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Network marketing industry overview – 2020

Network marketing industry overview – 2020

The year 2020 was a “year like no other” for the network marketing industry, the hurdles and challenges it faced is immeasurable. In fact, all the industries despite their area of interest severed consequences mainly because of the pandemic starting in the first quarter to the last. Individual direct selling models like network marketing, party plan, social selling, and social entrepreneurship suffered a major setback. The industry is all about interpersonal relationships extended, to build successful business and career by sharing quality products and services with the loved ones, this pandemic drastically slashed down the scene. Epixel sensed the depth of the scene and have compiled this article after an extensive research for direct selling companies to retrospect the industry in 2020.

New statistics gathered by SCORE highlights a dramatic shift in the shopping behavior during the pandemic. The interesting study heard 53% saying that their shopping choices are permanently modified and 73% affirmed that they tried new shopping patterns attributed mainly to the confusions created by the pandemic. The study delivers a prognosis for direct selling companies to rethink and reinvent strategies that suits the scene.

he industry was regulated by authorities compelling the network marketing companies to make changes in their compensation plan and adopting customer-centric, product-focused business models. The growth of the gig economy, changes in shopping preferences, innovative technologies, and marketing strategies all swirled the industry, and to top it all the pandemic set in. However, the counter cyclical nature of the industry helped it to neutralize the drastic economic fluctuations and recessions. In the second quarter, the momentum shifted and COVID-19 became an accelerant for the business strategists.

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