India is one of the fastest-growing digital advertising markets globally – report
DIGITAL advertising spending in India crossed 70 billion rupees (US$1 billion) in 2016, according to estimates from the Confederation of Indian Industry (CII) and KPMG India.
The overall advertising market experienced growth of 15.5 percent last year, according to research unveiled at the CII National Marketing Summit in Mumbai on Monday, driven by India’s burgeoning e-commerce industry and huge supply of consumers.
While digital marketing still only made up 12.7 percent of spending it is one of the fastest growing medium and is expected to grow at 33.5 percent to cross 255 billion rupees (US$3.8 billion) by 2020.
“The post-demonetization days have clearly showed how the country is set to leapfrog a few stages to embrace the power of digital. Mobile is being rapidly adopted and marketers have an incredible opportunity to enhance the game of digital communication and deliver great customer experiences at each point of the journey,” Thomas Varghese, chairman of the CII National Committee on Marketing and CEO of textile business Aditya Birla Group, told Forbes India.
One of the key findings was that digital consumer’s attention span has come down to 8 seconds, from 12 seconds in 2007, highlighting the need for marketers to focus on snappy content that will hold customers attention.
The report added that marketers need to ride the wave of data coming from connected devices and wearables and invest in nascent technologies like emotions analytics and predictive marketing to better target their ads.
“Digital marketing is more about big data and technology innovation rather than conventional marketing. Digital marketer today will have to look at the consumer as a living sensor which creates data. Insights on consumer behavior will drive the next big innovation on the campaign,” Aditya Rath, KPMG partner and lead for Digital Customer, told Advertising Age.