Mumbai: The DigiPlus Fest 2023, a prominent digital marketing conference in India, successfully concluded recently. This year's event, notable for attracting key industry figures and featuring insightful discussions, was further highlighted by the release of the eagerly awaited "The State of Digital Marketing in India 2023 - 24" report, a joint project between ET BrandEquity and Ipsos.
This comprehensive report provides an in-depth analysis of the digital marketing landscape in India, offering detailed estimates and forecasts on digital advertising spend and highlighting pivotal growth drivers and emerging trends. The report is a testament to the evolving and dynamic nature of the digital marketing industry in India.
Key Highlights of the Report:
Digital Advertising SpendThe report indicates that digital advertising spending in India has reached Rs 31,500 crore in the fiscal year 2023, with an anticipated surge to Rs 41,000 crore by FY 2024. This underscores the growing prominence of digital platforms in advertising strategies.
Digital advertising spending in India is primarily driven by nine key sectors, with FMCG and e-commerce contributing to over 60 per cent of the total digital spending. E-commerce is the fastest-growing segment, with an increase of 43 per cent (FY 22 vs. FY 23), and FMCG grew by 30 per cent.
Internet adoption, data analysis and technological advancements are critical drivers of growth for digital advertising.
Additional insights to look out for:
Media Share Shift: A significant finding is the projected overtaking of digital media over television in ad spend share by FY 2024, accounting for about 39 per cent of the total. This shift signifies changing advertiser preferences and the growing audience inclination towards digital platforms.
Trend projection: Marketers have adapted to the fast-paced change around technology, consumers & business by going digital and adoption, to tap into their key audiences.
As attention spans keep dwindling, the need for video content to be brief, targeted, and engaging is more crucial than ever. The trend of concise, and powerful advertisements, known as bumper ads is projected to persist
Influencer marketing will play a critical role in enhancing brand and customer relationships and driving business growth
Personalised and customised marketing to gain prominence catalysed by AI & ML
WhatsApp Business continues to be a rising force in digital marketing, capitalising on its 2.5 billion active users globally and 500 million in India.
The Economic Times Business Verticals business head Amit Kumar Gupta commented on the launch, stating, "The integration of digital media in marketing strategies is evident, yet there's immense untapped potential. Our report aims to shed light on these trends for business leaders steering digital marketing in their organisations. We believe this report will further open the opportunities that digital platforms offer."
Ipsos India partner strategy3 Deepak H noted, "The digital marketing landscape is rapidly evolving with trends like Generative AI, Influencer Marketing, Machine Learning, and Multi-channel Marketing taking centre stage. This report is instrumental in understanding these changes."
The report is a must-read for business leaders, marketers, and industry professionals looking to gain a deeper understanding of the current state and future prospects of digital marketing in India.