COVID-19 has affected all industries locally as well as globally, however, opportunities have emerged even during the crisis.
Affiliate marketing is one of the few industries where the impact of the coronavirus has presented affiliate marketers with several opportunities.
While the pandemic has drastically impacted businesses, here is a look at how the affiliate marketing industry has room for newer growth:
- Rise in E-commerce demand
As more and more consumers seek contactless shopping experiences out of fear of the virus, online sales have boosted within the e-commerce industry. Traditional brick and mortar stores are rethinking their strategies and questioning if going digital is the answer.
This significant growth can go hand-in-hand with the rise in profits generated by affiliates. Online shopping paves the way for consumers searching for online discounts. With often high shipping fees, customers are more likely to use discounts when they shop online. In addition, the financial situation resulting from the pandemic increases the need for more economical shopping.
Online shoppers search for coupon codes before checking out to save on their purchases.
This is where affiliate marketers can benefit. Affiliates or “Publishers” have an expanded customer base who they can promote their coupon codes to and generate orders from. When online shoppers use an affiliate’s coupon when making the purchase, the affiliate makes a commission. This increase in the online consumer base makes the affiliate marketing industry a profitable one for the publishers.
- Change in the landscape of Affiliate Marketers
Another effect of coronavirus has been increasing financial uncertainty and higher unemployment. These uncertain times have worried people about their financial futures, making them seek alternative money-making opportunities.
Affiliate marketing is a trending source to make passive income easily. Most affiliate marketing programs are free to join. A simple social media account where you can promote offers is an easy way to get started on generating income. One of the most attractive things about affiliate marketing is that you might not even need specific skills to get started.
Affiliate marketing is open to anyone. A good following and even word-of-mouth can play a role in helping affiliates generate income. All they have to do is share their coupon codes/affiliate links with others and drive orders using these codes/links.
Secondly, affiliates can earn anywhere at any time. For those stuck at home thinking of new ways to make money, affiliate marketing is a job that does not require one to have a particular workspace. Affiliates earn even when they sleep as long as someone places an order using their code or tracking link.
- The ability to focus on a new niche
With increasing uncertainty comes an increasing need for change. E-commerce has witnessed a boost since the COVID-19 outbreak. However, there are specific industries that benefited from this growth more than others. In the UAE, online grocery shopping boomed between March-May 2020.
Consumers’ shopping patterns have also shifted towards being more health-oriented. For example, immunity-boosting vitamins were found to have the biggest conversion rates the week following COVID-19. For affiliates, the safest offers to run now are Nutra offers, health and self-care offers, as well as streaming offers.
Now, affiliates in the field have the opportunity to vary their offers portfolio and focus on a whole new niche. Savvy affiliates have tried to pivot quickly to promote more with the rising demand. This consists of affiliates focusing on different campaigns that might do better than others during this pandemic.
In order to seize the opportunity, affiliates need to focus on high-quality products or offers that are in-demand now.
- Affiliate Marketing in demand amongst Advertisers / Brands
On the other side of the spectrum, as more businesses are going digital, advertisers / brands are also on the lookout for affiliates to partner with. There is an increasing need to save costs and reduce risk. Many advertisers / brands now explore successful affiliate marketing techniques to promote their products and services.
What helps minimize the risk with affiliate marketing is that brands pay affiliates only when they see the affiliate sales. This means there is no requirement to pay upfront for an ad space. Affiliate marketing is an effective option for brands to reduce their risk while still benefiting from selling online during this coronavirus pandemic.
Despite the downside of COVID-19, the affiliate marketing industry has the potential for increased growth during these uncertain times. Active affiliates, affiliate networks, and brands can work together to weather the storm and reap the benefits.
Read more about the basics of Affiliate Marketing.