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“The better you become at adapting quickly and efficiently to change – without knowing what specific change you’ll face in advance – the better prepared you are for whatever the future brings”  – Scott Brinker a.k.a Father of MarTech

Marketing, a historically creative discipline, has been a key tool to eventually spread the word about the product for meeting the eventual goals of the business. Today, with technological advancements, the term Marketing has now been re-defined to “Digital Marketing” and technology has become an indispensable part.

Source : NASSCOM Report
Global Marketing spending is estimated at $1.5 - $1.8 trillion in 2020 (Source : NASSCOM report)

According to last year’s NASSCOM report Martech - The Digital Customer Experience Imperative, Martech is a ~$145 billion market worldwide, with North America and the UK accounting for over 50% of the market.

With the rapidly growing reach of the internet (4.66 billion people), the increasing penetration of mobile internet users (4.3 billion people), the rapid rise in e-commerce and ‘digital living’ becoming the core of every individual’s life across the globe - the adoption of MarTech is now being driven to penetrate the parameters such as behavioural analytics, sentiment patterns, rewarding models and safe digital experiences.

Intelligent systems for better outreach and efficiency | Behaviour & Sentiment Analytics | Personalized and enhanced digital experience

AI-powered marketing is defined as one of the best approaches to contribute towards a seamless and enhanced experience to the end user. According to IDC, “enterprises will exploit smart personalization for context-based customer engagement, utilizing artificial intelligence (AI), big data, and conversational computing” by 2023. Significant AI concepts such as Machine Learning (ML) and deep learning techniques not only supports in customer data analysis and predictive insights, but also help in automating various outreach processed and boost efficiency. One of the most commercial examples is conversational AI which has been leveraged in chatbots that boost efficiency, save resources, predicts and converse with the end customer basis the questions and inquiry and therefore providing a seamless customer experience.

Intelligent systems for better outreach and efficiency | Behaviour & Sentiment Analytics | Personalized and enhanced digital experience

Today, 83.72% of the world owns a smartphone and therefore ubiquity of smart device technology is the biggest advantage which marketing space can leverage to track and analyze various behavioural and demand patterns. With the increase in social media platform applications and ecommerce businesses, there is immense data set available to analyze the customers’ buying behaviours. Unlike the multi-platform analysis approach, behavioural analytics tools provide marketers with insights in an integrated and centralized way, giving marketers the golden opportunity to view the customer journey entirely at once. This helps in understanding the audience segments, customer demands eventually helping to create impactful marketing strategy personalized by customers’ preferences.

Intelligent systems for better outreach and efficiency | Behaviour & Sentiment Analytics | Personalized and enhanced digital experience

Source : NASSCOM Report
Emerging MarTech stacks that companies have adopted and are likely to increase their investment in (Source : NASSCOM Report)

With ubiquity of smart device technology and surge in AR / VR experiences, various companies are now investing in emerging technologies such as Metaverse, play-to-earn models and digital assets such as non-fungible token play (NFTs). Recently, various ecommerce companies have come forward to collaborate with Web 3.0 communities and invest in Metaverse and NFT space to take the customer experience to another level where physical constraints can potentially be diminished. Amazon, Flipkart and Meesho are a few e-commerce giants that are planning to develop blockchain-based use cases to improve the digital experience of buyers and sellers on its platform. E-commerce industry is leading the journey of revolutionizing the digital customer experience and is adopting new technologies to redefine online sale and purchase model.

In conclusion, “digital marketing” is no longer a choice, it is the necessity and with customers becoming more socially aware with various technologies and applications marketers are exploring every avenue to improve the customer engagement and providing heightened buying and selling experience.

Sources:

  1. 11 Key Martech Trends for 2022-2025 (explodingtopics.com)
  2. Marketing & Martech in 2030: Past, Present, and Future (bynder.com)
  3. Martech Trends 2022: Personalization, Privacy, and Purpose (the-future-of-commerce.com)

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Experienced Research professional with a demonstrated history of working in the information technology consulting industry. Skilled in Customer Relationship Management (CRM), Market Research, Primer Reports, and Competitive Intelligence projects.

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