India’s economy has been growing phenomenally. As per a study, the country is home to the largest mid income group in the world, around 150 million. This population, interestingly isn’t confined to metros and tier 1 cities, but even more in tier 2 and tier 3 cities. So how does the present and future seem when you combine the fast-growing consumer oriented economy with greater use of technology : –
Consumer behavior is undergoing a quick change
These days, consumers have an assortment of options to choose from due to the availability of a wide range of products and services across all industries. We are emphasizing on the ability to buy anything from jewellery to medicine. We do not need referrals from people to find out the best hospital in the city. All these details can be availed with just a click of the mouse.
Despite consumer durables dominate the e-commerce market right now, you can practically buy anything from the internet. Groceries is expanding rapidly. Companies such as Grofers and BigBasket are growing quickly across India, signifying how there is a growing market for FMCG products.
Therefore, the ecosystem is changing also
Increase in investments, the entry of MNCs and use of unique business models like CoD (Cash on Delivery) and improved logistic infrastructure will bring in a sea change in the way Indians shop. Online shoppers, which is presently 10 million, is growing at the rate of 30% CAGR as compared to global growth rate of 8-10%. The demand for digital marketing in India is therefore growing quickly as all businesses wan to create a good presence on the web.
Adaptation is essential
So, what does this changing trend mean for large companies who function offline? To grow, they cannot ignore the power of the internet. Having a presentable website is a bare necessity. Offering valuable information and concentrating on user interface is must to retain customers. If keeping customers interested is one part of the challenge, the other is to draw traffic to your website or social media pages. Acquiring the services of a digital marketing company is thus essential.
To deal with the challenge, offline companies will first need to comprehend their target audience. Companies should study behaviour as well as demography of visitors to understand motivations, purchasing triggers, influencers and factors to attract them for buying their products or services. Using these details, moving within the digital space and relying on digital marketing services would be easy as segmentation, targeting and positioning online is more data driven.