Vinay Bhatia of Shoppers Stop made this startling argument at the 9th IAMAI Marketing Conclave
BestMediaInfo Bureau | Mumbai | June 21, 2013
CMOs at the 9th Marketing Conclave organised by the Internet & Mobile Association of India (IAMAI) were united in their opinion that digital marketing is here to stay. Addressing a session ‘Digital Marketing – Retail’, Vinay Bhatia, Customer Care Associate and VP, Marketing & Loyalty, Shoppers Stop, outlined the success of digital marketing in the retail sector.
“Traditional agencies don’t know how to create digital content. There is nothing wrong or right in digital marketing. All of us are in the experimental stage and investment in it is already showing benefits. Social media provides thinking data. If aptly used, it can turn around business. We have substantially increased our digital marketing budget,” Bhatia said.”
Taking forward this thought, Andrew Campbell, Chief Brand & Marketing Officer, Reliance Industries, said, “Retail is all about trust, value, service and growth. What has changed over the years is the scale and channels. Digital marketing helps to create a bond with the consumer.”
Inaugurating the Conclave, Rajan Anandan, Chairman, IAMAI, pointed out that while India is witnessing great increase in ‘Research Online Shop Offline’, at the same time e-commerce sites are doing brisk business. He added that in the US, online research for the automotive industry is 50 per cent and so is it in India, thus showing the intensity of online research here.
Vivek Nayer, CMO, Auto Division, Mahindra & Mahindra, said, “The key to success in digital marketing is content. As the platform allows multiple points for brand storytelling, it is imperative that the space is used judiciously. Digital marketing has made the consumer the most powerful person for a brand. The space is all about conversations and how consumers are engaged.” Added Vivek Srivastava, Head – Marketing, Renault India, “The best aspect of digital marketing is that it helps a brand to create impact and also measure the same, which cannot be obtained by traditional marketing.”
According to IAMAI ‘Digital Advertising in India’ report, the online advertising market in India is projected to reach Rs 2,938 crore by March 2014. The report found that by March 2013, search advertising constituted about 38 per cent of the total online advertising spend, translating to about Rs 850 crore while display advertising formed a sizeable 29 per cent (Rs 662 crore).
Advertisements on mobile phones and tablets have grown from a 7 per cent share in FY 2011-12 to 10 per cent of the Indian online ad market in FY 2012-13, totaling to spends of around Rs 230 crore. Social media, email and video advertising constitute 13 per cent (Rs 300 crore), 3 per cent (Rs 68 crore) and 7 per cent (Rs 150 crore) of the online advertising market, respectively.