Digital Marketing

What are the Effects Of Digital Marketing On INDIAN Economy?

Businesses are not exempt from the profound effects of digital marketing on all facets of life. It has aided MSMEs in their expansion efforts and enabled them to realise their aim of tapping into domestic and international markets. A survey found that 50% of those who participated are aware of the benefits of digital technology.

The advertising company Dentsu predicted in a survey that the Indian advertising business will expand at a 12.4% CAGR by 2022. Digital technology is anticipated to take the lead in this.

Additionally, net ad sales for all digital platforms combined will increase by 19% to $254 billion in 2022. On the other side, RedSeer claims that by 2023, India’s online retail market would overtake the United States as the third-largest.

The Indian Economy’s Importance of Digital Marketing

Businesses are not exempt from the profound effects of digital marketing on all facets of life. It has aided MSMEs in their expansion efforts and enabled them to realise their aim of tapping into domestic and international markets. A survey found that 50% of those who participated are aware of the benefits of digital technology.

Nutrition, beauty, personal care, and other direct-to-consumer brands have all seen growth of about 200%. Despite the difficulties the pandemic brought about, brands like MamaEarth, Sugar, Boat, MyGlamm, Lenskart, Licious, and Epigamia have become well-established in the D2C sector.

Additionally, a lot of users of digital services do so for the ease it offers. RedSeer Consulting made it clear that 88% of online buyers will come from Tier 2 cities.

The CMOS, on the other hand, predict that India would have a V-shaped recovery, which Octane Research came to light. This is in stark contrast to how badly the pandemic has affected India’s economy. Because of the pandemic, the GDP shrank and constricted to 7.5%.

More than ever, we will see the growth of social media, apps, and instant messaging services. According to Admitad Affiliate India, numerous firms are currently experimenting with digital platforms that will not only be used for promotion but also for actual purchases. The majority of brands will therefore develop their marketing strategies through a process of trial and error.

Digitalization

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 of India’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 take use of “Digital India’s” advantages.

India’s experiences with digitalization

The current Indian government has launched the 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 standing in line.
  • Reduce the documentation effort.
  • Provide people with reliable cloud storage for keeping their important data.

Our government has been attempting to move away from a paper-based economy for the past ten years. As a result, they launched a number of initiatives under the Startup India and Mudra programmes.

Many digital agencies in Mumbai have taken advantage of these programmes to establish their long-lasting enterprises in India.

The contemporary Indian economy and digitalization

Due to the extensive use of digital procedures in India, we are unintentionally becoming accustomed to them.

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 payments honge phonepe!” It implies that all future payments will be made over the phone; currency will no longer be required.

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