According to India Brand Equity Foundation (IBEF), India is the fastest-growing market for e-commerce, driven by a significant improvement in connectivity and the growing ease of making online payments and transactions.
Talking about the fast growing digital space, Bharat Khatri, Country Lead, Xaxis India, says the number of consumers who shop on the Internet has increased exponentially.
“This has led to e-commerce companies accumulating valuable consumer data, collecting information on which products and categories consumers are browsing and buying. With this data, advertisers are now able to create highly-targeted ads and only engage with the people who would be interested in buying their specific product,” he explains.
Khatri expects this trend of generating data to continue over the next few years, which in turn will bring a lot of opportunities to those in the digital ad space, as advertisers will look to reach audiences by promoting their product on e-commerce websites.
Advertisers are also evolving, and so, transparency, accountability and campaign measurability are all becoming a more important part of the advertising conversation as there is a shift towards creating campaigns which lead to outcomes that can affect a company’s bottom line.
Khatri shares, “Disappointingly, trends show that advertisers in India are still hesitant about changing their methods, preferring to buy clicks and leads, which produce low-quality outcomes for brands. Indian marketers need to move towards creating measurable outcomes to avoid getting left behind.”
