With a heavier reliance on technology, more businesses are relying more on social media for increasing their digital presence. The same goes for business contractors who need to discern themselves from the competition.
“The COVID-19 pandemic has fast-tracked digital operations for every industry, from healthcare to education to construction. Coronavirus has elevated internet usage 70 percent, and as customers shift to digital mediums in their day-to-day routines, making sure to cater to where they are communicating is key to reaching them,” a Contractor article explained.
“Recent surveys reveal that 52 percent of businesses are planning to invest more heavily in digital efforts throughout 2020 and beyond, and contractors should be doing the same,” the article added. “It’s no secret that contractors often operate in saturated markets where employees are constantly bouncing from company to company. With so many service options, employees and customers alike can make quick decisions to leave your business for a competitor if they feel like a competitor’s information is more accessible.”
Investors looking to get social media exposure can look at funds like the Global X Social Media ETF (NasdaqGM: SOCL). SOCL seeks to provide investment results that correspond generally to the price and yield performance of the Solactive Social Media Total Return Index. The index tracks the equity performance of the largest and most liquid companies involved in the social media industry, including companies that provide social networking, file sharing, and other web-based media applications.
For a broad exposure technology play, investors can take advantage of funds like the SPDR S&P Kensho New Economies Composite ETF (NYSEArca: KOMP).
Fund facts:
- The SPDR S&P Kensho New Economies Composite ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P Kensho New Economies Composite Index (the “Index”)
- Seeks to track an index utilizing artificial intelligence and a quantitative weighting methodology to pursue the potential of a new economy fueled by innovative companies disrupting traditional industries by leveraging advancements in exponential processing power, artificial intelligence, robotics, and automation
- May provide an effective way to pursue long-term growth potential by targeting companies within the sectors driving innovation within the new economy
For more broad tech exposure, ETF investors can look to the Technology Select Sector SPDR ETF (NYSEArca: XLK). XLK tries to reflect the performance of the Technology Select Sector Index, which is comprised of technology and telecom sector of the S&P 500.
For more market trends, visit ETFTrends.com.