India has been at the forefront of leading into the Fourth Industrial Revolution – a digitally driven one with speed and scale. Government of India recently gave a policy push to ensure that no Indian remains without a unique identity. This is really innovation and future of digital marketing in India, The GoI further interlinked the identity system with bank accounts and mobile numbers, resulting in the JAM (Jan Dhan-Aadhaar-mobile phone) trinity. Thus, becoming the fundamental digital architecture ushering in holistic financial inclusion.
The open digital innovation by the GoI has been leveraged by the startup community, making India now the third-largest startup ecosystem in the world. Indian retail broking, ecommerce, food delivery and ride-hailing startups are giving tough competition to the largest platforms in the world. By designing unique and frugal solutions, enthusiastically being consumed by the local market, India’s innovations and startups are growing at a fast pace with an ambitious approach of serving customers globally.
India is having more smartphones than the entire population of the US. It is one of the largest consumers of data in the world combined with a phenomenal decrease in the price of data. This has allowed for digital consumption by all segments of society that is growing beyond the urban rich to the aspirational Indian youth and senior citizens as well.
India is at a turning point. Digital has the potential to create a countrywide Pareto improvement, where every citizen gains and no one is a loser. Aspirational India, aided by the domestically designed platforms and dynamic policy making, is participating and leading this Fourth Industrial Revolution.
The Bharat Interface for Money-Unified Payment Interface (BHIM UPI) is the interoperable backbone that connects all banks and consumers. It is also being front-ended by many national and international digital platforms.
A Brief About Bharat Interface for Money-Unified Payment Interface
BHIM app is a unified app based on UPI which can be synced to any of the UPI-enabled bank accounts. However, a single UPI-enabled account can be added to BHIM and not multiple. But, there is an option to switch accounts. The BHIM app has a very simple user interface and most importantly it enables users to create a VPA with a verified mobile number. It is an improved version of the existing bank UPI apps. The BHIM app offers the ease just like other mobile wallets offer which existing UPI bank apps do not have. It is government’s very own version of Paytm, which is developed by National Payments Corporation of India (NPCI)—the umbrella organisation for all retail payments system in the country.
UPI is the platform while BHIM is a different mobile wallet app. The UPI platform has much before enabled all major banks to offer the services that BHIM is now offering. However, for different banks, one need to use separate UPI apps and VPAs (Virtual Payment Address), similar to unique email IDs. So, if one is having two accounts – ICICI and HDFC respectively, to enable UPI transactions on both the accounts, the person will have to use separate UPI apps of ICICI and HDFC and generate unique VPAs.
Trends Of Future Digital Marketing
- AI – The field of artificial intelligence is quite broad. In the context of digital marketing, a lot of AI is used to meta-analysis of broad-spectrum data sets and then using that data to make its own decisions. Though the technology is still in its infancy, we’re already seeing some major examples of this in our day-to-day world. Both Amazon and Netflix have built-in AI features that help with recommendations and transactions. We’ll see it being used in a range of upcoming marketing applications, including content creation, voice and face recognition, chatbots, digital assistants and highly targeted marketing strategies. AI will be typically used in marketing strategy because of its increasingly accurate ability to analyze consumer behavior and feed into a better, more interactive and personalized purchasing experience.
- Voice Search – If you are considering going into a specialty that’s focused on SEO should have at least a basic understanding of how voice search and speech recognition can shape your brand building. It is a fact that over 40% of teens and adults are using voice search daily and this number is growing. A digital marketer’s ability to optimize their strategy to accommodate voice search for SEO success is still to become an even bigger deal. One thing that this may mean to content marketers and strategists is to focus more on long-tail keywords and detailed search phrases.
- Chatbots – Chatbots will be able to have “real” conversations. Thus, potentially improving the landscape for UX in a wide way for digital marketers. They will gradually evolve into more practical, versatile tools for both businesses and consumers. One way that chatbots are getting more impressive these days is via brand-focused chatbots in social messaging platforms. Marketing professionals should stay on top of this trend and use it to their advantage if they are already heavily reliant on marketing activities.