India is soon going to be home to the largest online user base after China, overtaking U.S.A recent report by Goldman Sachs estimates that the Indian e-commerce market is all set for a 15x growth, contributing around $300 billion by 2030. As India is a mobile first country, there is no denying the fact that most of this growth will come through mobile. The unprecedented rise of consumer Internet companies has made mobile marketing a meaningful tool for digital advertisers and marketers. As we draw the curtains on 2015, it’s time for some crystal ball gazing. Siddharth Puri, CEO, Tyroo Technologies reveals some big trends that he feels will define the industry in 2016:
- Apps the way to go: App install is not dead. With 400 Million more Internet consumers expected to come online, app installs will continue to rise. There will be an increasing urgency to connect brands, products and services with these new users and hence there will be a need for a coherent outreach strategy in terms of marketing and advertising.
- Brand monetisation: Brands will go beyond e-commerce marketplaces and start investing in and launching their own properties to monetize brand loyalty. For instance, like Adidas, other brands will also launch their online stores in 2016; Xiamoi, which was earlier selling its products through e-commerce portals like Flipkart, is now also selling directly through its own website. When brands establish their own direct connection with customers, it opens up more opportunities for increasing engagement and conversion rates. They can leverage the power of data generated by digital tools and platforms to understand their customers’ demographics, preferences and shopping journey.
- Power of mobile wallets: As marketers start to realize that mobile wallets are not just about mobile payments, mobile wallets will become a new marketing channel where marketers will combine their offline and online marketing efforts. No wonder, everyone from telecom operators, mobile devices to offline retailers will try to liaison with mobile wallets in an attempt to make a seamless journey for the new generation of users.
- Mobile on top: Mobile will move up the value chain for advertisers due to the unique scale and reach it is able to provide. Emergence of audience reach measurement metrics such as ‘Viewability’ will become instrumental for advertisers in understanding user engagement and impact.
- Content and commerce integration: Editorial content can be a powerful generator of consumer demand for products. The business model of integrating commerce and content will get a massive boost in 2016. The idea is simple- first to create desire for a certain product by writing about it and then helping a customer make the purchase swiftly by placing the ‘Buy button’ right there. Some product categories like fashion can benefit immensely from this model.
- Conversational commerce: As we have witnessed in the case of WeChat in China, Conversational Commerce will go mainstream with chat based product and services discovery becoming a habit for consumers who are always active on mobile messaging and messaging apps like Facebook Messenger.
- Mobile commerce: In 2015, mobile commerce was primarily an urban-centric phenomenon but in 2016 we will see the next level of growth coming from rural and non-metro audiences who will enter the Internet world. More than 1 Million people constituting aspiring audiences would embrace the new way of transacting- be it buying goods and services online, hailing a taxi hailing, ordering for food and groceries or utilising on-demand, hyper-local services. Mobile will be the magic wand in everyone’s hands and, as a medium is about to get a whole lot more powerful.