write an article on the effect of coronavirus on IT industry
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As the COVID-19 pandemic wears on, its impact is obviously felt in every region, every industry, and indeed every aspect of life. Nonetheless, some of the pandemic’s side effects still have the power to surprise. This week, McKinsey looked at a few of these unexpected consequences, including an explosion in the number of online ratings consumers give to products and services, the acceleration of trends reshaping the bank workforce, dramatic changes in Chinese car-buying behavior, and the possible decline of cash as a part of everyday life.
When lockdowns forced consumers to remain at home, US e-commerce experienced ten years’ growth during the first quarter of 2020. One less discussed outcome is the surge in the volume of online ratings and reviews—40 to 80 percent higher during the core pandemic months in 2020 than they had been a year earlier (exhibit). The old levers of brand equity, greater ad spending, and big promotions are simply less relevant in an age when consumers have access to so much word-of-mouth feedback. Companies, McKinsey suggests, can respond in six ways, such as adopting technological tools to analyze reviews and using consumer feedback to redesign products.
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