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MarTech – The Digital Customer Experience Imperative From Personalized Products to Personalized Experiences

January 21, 2021 2643 0 nasscom Insights Digital Transformation

Marketing Technology (MarTech) has witnessed continuous growth primarily driven by the expansion of the digital economy. This trend got accelerated during COVID resulting in a huge shift in consumer behaviour, increasing the importance of Digital Customer Experience (DCx). The report identifies the various opportunities, challenges, and barriers among enterprises and technology companies that are shaping DCx now and in the future.

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Over the last few years, Marketing Technology (MarTech) has witnessed continuous growth primarily driven by the expansion of the digital economy. This trend got accelerated during COVID resulting in a huge shift in consumer behaviour, increasing the importance of Digital Customer Experience (DCx). The report identifies the various opportunities, challenges, and barriers among enterprises and technology companies that are shaping DCx now and in the future. It also provides insights to help companies bridge those gaps and build a forward-looking DCx framework which would help enterprises in building a world class DCx; and would provide a go-to-market strategy for the technology vendors.

MarTech getting increased wallet share amidst growing digital adoption
- Global marketing spending is estimated at $1.5 – $1.8 trillion
- With software accounting for ~180 billion, and MarTech accounting for 80% of total software spending
- Covid accelerated digital adoption by both customers and companies
- Rise in digital commerce, social commerce and video on demand
- Rise in the share of digital ad spending, and a push in acquisition of CX capabilities
Rising importance of DCx
- Increased Digital adoption has pushed the importance of DCx
- MarTech is increasingly focusing on building experience driven businesses
- As a digitally engaged customer is more brand loyal and brings 3X annual value compared to an average customer
Key survey findings:
- Digital customer mapping and direct engagement with the tech vendor is emerging as a key focus across enterprises
- Cloud computing, advertising tools and marketing automation platforms emerge as top MarTech platforms in the new normal
- Increased focus on the use of AI/ML, AR/VR and Voice Search/NLP across MarTech Stacks
- Collaboration across departments and leadership has emerged as a key factor to derive value from MarTech investments
Key Recommendations
- Proper utilization is an important factor to draw maximum benefits from MarTech implementation
- Both enterprises as well as tech vendors have to re-IMAGINE the ways of implementing MarTech

#martech IT/ITes Indian IT DCX Digital Customer Experience; Marketing Technology ITES. Marketing spending marketing budgets

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