Tracking The Top 10 Trends In Digital Media
As we enter into a new world after two years of the pandemic, everything around us does not seem the same anymore. From the way we work, socialise and shop, to the kind of content that we consume, there are plenty of newfangled changes. While some of these are desperately needed, they are only expected to stay for a long time. And when we talk about digital, these changes come out more pronounced.
This new world that we talk about now has seamlessly welcomed the digital, something we could never imagine ten years back. In fact, the pandemic has sped up the adoption of digital by several years. While it took Netflix seven years to achieve 50 million subscribers, it happened only in five months for Disney+ during the pandemic.
As we enter this new world, there will be some things we need to get rid of, some things we need to do more of, and some things we need to adopt. It is, therefore, important for digital marketers to take a step back, reassess and reanalyse what has worked and what trends will shape the future.
There are many new and exciting developments in the digital world that will have a significant impact on how we communicate with our audience. Here are some of the key trends to watch out for:
Trend 1: Metaverse
Chances are you would have heard the word ‘Metaverse’ more times the last year than your own name. Today, you open Instagram and there is a flood of brands claiming to be the first at doing something in the Metaverse.
While some brands are using Metaverse to showcase their product usage, there are others who are using it as an opportunity to bring consumers together in a virtual space where they can share collective experiences.
Since the word is being used to denote various kinds of experiences on the internet, it’s important we understand where this word really originated from. Let’s go back a few years. It was 1992 when the term made its first appearance in a science fiction novel called Snow Crash by Neal Stephenson. In this novel, the Metaverse is a computer-generated world that exists in parallel to the current reality, portrayed as a perfectly round black sphere that would surpass the circumference of the Earth if compared in size. But this was just fiction, and we have come a long way into a world where the metaverse actually exists.
To put it simply, the metaverse is a shared virtual space that is immersive, interactive, and hyper-realistic.
Although the metaverse seems full of potential, before fully jumping into the metaverse, we need to ask ourselves a few key questions-
· What does my brand stand for?
· Who are my customers?
· What do they value/want?
Trend 2: Omni-channel
Ever since the start of the pandemic, the retail landscape has changed considerably and will never be the same again.
Today’s consumers connect with multiple touchpoints before they choose to buy a product or service. With the growth in adoption of digital platforms, consumers today take no time to switch from a brand’s ecommerce platform to their website, to their social handles, and finally to aggregators and publishers to compare prices.
The goal of an omnichannel approach is to provide the customer with a seamless experience across all touchpoints in their retail journey. A winning omnichannel strategy allows consumers to choose their preferred transaction location while also making cross-channel shifts convenient for customers.
Trend 3: NFTs
Building on the foundation laid by blockchain technology and using the power of pop culture, Non-Fungible Tokens (NFTs) are now becoming a favourite of the entertainment industry. From the launch of the new season of Stranger Things to Coachella using NFTs as entry passes this year, the entertainment world just cannot get enough of NFTs.
NFTs are seen disrupting the marketing landscape, with brands trying to find new ways to incentivise and engage with their audience through exclusive content and shift focus to community building.
One industry that has deeply embraced NFTs is gaming. One of the reasons for the growth is the play-to-earn games. These are the games that allow users to earn rewards while gaming. There are so many recently launched games that combine the power of gaming and NFTs together.
Who did it well: In July 2021, to celebrate International Friendship Day, Coca-Cola launched a sequence of four NFTs, which were animated, one-of-one virtual artistic works of art, turning into multi-sensory experiences, and unlocked exciting experiences upon purchase.
Trend 4: Augmented/Virtual Reality
2022 has brought many new trends, but it goes without saying that augmented and virtual reality remain some of the most powerful tools that brands can deploy to create immersive experiences for their consumers. More than ever, marketing today is being driven by the needs of the consumer, and today’s consumer wants deeper and more real experiences with brands. AR and VR, using the power of digital, are able to give consumers the kind of experiences they expect.
While AR gives brands the opportunity to create extraordinary experiences on mobile devices, VR allows brands to create a bridge between the real and digital worlds.
Industries such as travel and retail are using AR and VR to showcase their products to consumers in a more engaging way. Furthermore, the entertainment industry is using virtual reality to extend more immersive experiences to its audiences.
Who did it well: Amazon – Hair colouring at Amazon Salon allows consumers to experiment with different hair shades using AR technology, before actually getting their hair done.
Trend 5: Social Commerce
Post pandemic, the ecommerce industry has seen a massive rise. While most industries were making a recovery from decline and trying to bounce back, there was a substantial rise in ecommerce. It came about from the realisation that the shopping experience was, in fact, better and more convenient from their homes, at the same time, allowing them to save money, time and effort. A similar shift was also observed in social commerce, which was, of course, enhanced by the pandemic. Social commerce gives brands the power to directly sell products through social media while also empowering consumers to save time while making a purchase. Naturally, social media platforms have also realised the enormous potential of this trend and so are constantly launching suitable features to provide seamless experiences to their consumers.
Who did it well: YouTube recently announced its new partnership with Shopify that will enable consumers to purchase products without leaving their website.
Trend 6: Short form
While video content is the 'now', it's the short-form of video content that is the future. In fact, when it comes to your video marketing strategy, less is actually more. Given the shrinking attention spans of the average consumer, it is no coincidence that social media platforms that are investing in short-form content are becoming the real deal.
