Digital Marketing Industry Growth in Coming Years
As we all know in today’s world businesses cannot survive without digital marketing as it helps a business to grow in terms of capital, volume of orders, brand awareness and much more. Let’s look at some figures and what is the size of digital marketing industry.
A research conducted by a global market research company showed that global digital advertising and marketing market will grow to USD 786.2 Billion dollars at the end of 2026. (https://www.prnewswire.com/news-releases/global-digital-advertising-and-marketing-market-to-reach-786-2-billion-by-2026–301331318.html) This is mainly because of the pandemic and how most of the business have started using online channels to sell to customers through search engine optimization, search engine marketing, social media marketing, email marketing, affiliate marketing, etc.
Now, these were the global figures. Let’s look at the size of this market in India. According to Statista, the size of digital marketing industry in FY2021 was 266 Indian billion rupees with an estimation to reach 539 Indian billion rupees by FY2024. (https://www.statista.com/statistics/795262/india-market-size-of-digital-advertising-industry/) This is huge and this is mainly because users have started to gain more internet access and advertisers are taking benefit from this and using different channels to upsell and cross sell their products.
Now, let’s look at some trends that are going to entirely change this market in 2022 and the way new businesses will do digital marketing.
Trends for Digital Marketing in 2022
- Video will be a priority as more and more people are shifting from written content to video content. Most businesses will be producing videos that can increase engagement levels. Already, many businesses have started doing so and this is going to increase in 2022 with 90% of the content to be video only.
- Mobile friendly content and websites are going to dominate the market as more and more people will prefer looking at their favorite brand from the mobile only and purchasing products and services with the boost in online payments, convenience and much more. So, it’s better to start optimizing the content and website so that it is compatible with mobile screen.
- Augmented Reality and virtual reality is going to play a big role in reshaping the whole industry. AR/VR can help to create an experiential environment for the customer as it allows businesses to view the product in 360 degree angles or in a 3D environment. For example, if you go to an automobile website they give you an option to take 360 degree tour of the car from inside as well as outside and if you have a VR headset then you can feel a experience that you are sitting in the car only. This similar thing will happen with products also. So, this is the correct time to start developing the AR/VR strategies.
- Live sell: Soon, Facebook, Instagram, Pinterest, and other platforms are going to launch a feature where brands would be able to go live let’s say during a new product launch or during a sale and would be able to display product or tell its feature during the live session and customers would be able to purchase the product during that live session only. This is in the testing phase in the US market but soon will roll out to Indian markets as well.
- Influencer marketing will be a part of strategic digital marketing. New businesses often find difficulties when it comes to increasing sales in the initial period. As a lot of people in today’s date follow influencers and purchase from their advice and follow a similar lifestyle. Leveraging influencer network to boost the brand awareness and sales can really help.
- Artificial Intelligence is going to be big. Over the past years, AI has become popular because it learns from a certain algorithm and keeps on evolving. AI is widely used by Google to determine what search results are relevant to users and show it to them. Big giants like Facebook, Apple, IBM, etc all use AI to predict the user’s reaction, develop products, curate content, and enhance customer experience. This will be used in digital marketing going forward where AI will tell businesses how to market a particular content to customers based on industry data, whether the content published is liked by users or not or what they prefer.
- Chatbots enabled conversational marketing will increase. Today, every customer wants a reply to their query within minutes. A customer might have a query at 2 AM in the night or 2 PM in the afternoon but if you are not there to answer it they will simply shift to other brand who has answer to the query and this can result in loss of revenue. So, most of the businesses today are focusing on chatbots as they are an easy way to feed questions and answers can be provided to the user without any error. This saves time, efforts, and money.
- Today businesses are using personalization to market to the customers but are they doing it enough? The answer is no. With customized demands from customers businesses are failing to record what they want or how they want it as they are not leveraging enough software or not outsourcing this process to some experts or social media agency.
According to Forbes, customers (71 percent) feel frustrated or unsatisfied if the shopping experience is impersonal. (https://www.forbes.com/sites/blakemorgan/2020/02/18/50-stats-showing-the-power-of-personalization/?sh=7cacfd422a94) So, ask this question to yourself are you personalizing or providing the content according to user’s needs. For example, Amazon shows us similar products based on our previous purchase history or products that can be brought together which reduces our efforts also in buying a product. Personalization is going to be big in 2022 and every business should focus on personalization as part of their core digital marketing strategy.
There will be numerous trends that will reshape the industry in 2022 but few trends mentioned in this blog will give your new business a head start that will change the way you do business and how you market to the customers. Digital marketing industry is growing and the number of businesses are also growing with it. Today, if you’re not unique or innovative or not following the current trends in this dynamic market then soon you will be replaced by someone who does.
Other companies who are producing good quality content, increasing customer experience, providing after sales services, giving more accessibility to customers about the brands, providing full and transparent information while launching a product, shifting from written content to audio & video content. These trends will help you move on the top.