The pandemic of corona virus has brought the traditional economies to a grinding halt. With on and off lock downs and now the Smart lock down, there is a growing concern among marketers and entrepreneurs to gauge consumer preferences for future strategies. Google in its latest report tracked down the online behavior of consumers to evaluate their preferences and buying patterns.
Based on the online consumer behavior, this article highlights new trends emerging in business sector that is changing the landscape of traditional markets.
Top Online Trends in Industry of Pakistan
Online Banking/ Payments – FinTech
There is a rising trend among consumers to search for alternate methods for banking services and payment methods as more and more consumers shift to online buying and online deliveries of services and products. These searches are both brand specific and banking specific. The demand for mobile banking services and online payment methods is rising that is forcing more retailers, brand and service providers to expand their payment methods.
Similarly, for consumers buying international products and services also require serious efforts of service providers and government institutions to create more secure, easy to use and affordable payment methods. Following are the stats for online FinTech related searches.
Online/ Offline Deliveries
With lock downs in place and threat of virus on roads, more and more consumers have recently shifted to online deliveries as well as on call deliveries by retailers. The search history reveals that with increasing reliance on e-commerce, the businesses with delivery options or delivery services are growing at an increasing pace.
There is still a gap between delivery services required and provided as few mobile delivery services are available in Pakistan. Moreover, transport sector’s online services delivery is also in high demand as mass public transport is currently deemed unsafe and there is a great opportunity to provide more safe, hygienic and law adhering transport services for both delivery and passengers in Pakistan.
Being one of the youngest populations in the world with over 65% of people below 35 years of age, the demand for mobile data and internet services is unstoppable. The penetration of smart phones and 4G services in Pakistan’s economy is constantly on the rise. With 5G on the edge of entering market, there is a huge scope for companies dealing with mobile ecosystem to establish their roots in the country. Moreover, with more work from home setups applications like Zoom, Meetup, Skype and WhatsApp video calls is also on rise which requires higher bandwidths and uninterrupted technologies.
There is a rapid increase in demand for telecom and internet services packages that can offer uninterrupted data at reasonable rates. Similarly, Sim registrations, prepaid and postpaid package buying is also on rise.
Online Gaming Industry
The involvement of Pakistanis with online games is now growing at an extraordinary rate with people having more time on hand with lock down. As more children sit at home with schools closed, and grownups stuck at home due to office closures or outdoor movement restriction, the gaming industry is in for a real demand by online users. YouTube searches for game hacks, game plays, gaming systems, sue of controllers and many other issues is on the constant rise.
This has provided an added opportunity for app and game developers as well as gaming supply industry to expand their operations and create new gaming avenues for increased users. Major brands related to sports or content creators can team up with gaming industry to provide bundle packages to users and market their products or services.
While Covid-19 has brought economies to standstill, there is a new array of tech businesses that can overcome this crisis by introducing new services to newly created tech-savvy users in Pakistan. The government also needs to create policies regarding Telecom and internet companies to capitalize on this opportunity of creating a digital economy.