Retail

Geneva Car Show Canceled; Automakers Plan To Go Digital

Automakers are planning to go digital to impress the crowds after the Geneva car show was called off for the first time as of the World War II period. BMW, in one case, will live-stream the introduction of its i4 battery car concept on Tuesday (Mar. 3), Bloomberg reported.

The Geneva show, which was scheduled to kick off this week, was canceled because of the Coronavirus’ quick spread in Europe. As carmakers were forced into contingency planning, digital strategies emerged as a means of saving a portion of their marketing activities.

BMW was seeking to make a large entrance for the i4, a vehicle intended to help boost the automaker’s electric vehicle momentum. The group will reportedly have the same program on Tuesday, but through a “digital press conference” with Chief Executive Officer Oliver Zipse. The executive will speak from the automaker’s German headquarters.

The report noted that while manufacturers have pulled back from auto events in past years, the meetings still bring in media, connoisseurs and suppliers who want to be behind the wheels of new vehicles or feel the newest upholstery trend. However, it was noted that automakers are seeking methods to reduce costs and better target their marketing efforts. They had reportedly already cut back spending on Geneva and other industry gatherings.

In separate news, Facebook called off its yearly F8 developers’ conference due to concerns over the Coronavirus. The social media firm canceled the in-person component, which would have been held in California. There might still be video presentations on offer, along with local and live-streamed presentations.

And Peloton might benefit from the quarantine effects of the virus, as at-home workouts may be on the rise.

Americans have been warned of impending disruptions in daily life, including time off from school and work, and cancellations of events like business meetings, concerts and sports.

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LIVE PYMNTS ROUNDTABLE: MODERNIZING & SCALING FOR THE NEW NORMAL

The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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