iWorld
Facebook’s Ajit Mohan & the new world order
KOLKATA: The SARS Cov2 virus has drastically changed consumer behaviour. Facebook India vice-president & managing director, Ajit Mohan believes that digital influence is not just limited to online buying but offline too.
Speaking at IAMAI's Marketing Conclave, Mohan said that digitally influenced purchases have gone up by 15-20 per cent for some of the largest consumer goods categories in India such as apparel, mobile phones, packaged consumer goods that traditionally had offline chains. Citing a study by Nielsen, he said that before the pandemic, digital marketing was one of the most effective ways to drive offline sales for Mondelez’s chocolates in kirana stores.
“The Covid2019 pandemic has crunched a few years of consumer behaviour change into a few months and weeks. Adtech is one sector that has grown during the pandemic,” he added.
As the festive season nears, Mohan predicted that a huge chunk of purchases is likely to happen online. According to him, video and virtual experiences are going to be at the heart of festive buying this year.
He also shared that voice and video calls across all Facebook apps have doubled while live from Facebook page in India has grown three times in June year-on-year. These consumer trends have led to the launch of products like Reels on Instagram and Room on Facebook.
Speaking about the economic impact, Mohan highlighted that the pandemic is just not a public health emergency but also an economic crisis, which has particularly impacted small businesses across the country. Most of them have shut shop, some are working with reduced workforces, while others are experiencing lower sales.
Mohan said that he believes Facebook has an important role to play in the recovery of small businesses and the economy. And a lot of its energy is focused on how it works not just with MSMEs but with the entire ecosystem that helps in rejuvenating the economy
“It’s very clear that the fundamental behaviour of consumers is in a transition mode. And as marketers, I genuinely believe it will be a mistake on our part to look over the next few months in India as growth returns aggressively. It will also be incorrect to replicate marketing models and playbooks that are no longer relevant. The only way forward is to look at models relevant to the world that is coming out of the crisis,” he concluded.
(It maybe recalled that earlier this year, Facebook invested $5.9 billion for a 9.9 per cent stake in Reliance Jio Platforms. It had announced that it planned to work with the company to empower 60 million small businesses, including mom-and-pop stores in India. A little later JioMart, a joint venture between Reliance Jio Platforms and Reliance Retail (India’s largest retail chain), started to allow customers to track shipments through WhatsApp.)
eNews
Paisabazaar launches Credit Premier League 2.0
Nationwide campaign rewards highest credit scores with Rs 1 lakh top prize.
MUMBAI: When credit scores become a national league, even your CIBIL report starts feeling like it’s playing in the IPL and Paisabazaar has just kicked off the second season. Paisabazaar, India’s leading marketplace for financial products and the country’s largest free credit score platform, has announced the return of the Credit Premier League (CPL) 2.0, a fun, nationwide initiative to recognise and reward individuals with the highest credit scores.
Building on the success of the first edition, CPL 2.0 introduces higher rewards and broader participation. The individual(s) with the highest credit score in the country will win Rs 1 lakh, while state champions will each receive Rs 10,000. Additionally, all participants from the winning state, the one with the highest average credit score will also be rewarded.
All winnings will be credited directly to winners’ PB Wallet, allowing them to pay credit card bills, recharge mobiles, or settle utility bills seamlessly on the Paisabazaar platform.
Paisabazaar CEO Santosh Agarwal said the campaign aims to make credit awareness more engaging and mainstream. “With CPL, we are bringing together engagement, gamification and rewards to make conversations around credit scores more mainstream,” he noted. “Our focus remains on building a financially aware and credit-healthy Bharat.”
The first edition of CPL saw over 5.5 million participants, with the highest individual score touching 861. Delhi recorded the highest average credit score of 746.
Consumers can participate simply by checking their free credit score on the Paisabazaar platform or app. The CPL leaderboard and rankings will be available exclusively on the Paisabazaar App.
In a country where financial dreams are serious business, Paisabazaar has found a smart way to turn credit scores into an exciting game – because when your financial health gets rewarded, everyone wants to play.
