The Internet Matters: Digital Market & Transformation, a glance07 September, 2022
The bell rings signaling the end of the last period, you rush out with your classmates, some tired, some happy and some boisterous. Energetic talks fill the atmosphere as you journey your way back to your home. Enthusiastic waves and smiles keep you company as you finish your evening routine. You play with your friend who has this brand-new shiny toy, all the way from a foreign country where their dad works which is so far from your Chennai. There is no way of procuring that toy as sadly, you do not know anyone and you do not even know the toy’s brand value! Sadness surrounds you as you drift to sleep. Now you are feeling nostalgic, aren’t you? Congratulations, you are a part of a period of great technological advancement. Sounds foreign? Hello there, digital baby.
Digital transformation has affected all of us in one way or the other, for the better or worse. There is hardly any aspect of our lives that technology has not touched. Technology has reduced our workload and has enabled humans to explore the possibilities of life with convenience and comfort. Technological innovations play a role in every field ranging from education to health, from transportation to industrialization, from agriculture to mining, etc.
Earlier, the concept of sourcing your favorite dress from another state all by yourself sounded strange and rich. Now, most of us forget that we have their brick-and-mortar counterpart right next to our door and turn to Amazon, Myntra, Flipkart, etc. Traditional middlemen from buyers and sellers have been adapted and digitalized to such an extent that individuals and businesses are able to find and connect easily. Now, information is available at our fingertips.
This technological change has brought about a dramatic change in the competition sector due to the introduction of digital marketing. The competitive landscape has been disrupted with a clear divide between the online and offline industry, the online industry having an edge due to digital marketing, an avenue unearthed by globalization. The digital market is a fine example of "What you see is what sells".
From giving advertisements in Televisions, Billboards and Radios to door-to-door advertisement and word of mouth, we now utilize digital channels to market products and services in order to reach consumers from the comfort of our homes. What’s more, you ask? Not everyone is interested in your product, so why showcase it to the audience at large, when you can target specific users? Social media platforms and search engines analyze your trends and customize the ads shown to their users to increase their relevancy. This is a win-win for both the business and the consumer. It further helps a business enjoy an attractive traffic to their pages. The business grows since customers are now going straight to their smartphones when they need any particular product or service. So, a lot of business generated through Digital Marketing comes from a company with a high SEO ranking.
The ongoing pandemic situation has created a new normal and has further upended how businesses operate. The need of the hour has pushed more and more companies to move their products and services online in order to stay relevant. Video marketing, Influencer marketing and Visual search are some of the major digital marketing trends being used.
Nowadays, everyone has marked their presence online, including FMCG companies, automakers, media outlets, and IT services firms. Additionally, with Artificial Intelligence, Programmatic advertisement, Chatbots, Personalization & conversational marketing, Micro-moments, the digital industry evolves every single day. It won't slow down; just continue to expand. Account based marketing (ABM) and Consumer based marketing (CBM) when done correctly helps any company, big or small, reduce the Go To Market time which eventually has a direct impact on the companies bottom-line. The exponential growth of digital wallets and e-commerce major like Amazon proves that consumers are increasingly placing their trust in digital market.