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Looking back at 2020 is something that we must do in order to move forward. However, it’s easy to get stuck in the trap of doing this. The numbers we saw in ‘the year that changed everything’ are important, but are not all that should be relied on when looking to the future. Following the severe decrease in spend in the first six months of 2020, numbers began to increase again, totalling at a 5% increase throughout the remainder of the year. PwC estimates that in Q1 2020, investment in digital ads grew by 10%, before dropping sharply by 20% in Q2, and then bouncing back by 10% in Q3 and 18% in Q4. ....
Another consequence of such a disruptive year is that it has required every business, regardless of their fortunes, to be more introspective and assess, root and branch whether they’re not only operationally resilient but nimble enough to react to fast moving events. A much touted statistic this year was US ecommerce’s market share, growing at roughly one per cent annually for the past ten years, which then recorded that decade’s worth of growth in the space of eight weeks when the country was plunged into its first lockdowns. Professor of Marketing at NYU Stern, Scott Galloway, points to the food sector as indicative of the wholesale change that such shifts are having on the entire retail ecosystem: “Online grocery, which was about 1.8% in the US; is about to jump 15-20%. Think about what happens when $100-150 billion of grocery transitions from tertiary to online: you’re talking about cold storage, logistics, pick and pack automation. This is going to create tr ....