by voice is not primarily a
cost-cutting move. Rather, it is intended to increase revenue by making
ordering more convenient. Dominos customers increasingly say they prefer to
order online or with mobile devices, and those who order this way tend to
spend more and purchase more frequently.7 The automated voice ordering
system should help the company scale its digital business without adding
more call center staff.(David,2015)
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Mark Zuckerberg was only 23 years old when he stated that "young people
are just smarter." Zuckerberg is now 36 years old and relies heavily on 50-
year-old Sheryl Sandberg. Now, they exemplify millennials and old-schoolers
working together for the continued success of Facebook. The same holds true
for old school and millennial marketing strategies. For your strategy to work,
you need to invest time and resources to understand their needs, pain points
and interests. Using the right marketing tactic can help you get a higher
conversion rate. It doesn't matter if you alert your audience to create social
media marketing, or use your brand as a cause for social good. Old school
marketing is not obsolete, and it's not going to be anytime soon. It provides
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essential ways to connect with your audience and grow your business. You’ll
see a high boost in your marketing campaign in 2020 if you complement old
strategies with millennial strategies. There are many ways to combine old
school strategies and millennial marketing strategies. Both of them will
produce excellent results to generate more sales and traffic. If you are in
digital marketing, change is a crucial part of the job. You should be looking
out for new technologies, tools, and techniques to improve your marketing
campaign. However, do not ignore old school techniques. Together, you can
generate more natural leads and traffic to boost your business.( Erin
Merrill,2020)
This epidemic, having impacted all sectors; mobile marketing and advertising,
is no exception. In the short term, companies have and will curtail their
marketing spend, till the situation stabilizes...Optimism and the fact that every
challenge brings in opportunity, the COVID1-19 and its challenges, has made
the compelling need of newer ways and means of connectivity and thereby a
relook at digital -mobile marketing and advertising approach- one of which is
IOT based applications to reach out to masses (especially, in case of
pandemics or natural calamities), in today’s or should say post COVID -19
times. We may see a rising awareness and focus to IOT solutions being
weaved in by the marketers and digital heads, going forward in the marketing
mandates.(Arun Gupta,2020)
Over the years there have been numerous discussions on the usefulness of AI
as a tool to take technology to another level, and its repercussion on the
workforce, as it may be imperative that it causes people to lose their jobs. AI
has the potential to add $957 billion, or 15 percent of India's current gross
value, by 2035. While still debatable, many are now considering the use of AI
as a potent means to fight the COVID-19 pandemic spreading like fire. The
novel coronavirus pandemic has also led to a steep decline in many sectors
including travel, sports and construction, due to the economic fallout of
restrictions and lockdowns. According to NASSCOM, the business continuity
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7. Reflect on Your Company Values During this Lockdown & Refocus Your
Engagement Strategies
8. Avoid the Hard Sell and Reaffirm Your Commitment to the Long Run
10. Help Your Customers Navigate the Situation and Pivot as Necessary
(Neha Pradhan,2020)
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Social media segment will experience a remarkable growth during the forecast
time. The impact of social media on content marketing is because consumers
are shifting away from conventional channels towards digital channels and
social sites. For instance, in the U.S., the revenue generated through digital
advertising has increased over 33% by 2018 from 25% in 2018. In addition,
growing number of social media sites along with increase in the number of
users is projected to account the social media market for $21,373.3 million by
2026 with a growth rate of 15.2% CAGR.(Abhishek,2020)
Initially, the reaction to the COVID-19 outbreak ranged from sheer panic to
brands scurrying to make what they could before the apparent and inevitable
shutdown.
India recorded a staggering 120 million regular online shoppers in 2018, and
with a CAGR of 28 percent, the online shoppers are expected to reach over
200 million by 2025. But while the COVID-19 situation has turned out to be
an unmitigated disaster for many businesses, hundreds of others have taken
the consequences in their stride. Industries were already establishing their
presence online before the pandemic hit. Now, with a nearly 100 percent
increase in online sales in India, businesses and entrepreneurs realize that the
shift might be more formidable and long-term than they ever thought
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For example, Oracle has more than 80 customers sending out more than a
billion messages a year. The tech giant has customers in Brazil who need to
send out 20 million SMS's in less than an hour to reach customers at
lunchtime. This means investment in scale, performance and reliability, is
supremely important.
analysis feature to help identify when you may be sending too many messages
to an individual. An intelligent audience selector can help you find more
customers who will respond well to your marketing automations.
New Loyalty and Engagement Capabilities, including a new polling capability
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CONCLUSION
In the era of Covid-19 each and everything has changed drastically .It has
impacted all around the world. A person can be infected by breathing in the
virus if he is within close proximity of someone who has COVID -19, or by
touching a contaminated surface and then your eyes, nose or mouth. During
this period of time people have done work from home so modern marketing is
used by every company to connect, entertain their customers in social media,
email, advertisements etc. Focus of the company is increased in customized
products and other ways to keep the company services running at a good pace.
Artificial intelligence is continually becoming an empowering tool for digital
marketers and works on the tricks to get the information from an individual or
the group of people to and make your brand a huge one. It is safe to say that
Artificial intelligence is a secured investment, which is sure to get dividends.
The coming years, especially 2020 would see visible changes and impact due
to the application of AI.
REFERENCES
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