While the charm of long-format films and stories is still not gone, we live in an age where everything is in a rush. Hence, those who are the quickest end up winning. While the frenzy started with TikTok, today we have so many more short-form video platforms such as Instagram reels, YouTube shorts, and some of the newer Indian ones such as Josh, Moj, and Roposo have quickly become the talk of the town. In fact, according to reports, all three combined have already brought back 97 per cent of the TikTok user base in the country, mostly from the smaller cities and towns.
Thanks to powerful network effects, the user base is growing quickly, promoting ecosystem growth and offering a huge monetisation potential for influencers and the platforms.
Trend 7: Gaming
As the gaming world is forever changing and evolving, it is welcoming millions of gamers every day. Because of the collaborative nature of gaming, some believe that gaming is even more social than social media. No wonder Candy Crush has three billion downloads globally. bigger than anything. This is why we are seeing so many bands hop into the gaming space, and rightly so.
Gaming is no longer a niche area for a particular age group or customer segment. Games are becoming a viable form of entertainment for gamers of all ages and backgrounds. The introduction of games on mobile phones and the improvement of game hardware are the reasons why they are becoming more and more popular. This shift to the mainstream has created a huge gap in how the gaming industry makes money. Better graphics, faster processors, and improved sound cards represent the growth and development of the industry.
One way that brands try to partner with games is through sponsorship. Brands sponsor various tournaments and championships to attract young players. Red Bull is the largest example in this category. It was the first brand to recognise the potential of the gambling industry. The brand has worked with the best game players and teams to host many tournaments and championships. In this way, the brand can increase sales, and many sponsorship agreements have been signed between the brand and the game partner, benefiting both. HTC, Audi, and Mercedes Benz are other examples.
Who did it well: When Fortnite launched a new game mode called Food Fight, pitting Team Burger against Team Pizza, Wendy’s joined Team Pizza, actually getting into the game destroying frozen burgers.
Trend 8: QR Codes
Gone are the days when you walked into your favourite restaurant and had to wait for the waiter to come and take your order. Now we simply walk in, scan the QR codes in front of us, and place the order that alerts the chefs in the kitchen and billers at the payment counter.
QR codes (short for "quick response") have been in use for many years and are often used as a payment method. But it took the pandemic for us to use QR codes to seep into other areas, such as restaurant menus. Today, almost every company that makes products or offers services uses QR codes to drive home a specific objective. With varying degrees of success, the code is used by players in the payments and financial industries; FMCG; retailers; travel and hotel industries; food companies; healthcare providers; and even donation platforms.
Consumers today are more inquisitive than ever and expect brands to share all the details of their products and services with them. While it may not be possible to share such details on the packets themselves, QR codes provide an interesting space for such product information. Therefore, QR codes don’t just help in providing convenience to the consumer but also, in a way, help build a sense of trust and confidence among consumers.
The Unified Payments Interface, a recent product innovation, is prepared to support QR code payments. Additionally, efforts are being made to interoperate Bharat QR and UPI QR so that customers can make payments at their discretion regardless of the app they are using. These technologies are expanding the number of places where people may make digital payments, reaching millions of new customers. In some circumstances, the payments ecosystem has advanced past the necessity for POS terminal deployment, moving directly from using mobile-based payments to cash withdrawals via ATMs.
Who did it well: Start-ups such as GoToChef are putting QR codes to good use. Its app scans QR codes on packets and food products, which reveals information on the use of ingredients, recipes, and best price options.
Trend 9: Connected TV
Traditional TVs are increasingly being replaced by connected TVs, especially by Indian consumers. The preference for OTT platforms, which is on the rise due to India's having one of the fastest-growing OTT markets internationally, is one of the main causes of this development.
Another reason for the rising usage of CTV in India is the availability of affordable, low-priced smart TV brands. People in India can buy a smart TV for around 15,000 rupees. With the increasing penetration of cable TV in Indian households, advertisers can reach a large pool of active buyers and influential decision-makers with high purchasing power. CTV is a relatively new advertising medium, and the ad spend has not yet caught up to its full potential. The pricing of CTV is currently very competitive in India compared to other global markets. This is an ideal time for marketers to enter the space, as there is a growing awareness and adoption of the technology and an increasing desire to engage with it.
Trend 10: Voice
Today, voice assistants are more than just convenient novelties. They're essential tools that help us get things done. As voice technology gains in sophistication, it represents an exciting opportunity to use voice as a marketing tool.
India is a large video-first internet market and as smartphone adoption grows, it will soon become the world's first and largest voice-first internet market as well, a report by Mobile Marketing Association says. Voice search queries in India are also growing at a striking 270per cent per year. In post-pandemic times, touchless experiences, increased voice search, use of local languages, and conversational commerce are gaining momentum, making voice technology an integral part of the entire value chain.
Companies are using voice marketing strategies at an accelerated pace to improve their business growth and customer experience. The tool helps to personalise the user engagement process and offers enhanced customer insights to marketers.
Brands across industries such as FMCG, beauty, travel, and BFSI are gradually adapting to this new trend and making sure they are where the consumer is, and in this case, their voice.
Who did it well: Domino’s allows customers to place orders through their voice app. The app also allows customers to inquire about the status of their order every step of the way. You can request that real-time updates be sent to your mobile phone.
