According to a study by Tokyo-based marketing and advertising firm Dentsu, the Indian ad market is projected to grow to $12.6 billion by 2023. Numerous industry reports state that digital is still a major factor in this expansion. According to GroupM’s “This Year Next Year” 2022 worldwide forecast, this year’s digital ad spend in India is expected to account for close to 50% of all AdEx.
According to yearly data from Facebook India and Google India, the two digital behemoths earned a combined total of Rs 41,115 crore from online advertisements in 2022. The figure is significantly greater than some industry forecasts from early 2022 had anticipated. The data shows that digital marketing has a bright future ahead of it, one that still allows for plenty of advertising space. Which brands, though, are taking advantage of this predicted and much-awaited growth spurt?
Digital ad campaigns from food delivery aggregators like Zomato and Swiggy, as well as finance companies like Cred and GooglePay, were abundant last year. Social media sites are overflowing with interesting and unusual content from companies looking to establish a presence. According to the figures, search, video, and social market investment are being driven by eCommerce.
But as 2023 gets began, will we witness the emergence of new brand categories that will significantly increase their online presence? If so, which platforms will these brands primarily concentrate on?
Sabharwal Nitin
Given the advantages of connecting with localized audiences through digital media, the local retail sector is probably going to increase its expenditure on digital. Digital advertising communication and locally relevant content will increase the value of the captive audience for shops. This is also related to the fact that 5G adoption is happening quickly in India. It is anticipated that the Open Network for Digital Commerce (ONDC) ecosystem would gain pace, allowing merchants to shift their advertising to digital platforms by facilitating localized sellers and delivery structures.
The gaming culture ecology is an intriguing subcategory that is gradually gaining momentum. This year, this area will grow.
The appropriate portion of the advertising budget will go to traditional digital platforms like YouTube, Meta, Google Search, and other social media sites. Advertisers seem to be focused on content creators in order to get momentum and establish direct audience connections, and the ecosystem surrounding them appears to be booming. There will be an increase in expenditure in the content creator economy.
Due to the rising amount of material being consumed on these platforms, OTT and linked television will also continue to rise. As the programmatic ecosystem grows increasingly focused on audience data, they will also be able to draw marketing funds. Owning their first-party audience data is becoming increasingly important to clients, and as a result, platforms that support them are more likely to receive funding.
Advertisers will be interested in and likely to invest in some of the intriguing ideas like Google’s “my business solutions” and Meta’s integration with WhatsApp.
The Amazon, Flipkart, and Myntra marketplace ecosystem is constantly coming up with new ideas to get a portion of these advertising expenditures. Every marketplace is acquiring a portion of the overall advertising spends across digital and traditional media, according to the most recent data on ad spending. With brands attempting to reach consumers who are already in the awareness, consideration, or action funnel on these platforms, Amazon will undoubtedly lead the way among eCommerce platforms.
Mithun Mukherjee
Over the last couple of years, digital has seen a lot of brands from diverse categories, take up the mantle of advertising online. With brands like CRED and Swiggy, setting the stage for an interesting conversation, we can expect more diverse categories of products enter into the fray.
I foresee 2023 as a year where personal development products will see increased ad spends on digital. Brands like Fittr, Fast and Up, and Muscle Blaze are a few players with interesting campaigns. Another category that will see increased presence is home décor. If the ASAHI India Glass campaign and Jaquar Electrical Fittings campaigns are anything to go by, we can expect some interesting things to transpire this year.
Online, marketers are typically noticed for their disruption and narrative. Connecting with consumers may frequently become challenging if firms are not making visually compelling advertisements (CRED) or engaging in disruptive tactics (ITASA).
Instagram is frequently used as a means of audience communication. Brands are finding that social media applications like Moj and Josh, which cater to the Indian population, are effective means of engaging with their target demographic. In early 2022, Meta made a little stir, but quickly, everything went quiet. In the second half of 2023, it might become more well-known as a platform for interaction.
Digital advertising can help to drive more than just intent for the consumer. Besides helping achieve awareness and consideration, brands are increasingly using digital to achieve the rest of the funnel. If a brand is not using digital for performance marketing, it is losing out on a big part of what digital can help achieve for its business.
Besides, connecting with regional audiences continues to become more relevant every day. It is something that can be achieved by driving engagement on regional social networking and other interest-based apps.
Brands that keep their ear to the proverbial digital ground, will gain the most from digital advertising in 2023. Digital trends and conversations have always been evolving, and the speed of the evolution only seems to be increasing manifold with time.
No products in the cart.