The importance of digital marketing was never as pronounced as now, the video edge has made it even more exciting, writes Anjali Brij
Digital marketing has revolutionized the way businesses operate in India. With over 700 million internet users, India is one of the largest digital markets in the world, making it an exciting space for businesses to expand their reach and attract new customers. In 2023, digital marketing is continuing to shape the Indian business landscape in exciting ways. The Indian digital marketing market reached a value of nearly USD 4.5 billion in 2022. The market is further expected to grow at a CAGR of 32.1% between 2023 and 2028 to reach a value of around USD 24.1 billion by 2028.
One of the most significant ways digital marketing is impacting Indian businesses is by democratizing access to markets. In the past, only large corporations could afford to reach a broad audience through traditional media like TV and print ads. Now, even small businesses can compete in the same space through online advertising channels like social media and search engines.
This has opened up new opportunities for entrepreneurs and small business owners to reach customers they would never have been able to access before. “My experience in the industry has taught me that in today’s digitally-driven fast-paced world, it is essential to stay on top of emerging trends and technologies to remain competitive. We can put our knowledge and expertise to bring innovation to the table which will not only be good for the company, industry but the country as a whole” says Ashish Satish Naik, senior business director IcubesWire. He was earlier director of businesses at OLX India and has also worked with Times Internet and Network 18.
Another way digital marketing is shaping Indian businesses is through the use of data-driven marketing strategies. With the rise of big data and analytics, businesses can now gain insights into customer behaviour, preferences, and demographics. This allows them to create targeted campaigns that are tailored to specific audiences. Apart from this video has emerged as a powerful tool of digital marketing. “It is economical, effective and can be employed across the platforms. I think now the revenue growth would come from providing clients with innovative and effective digital solutions. The video is an emerging vertical which holds a lot of promise in years to come and we are all geared up for it.” Says, Ankit Sethi, business director, iCubesWire, the company that was founded in 2010, is amongst the leading Digital Marketing Agencies in India,. It has been consistently investing in R&D and business expansion. Moreover, with an aim to amplify the growth of digital startups it has earmarked $3 million into its ‘Digital Innovation Fund’.
One of the most exciting developments in digital marketing in India is the rise of social commerce. With over 400 million social media users in the country, social media platforms like Instagram and Facebook have become key channels for businesses to sell products directly to consumers. Social commerce has the potential to transform the way businesses operate in India.The growth of e-commerce in India is another area where digital marketing is playing a significant role. Digital marketing provides a range of tools and techniques that businesses can use to differentiate themselves and drive sales.
This includes everything from search engine optimization (SEO) to social media advertising to influencer marketing. With its ability to democratise access to markets, provide data-driven insights, enable social commerce, support e-commerce growth, and expand global reach, digital marketing is helping businesses of all sizes and types to succeed in today's digital age.
(The writer is a business consultant)