How Digital Marketing Affects the Indian Economy.
India is the fastest-growing big economy in the world yet is still referred to as a nation of villages. In India, the field of digital marketing is currently flourishing in India. A very significant rise in the field of digital marketing is predicted for a nation with a rapidly expanding economy. The development of digital marketing trends has had a significant impact on marketing and advertising. Digital Advertising
Nearly all business sectors in India are affected by the industry. Online shopping and order monitoring are a few examples of e-marketing uses. content management, banking, and payment systems.
Due to the strength of digital marketing, geophysical borders can no longer exist, making all people and companies on the planet potential clients and suppliers. It is renowned for its capacity to enable commercial communication and transaction formation everywhere and at any time.
There are two distinct segments of the Indian consumer goods market: the urban market and the rural market. Rural marketing is the process of bringing particular products and services to the provincial market, encouraging trade between urban and rural markets while also achieving organisational objectives and meeting customer needs. With 50% of the population heavily dependent on agriculture, almost 70% of Indians still live in the country’s 6.5 lakh villages.
It is the process of reaching customers by using the internet, mobile devices, social media, search engines, display advertising, and other channels.
Digital marketing, a subset of traditional marketing, extends beyond the web to use Short Message Service (SMS), Simple Notification Service (SNS), search engine optimization (SEO), electronic or interactive billboards, and other online advertisements (like banner ads) to advertise goods and services.
There are numerous words that are related to digital when you search for them on Google. There are many more forms of digitalization besides just digitization. Each of these concepts has an impact on our daily lives. How?
Let’s first clarify the distinction between digitization and digitalization before determining how it affects us and the Indian economy.
Through social media, mobile apps, and web applications, a huge amount of data is produced in today’s society. The process of converting the data to binary (0s and 1s) is known as digitization.
In the last ten years, technology has advanced significantly. The term “digitalization” refers to the application of methods & procedures to enhance commercial characteristics.
I have no doubts about the initiatives taken by the current administration, led by Narendra Modi, to increase the country’s use of digital technology. “Digital India” is a fantastic illustration.
The significance of digital marketing in India has previously been mentioned. However, the focus of this discussion will be on how digitization is enhancing the Indian economy. And how a digital agency in Mumbai might make use of “Digital India’s” advantages.
Impact of Digitalization in India
The current Indian government has launched a Digital India programme to wean Indians off paper money, eliminate corruption, and lessen reliance on bureaucratic procedures.
The goal of Digital India is to:
- lower India’s level of corruption
- Increase the pace at which Indian citizens receive public sector services.
- Electric, phone, and other bill payments don’t need to stand in line.
- Reduce the documentation effort.
- Provide people with reliable cloud storage to keep their important data.
- Contemporary Indian Economy and Digitalization
Due to the extensive use of digital procedures in India, we are unintentionally becoming accustomed to them.
The majority of examples include purchasing a ticket through irctc, reserving a bus through Redbus, using GPAY, PhonePay, Paytm for daily transactions, and many more.
In terms of the government of India’s digitalization initiatives, one study indicates that the Indian economy is the one that is expanding at the fastest rate.
With an overall growth of 90% over the previous ten years, India’s digital adoption index in 2018 was at 30%.
Speaking of this, I recall one thing everyone said:
“Cash rakhna zaruri nahi, ab sab payment honge phonepe!” It implies that all future payments will be made over the phone; currency will no longer be required.
India benefits from digitalization:
There is no need to leave your comfort zone because you may use all the features while sitting at home.
- A nation free of corruption will be visible to you.
- Banking will be safe. Your bank will be your phone.
- The younger generation will have access to improved work opportunities.
- The ability to cut costs will be under control.
- a wide range of clients.
- All Indian firms will have a wider market reach.
- Banking and financial ease.
- expansion of online commerce.
- no terrorism
- You no longer need to beg tax officials for a refund. And a lot more.
It won’t be long before India sees a rapid increase in digital startups and everything moves online. The Indian economy will transition into a new stage.
What role will digital marketing play in boosting India’s faltering economy?
One of the fastest growing trillion dollar economies in the world, the Indian economy is valued at 2.61 trillion US dollars. With the youth making up over 34.33% of the population, it is an economy that is also gifted with the biggest proportion of young people.
Although we have the fastest growth rate, like the rest of the globe, we have also been affected by the recession. Recent quarter GDP growth was 5%, which was lower than it had been in prior quarters.
What “MUST DOs” are essentials?
It’s crucial to keep track of customers, the evolution of their preferences, and their spending habits. Additionally, one must define the value for the client so that they believe the purchase is necessary and not “postponable.”
However, finding the money to achieve all of this and choosing the appropriate medium is the toughest issue.
Normal advertising won’t be able to be measured, thus it might not be helpful. The “DIGITAL MEDIUM” is the best choice because it is highly targeted, relatively less expensive, and its performance can be easily measured thanks to the many instruments at the marketer’s disposal. In order to make well-informed decisions, he or she requires sufficient analytical insights.
Multiple, well-targeted opportunities are available on the digital platform. India is moving online, whether it be for cabs, restaurants, education, or pharmacies.
The numbers themselves speak for themselves:
– As of 2017, 627 million Indians have access to the internet. By 2022,
– that number is expected to rise to 859 million.
– 3.51 billion people utilise social media.
– 265 million people use YouTube, while
– 270 million people use Facebook.
The data is enormous, but how will it be of use?
These are some ways that digital marketing can be helpful:
1 Data implies that individuals are active on social media, but it would be wise to double-check if they make any purchases there.
– Online purchasing is growing by 23% YoY in India and is expected to do so by 2021.
– By 2020, it is expected that 329 million Indians will have made an online purchase; according to a survey, 48% of respondents, their most recent online purchase was influenced by a Facebook advertisement.
Small and large entrepreneurs can equally benefit from the digital platform. To achieve any goal, one must be imaginative, perceptive, and analytical.
3 Digital marketing makes it easier to narrow your focus. Instead of adopting a “spray and pray” strategy in these times of cost-cutting, digital marketing enables you to connect with niche audiences. For instance, a traditional advertisement may help you reach 1 lakh people, but it won’t guarantee you a certain percentage of sales. One of the best developments in digital marketing is that it provides you with accurate SEGMENTATION zacross broad geographic areas.
For the advertisement, you don’t need to pay thousands. All that is necessary is good creativity.
. What is India’s impact?
India is a nation with a large pool of educated skilled workers, providing tremendous opportunity for a digital economy that is growing at a fast rate of about 33% YOY. Because of the low cost of data and the widespread use of mobile devices, there is a digital revolution that is transforming the way we live, even though infrastructure still needs to extend the final mile. This enormous development potential opens up new business options and employment opportunities for millions of people. It will call for the development of sufficient skill sets.