hiddenJan 31, 2017 13:44:37 IST
Digital advertising in the country is expected to cross the Rs 255 billion mark in 2020, growing at a CAGR of 33.5%, a CII-KPMG report said. According to industry estimates, digital advertising in the country is projected to be at Rs 7,044 crore by end of 2016.
"India is one of the fastest growing advertising markets globally with an estimated growth of 15.5% in 2016, driven by a large consumer base and a burgeoning e-commerce industry. "Although the share of digital advertising spend remains low at 12.7% in 2016, it is one of the fastest growing mediums at an expected CAGR of 33.5% (2015- 2020) to cross Rs 255 billion in 2020," said the Digitization to Drive Marketing Strategies: CII-KPMG report.
It noted that of the total digital advertisement spends, search and display commands the largest share even though it is a relatively maturing segment. Observing that there is a significant increase in content consumption on social media platforms, it said advertisers are accepting the influential power of digital and social on the customer's mindset.
"The post-demonetization days have clearly showed how the country is set to leapfrog a few stages to embrace the power of digital. "Mobile is being rapidly adopted and marketers have an incredible opportunity to enhance the game of digital communication and deliver great customer experiences at each point of the journey," said Thomas Varghese, Chairman, CII National Committee on Marketing and CEO-Textile Business, Aditya Birla Group.
As per the report, connected devices, smarter devices and hyper relevant rich content will drive consumption for the consumer. The report noted that the digital consumer's attention span has now come down to 8 seconds, down from 12 seconds in 2007. "Marketers are expected to direct their content strategists to curate short videos that create a greater impact on the consumer's mind while holding their attention till the end. Live streaming videos are interactive and cost- effective," it said.