65% respondents spend over 16% budget on MarTech: India MarTech & CommerceTech Report 2024

Delhi: Over 65% of respondents (47% higher than last year) spend over 16% of their budget on MarTech, according to the 'India MarTech and CommerceTech Report 2024’ launched by Mirum India and VML, part of the WPP Group.

The report offers a comprehensive exploration of India's MarTech and CommerceTech landscape, encompassing current trends and anticipated evolution over the next three years.

Gen AI sees gradual adoption, 20% of respondents consider it integral to their Marketing strategy. 95% of respondents view CommerceTech as a strategic growth driver for their organisations. Further, into the report, multiple proof points indicate that the MarTech landscape has now matured.

While over 50% strategy is driven by an equal mix of technology and creativity, this number was close to 70% last year. Technology, ‘as an answer’, seems to have made an upward shift by 16% as compared to last year. 

Over 50% of the brands looking at brand loyalty and brand building as the top objectives to be achieved using MarTech may be due to these objectives being closely mapped to the marketing leaders’ KPIs. Over 50% brands find using MarTech too complex. 

Commenting on the report's launch, Mihir Karkare, Managing Director, Mirum India, said, "The India MarTech and CommerceTech Report 2024 is a culmination of responses received from over 250 marketing leaders alongside some great quality interviews. This integration with the design theme creates a wonderful sense of how MarTech, CommerceTech, and advertising are evolving together. With every edition of the report, we have seen the MarTech landscape evolve. The 4th edition is even more noteworthy with some surprising insights, industry-wise preferences, role-wise viewpoints, and more – everything packaged in one report!”

Amit Gupta, Managing Director, VML Commerce, added, “Today, the act of 'add to cart' has transcended mere convenience; it has become the cornerstone of modern commerce. This corroborates with the data revealed in our latest report indicating CommerceTech has evolved beyond its roots in Ecommerce, emerging as a strategic growth driver for businesses across diverse industries. Today, while the landscape has matured, marketers are looking at external partners to support their MarTech and CommerceTech strategies. I invite all the marketers to explore the report further, you'll uncover a wealth of captivating insights.”

The report is being presented in partnership with WebEngage, who has joined as a Retention Partner, and Exchange4media, who has come on board as a media partner for this report.

The report aims to empower the ecosystem stakeholders with actionable insights to navigate the ever-evolving MarTech and CommerceTech landscape effectively.

https://www.mirumindia.com/martech-and-commercetech-report-2024