A Multi-Fold CX Must
For brands in India, providing a holistic omnichannel with a special focus on digital platforms is the way forward. Over the last few years, we are seeing the presence and accelerated growth and power of the online marketplace, its penetration owing to its ability to interact with consumers directly.
The Covid-19 pandemic made consumers restricted to homes where they were living in an uncertain environment and working remotely. While their lives were disrupted, their necessities remained and over the period, as governments gradually relaxed the pandemic-induced restrictions and businesses began to reopen, there was a rise in the consumer appliances sector. The pandemic fast-tracked the digital marketplace and e-commerce, with convenience, and safety becoming the norm. Consumers turned to digital and reduced-contact ways of accessing products and services and brands responded by re-strategising their channels to reach out to consumers. We believe that this shift to online shopping will likely stay because e-commerce is efficient, less expensive, and safer for customers than shopping in physical stores.
Digital Marketplace Will Grow As The Internet Grows In India
With the increase of penetration of the Internet and with one of the lowest costs of data globally, India saw enormous growth in digital processes, social media, and the number of smartphone users. The digital space will continue to grow especially with the technological advancements across industries and the ease of online retail. Advertising has the potential to become extremely dynamic through the digital medium. Reports suggest that with the potential India has and the unique trends of Indian consumers, we are poised to become the fastest-growing digital advertising market in the world.
With the arrival of 5G coupled with the introduction of smarter products, more people will be turning to digital experiences. In all likelihood, consumers will be exhibiting interest in the convenience of e-retail. In a competitive environment, brands will have to innovate to forge a stronger connection with consumers and offer a personalised creative experience. Digital advertising is set to grow at a CAGR of 18.8% in the next five years. Consistent outreach through innovative digital mediums will be key to the success of online retail for brands in India.
Digital Advertising Grew Alongside Traditional Media
While Television, broadcast and print media saw sustenance in ad spending during the pandemic, digital marketing really boomed. Digital advertising broke all barriers and connected with the masses. Brands were able to connect with the remotest customers and showcase their work in a more flexible, reliable, and cost-efficient environment. Even at Somany Home Innovation, we kept up with the trends and strengthened our online retail platform. We also launched multimedia ad campaigns for our premium range of products, especially IoT-enabled smart appliances. Through digital marketing, we reached an enormous audience thereby increasing the sales of our products. While we continue increased investments into digital outreach, we understand the importance of traditional media and thus continue to invest in it. Traditional media still holds an important place in India and it will co-exist with digital media in the times to come. Post pandemic, we can see a healthy resurgence in print readership and broadcast engagements. These trends are encouraging for the sustenance of brands in India.
Understanding The Consumers In The Digital World
The millennial audiences continue to be an interesting category who will spend on premium products and engage with brands they trust online. They research a brand before they buy it and choose to do business with the company if only they believe in its vision. Aggressive tactics have not been able to influence their buying decisions, so connecting with millennials requires a different strategy.
For us, despite all these factors, what mattered most was the human element while connecting with consumers. Understanding their needs and enabling innovations to make their lives easier remains the key. Through value-centric campaigns, Hindware Appliances has been able to bolster its presence online while touching the lives of consumers. We recently launched a multimedia campaign where our IoT enabled ‘MaxX Silence’ chimneys negated the silence of women when it came to conversations on menstrual health. Silence, we told, was necessary while cooking in the kitchen but it was not required when it came to well-being. Our campaigns carried messages which resonated with the audiences across channels. Vernacular video content is also an area, which is seeing traction. We have kept this factor in mind and have consciously ensured multilingual digital campaigning for Hindware Appliances’ products.
Digital Marketing Is The Way Forward
With e-commerce shoppers estimated to grow at 13.8% CAGR over FY21-FY25, digital ad spending by businesses is expected to grow at 33.7% CAGR over the same period. From 20 per cent in 2019 to 29.4 per cent in 2021, digital advertising is expected to reach 32.7 per cent by the end of 2022. The ad market is forecasted to grow by a further 12.4 per cent in 2022, recovering to pre-pandemic levels, particularly led by digital and broadcast media.
Search engines and social media platforms have allowed for data exchange between brands and customers for competitive creative targeting while offering a more personalised retail experience. The combined ad revenues of search engines and social media platforms were higher than the combined ad revenues of the top 10 listed traditional media companies in India.
What Lies Ahead?
While traditional media has its essence in protected view, the democratising and rapidly growing digital media will be able to carry our messages to every nook and corner. Technologies such as Voice marketing and newer channels like gamification and influencer marketing will pave the way for future marketing.
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