- Emerging technologies such as Metaverse’s contribution on India’s GDP to range between US$79–US$148 billion per year by 2035.
- With 5G, launch of digital rupee, and broadband rural connectivity, India to be well-poised in building a “responsible metaverse” – for accessibility, brand experiences, gaming, virtual education, and meetings.
Marketing has undergone a revival in the last decade, but despite the significant transformations that have already taken place, there is much more in the offing to look out for, states Deloitte Marketing Trends 2023: The India story. The report points out four trends that will help brands identify new lever of growths.
- Brands answer economic instability with marketing investments – Marketing today has delivered on driving accountable growth and the introduction of technology and data has changed the marketer’s landscape, giving them a seat in the boardroom. Since India is a ripe market, the report recommends CMO’s to keep on investing in their marketing efforts and technology, with some caution, as companies who will invest early are likely to reap the benefits in the due course of time.
- Rising technologies for marketers to watch – CMOs across businesses are expressing their interest in gravitating towards metaverse. It points out the contribution of the rising technology of metaverse on Indian GDP, which is expected to reach roughly 1.3–2.4 percent of the overall GDP, ranging between US$79–US$148 billion per year by 2035. It further suggests the need for businesses to put a strong emphasis on cutting-edge technologies, market expansion, and personalisation across channels to ensure the long-term success of their brands. For brands to be leaders in virtual space, it is time for them to think towards laying the groundwork and keep experimenting for joining the sphere of unlimited reality.
- Creativity as a force for growth: Creativity contributes to high growth and the higher-growth brands are more likely to view creative ideas as essential to long-term success that supports creative thinking by encouraging risk-taking and cross-functional collaborations. Brands in India are using creativity to build their brand’s communications and experiences, by tapping into co-creation with customers.
- Stepping up to the sustainability agenda: Sustainability has become a core topic in the boardrooms of businesses transcending industry lines, and the consensus is that sustainability and profitability can co-exist. An increasing number of Indian consumers are finding sustainability to be a critical parameter for brand choice, making marketers recognise equity and environmental impact from the inside out, bolstered by India’s formidable step into the “Decade of Action” as part of its commitment to the UN SDG framework.
Sharing his views on the India marketing trends, Ashvin Vellody, Partner, Deloitte India said, that, “In this edition of the Marketing Trends Report, Deloitte explores the Indian perspective on key trends identified at a global level – pertaining to evolving marketing investments, rising marketing technologies of interest, sustainability & creativity – that can be a catalyst for brands to deliver business success in 2023.The global headwinds and the India opportunity forms the backdrop for the CMOs who are smartly investing in sustaining marketing efforts & developing greater appetites for accelerating the move to new digital technologies and platforms. In our extensive partnerships with brands of varying digital maturities, we have seen a focused action towards adoption of customer data platforms (CDPs)”.
He further added, “The coming 12 months could serve as an inflection point for brands to continue to invest in technology to drive broader transformation goals within their organisation. Increasing number of brands are experimenting, localizing & laying the groundwork for building on immersive and engaging experiences”.
Adding to this, Chandrashekhar Mantha, Partner, Deloitte India said “With the discussion around current economic pressure and emerging opportunities, businesses in India, should cautiously evaluate and invest in new levers for growth. CMOs must be well prepared to deliver more with less, along with being up to speed with the rapid technology shift. This report is an attempt to present comprehensive trends that will help position businesses for success in this dynamic year and beyond.”
