Mirum India, along with WPP CEO Mark Read, unveiled the ‘India MarTech Report 2020’, a study exploring the marketing technology scenario in the country, its impact and trends. The study included input from over 500 Indian marketers, with a representation across company sizes, sectors and geographies.
As per the report, 80% of the marketers are expected to raise MarTech spends over the next few years with the rapid advancement of the digital marketing landscape. The two key drivers indicated for MarTech spends are customer engagement and personalisation. However, across India, 64% of marketers see a lack of internal skills, while 59% cite cross-organisation adoption as a hurdle to MarTech growth. The study highlights how marketers are increasingly adopting technologies such as blockchain, internet of things, virtual reality, and artificial intelligence to support their digital campaigns.
Some of the key dynamics supporting the evolution of MarTech in India, according to the study are listed below:
87% of marketers believe it takes at least three years to demonstrate ROI in MarTech
B2C and B2B businesses are equally committed to adopting MarTech
Data and analytics skills will become a major hiring criterion for marketers
70% of marketers say confluence of creativity and technology will be the key to crafting successful digital campaigns across sectors
Speaking about the study’s findings, Mark Read, CEO, WPP, said, “India is an exciting market for brands and marketers, especially with government initiatives like Digital India. There is huge scope for marketers to reach and engage with the audience via integrated marketing tools. Effective MarTech innovation enables brands to assimilate numerous touchpoints and data-driven solutions, enabling intelligent decision making and process automation. With increasing consumer demands, MarTech is the key to sustained consumer relationships and ROI.”
Hareesh Tibrewala, Joint CEO, Mirum added, “MarTech is significantly transforming India’s marketing landscape. It is generating curiosity and empowering marketers to create engaging campaigns for brand communication and consumer engagement. The report has significantly mapped the present and projected the future. We hope that the insights will benefit the industry and decision makers to build robust strategies for optimal consumer engagement.”