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The Digital Way To Amplify Sales Growth
E-commerce firms spend liberally during the festive season driving up the media buying costs by 60 to 80 per cent, making it almost impossible for an Indian SME to be visible to an online buyer.
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India has seen advancements and alterations in the marketing space. Until now, Indian organisations are yet to get furnished with the new global digital advertising patterns and abilities to contend on the global front.
The digital marketplace put a ton of purchasing power under the control of purchasers and customers, driving numerous advertisers to get more inventive, authentic and supportive.
Presently, shoppers hop from one channel to another flawlessly the entire day and progressively those channels are digital. Today, the average buyer does back and forth research on products, solutions and organisations before making a purchase.
"In the last 1.5 years, as this new audience moved to Digital for shopping and content consumption, big brands are increasing their digital advertising budgets. Now hyperlocal businesses are also open to trying digital platforms. This is good news, as this new wave of first-time hyperlocal advertisers will give a good boost to the digital ecosystem", states COO at Public App, Tarun Arora.
Technology is providing advertisers with a broad range of new means, permitting them to be more engaged and vital. Digital marketing essentially makes sense if you want to bring your message, campaign, or promotion ahead of your market.
The global advertising market will continue its remarkable recovery from the 2020 downturn with 9.1 per cent growth in 2022, after 15.6 per cent growth in 2021, according to Zenith’s Advertising Expenditure Forecasts report.
Global advertising spending will expand by 5.7 per cent in 2023 and 7.4 per cent in 2024 as brands continue using advertising to spur further growth in e-commerce. Further, the report estimates that global advertising spending will reach US$705 billion, in 2021, up from US$634 billion in 2019, and will rise to US$873 billion by 2024.
"We have witnessed phenomenal growth over the last few months, with marketing spends led by digital campaigns," states Head of Programs and Marketing at Hero Vired, Sushma Bharath, while talking about the increase in sales.
Brands are betting big on this festive season and are pushing a large chunk of their budget towards digital advertising. Declining COVID-19 cases combined with increased vaccination numbers has helped the economy bounce back to normalcy, which has led to a spike in consumers shopping this season.
In this first leg of the online festive sales, e-commerce players reported that tier 2 and 3 cities led in the percentage of orders. E-commerce firms spend liberally during the festive season driving up the media buying costs by 60 to 80 per cent, making it almost impossible for an Indian SME to be visible to an online buyer.
"This year, we have increased our media budget by 20 per cent. We are confident of the India growth story and that SMEs will be powering most of it", says, Managing Director of Transteel, Shiraz Ibrahim.
Further, he mentions that they scale back digital media spending by almost 50 per cent and increase our print media spending by a similar amount during the festive season to manage our operations. "However, getting the desired return on the investment is almost impossible specially during the festive season", he adds.