It is no hidden fact that the digital platform of India is witnessing its unbelievable growth with sky being the limit. While the digital era in India is revolutionizing, it has become important for the CEOs or the business heads to have a detailed knowledge about the latest trends and facts about the emerging and current changes in the Indian digital landscape. Being in touch with the latest facts and trends helps you in shaping your business strategies in order to compete better in the marketplace. Through this article, we bring you top 10 facts about Indian Digital Landscape that you as a business owner/CEO need to know. Read on:
1. Rise in Spend on Digital Advertising – Advertising or Marketing is the key factor for any business to flourish and while many Indian businesses are still experimenting and exploring with the digital platform, it’s time to re-think about it and make a strong impact on the digital platforms. According to this report, Indian digital advertising market is on the rise by 32%, making it reach to Rs.189 billion by 2020. Smartphones being the most used electronic device by the major population will be the helping hand in reaching the expected number and penetrate the subsequent spends on digital advertising.
2. Entertainment and Media Industry Going Digital – Entertainment and media in India plays a vital role in generating income and has seen a rapid growth in the recent years. But now the mainstream entertainment is exploring the digital platform to make their reach more convenient for its global audience. As per the CAGR, the industry grew at 11.61% between 2011-16, reaching the value of $19.59 billion. Whereas, it is further expected to grow at a CAGR of 13.9% and touch $62.2 billion by 2025. There is no doubt the digital platform is the biggest winner here!
3. Rise in Use of Social Media by Indian Businesses – Social Media plays a salient role in gathering brand recognition, loyal customers, website visitors and a continuous growth in the business. According to this statistics, Facebook is the most used social media platform by the people across the globe and is now a community of 2 billion people where, its growth rate seems to continue at 20 million users per month! Likewise, Instagram and Twitter are at third and sixth respectively in the same list. Also it is noted that more than 91% of retail brands are using two or more social media platforms to generate more audience and see what their competitors are doing.
4. Extensive Usage of Interactive Content Marketing – Importance of Interactive Content Marketing has taken the lead in digital marketing space. Today, any marketing strategist will focus on what type of content will be shown across the social media platforms and on website. It came across that 93% of marketers agreed that interactive content is effective in educating its buyers vs. just 70% for static content. Also it was seen that 88% of marketers said that interactive content is effective in differentiating their brand from competitors. Social media marketing has been marked as the most effective and cost-efficient way to promote businesses online. A research showed that with an increase in the content marketing strategies through blogs, articles and social media content, the budget spent on these strategies costed 62% less than the traditional marketing methods when compared. Furthermore, time involved in posting blogs and articles helps in bringing in organic traffic to your website. According to HubSpot, 53% of marketers say that blogging is their top content marketing priority and if Social Media Examiner is to be believed, 66% of the marketers use their blog content for social media post.
5. Experimenting with New Technologies – Various industries are experimenting and investing in technologies like Virtual Reality and Augmented Reality to give a more practical approach to their businesses. While gaming sector remains the top sector to attract the most VR/AR related investment; education, healthcare and medical devices grab the second and third position in VR/AR related investments respectively, according to a survey done by Perkins Coie in March 2018. Moreover, lifestyle brands like L’Oreal is using virtual reality in its makeup app to allow its users to apply make-up virtually which helps in understanding the product and how would the customer look after applying it. Elle magazine made use of augmented reality to create a 360 degree virtual tour of its photoshoot to give its users a virtual reality feel through its social media platform.
6. Involvement of Video Marketing – Video marketing across digital platforms has become a brand new way to connect with your audience nationally and internationally. It is interesting to note that Youtube is the second most popular social networking site with more than 1.9 billion logged – in users every month. Including video marketing in the digital marketing strategy proves to be a very beneficial component. It is also to be believed that 72% of people prefer watching a video of a product than reading the text presented on the same page.
7. Boosting the Customer Services – With the welcome of AI chatbots in customer supportin India, according to a study it is amazing to see that more than 93% of consumers engage with chatbots between once a day and once a month. Businesses are using Facebook Messenger and Slack to develop their own customized bot and help serve their customers better.
8. Digital Ready India – According to a report of Nasscom on Imperatives for Digital Ready India, it says that the share of Digital technology investment in 2014 was 10% which is likely to reach 35% in 2020 and reach to 60% in 2025. With such growth expectations, it is further estimated that the capital, trade and information flow will move across a multi-nodal global grid that supports the world economy.
9. Rise in Internet Usage in India – While it took 2 decades for the first 200 million internet users in India to become aware of digital media and platforms but now that there are 460 million internet users in India, it is estimated that by 2021 the internet users in India will reach upto 635.8 million making it the second largest online market after China with 751 million users. The internet users in India stood at 481 million in December 2017, an increase of 11.34% over December 2016 according to a report titled “ Internet in India 2017.” Therefore, there’s no doubt that we can witness a rapid growth of digital literacy in India.
10. Picture of Retail on Digital Platform – Indian E-commerce brands like Flipkart & Snapdeal have made their strong presence on the digital platforms, it is reported by the financial services firm Morgan Stanley that online retail in India is estimated to grow over 1,200% to $200 billion by 2026, up from $15 billion in 2016. With such tremendous growth rate, it is for sure that the online retail section is going to flourish in the coming years.
The digital space if used properly, has the ability to make your brand stand out from the crowd but if not used properly, no one will acknowledge your presence. Thus, have a proper digital marketing strategy planned and work on the major aspects or tools to make a digital identity of your own.