Outstanding Scope of Digital Marketing in India
Scope of Digital Marketing in India during 2019 and beyond is extremely bright, going by studies and figures available from reliable local and foreign sources.
Projections are, India is all set to emerge as the single largest destination worldwide for Digital Marketing.
Meaning, Indian companies will increasingly resort to Digital Marketing to record higher profits. Foreign corporations will look for outsourcing opportunities from India to meet their Digital Marketing requirements.
Who Says So?
Studies and figures available from foreign and Indian organizations clearly say this. Here we have listed some key indicators which clearly indicates the boom in digital marketing.
1. PricewaterhouseCoopers (PwC)
E-commerce in India will generate over one million jobs by the year 2022. It will support more than 20 million small and medium enterprises to help build businesses.
Other than corporate jobs, e-commerce will generate employment in other allied sectors such as logistics and warehousing.
India’s booming e-commerce will attract Foreign Direct Investment (FDI) into the Indian economy into this booming sector by boosting investor confidence.
The PwC report further says the next generation of online shoppers in India will be able to transact in vernacular languages instead of English.
E-commerce will enable Indian brands to find markets worldwide.
Rising Internet proliferation will lead to an increase in digital payments and transactions.
It will give rise to more cross-border sales and purchases between Indian and foreign buyers.
Internet proliferation and e-commerce will strengthen existing startup ecosystem. Meaning more Indian entrepreneurs will enter e-commerce related businesses.
Over 518 million online Indian shoppers will contribute revenues of US$ 32.348 billion by December 2019. It will rise to US$ 62.284 billion by 2023.
Internet users in India will increase from about 525 million in 2019 to 666.4 million by 2023.
Mobile Internet users in India will increase from 420.7 million in 2019 to 500.9 million by 2023.
The number of Indians making purchases online using mobile phones will rise to 329.1 million by 2020.
Digital buyers in India will rise from 273.6 million in 2019 to 329.1 million by 2020.
A joint study by Microsoft and International Data Corporation (IDC) holds some amazing facts about digital transformation in India.
The study titled: ‘Unlocking the Economic Impact of Digital Transformation in Asia Pacific’ reveals these details.
- Over 60 percent of India’s Gross Domestic Product will come from digital products and services by 2021.
- It will contribute over US$164 billion to the Indian economy by 2021.
- Digital transformation will increase at Compound Annual Growth Rate (CAGR) of over one percent steadily till 2021.
- In 2017, around four percent of India’s GDP came directly from digital products and services. These include the use of digital technologies, Artificial Intelligence, mobility, cloud and Internet of Things (IoT)
4. Morgan Stanley
More insights into the future of India’s economy and impact of digitalization are available from Morgan Stanley report titled ‘India’s Digital Future.’
Millennial generation constitutes some 48 percent of the Indian workforce in 2019, which will rise over 59 percent by 2023 who will use digital banking.
Digital Payments will surge from over 10 percent in 2018 to 36 percent by 2027.
Indians are increasingly moving from cash transactions to digital payments using Unified Payments Interface (UPI), net banking, credit and debit cards.
The tax system of India is being digitized to meet the demands of the future.
5. Indian Media Reports
Reports published by various highly reputed Indian newspapers also indicate Digital Marketing is in for boom time.
India’s digital economy is projected to cross US$1 trillion mark by 2022, says Business Standard.
Digital Advertising industry in India shows CAGR of 31.96 percent, with spending projected to touch Rs.249.2 billion by 2021 says Economic Times.
Facebook and Google claim 68 percent of India’s digital advertising market, according to financial daily, The Hindu BusinessLine.
Indians spent Rs.8.75 trillion in 2018, on shopping from online firms located in India and foreign countries, reports Live Mint. This figure is not to be confused with e-commerce in India since that deals with domestic transactions only.
Some 42 percent online shoppers prefer buying from global online marketplaces due to free shipping facilities they offer, adds Live Mint.
Scope of Digital Marketing in India
Studies indicate an average Indian spends 90 percent of online time on mobiles.
They use the Internet for various functions including entertainment, social media, instant messaging, reading news, online shopping and financial transactions.
These figures and facts clearly point to one fact: Digital Marketing is the future of India.
It is clear that India will need about 150,000 Digital Marketing professionals every year, beginning 2019-2020.
The entry of large foreign players in various sectors of the Indian economy including retail, insurance, banking and financial services will spur this demand.
An ecosystem for the growth of Digital Marketing already exists, thanks to the Digital India initiative launched in 2015 by the Indian government.
India is home to 100 smart cities and IT parks are coming up in almost every state of this country.
These figures clearly indicate the scope of Digital Marketing in India.
What Does This Mean?
Coming to the point, the above facts and figures clearly indicate Digital Marketing holds fabulous career opportunities for the millennial generation, especially students looking for long-term, lucrative careers.
Median Digital Marketing salaries in India stands at approximately Rs.310,351 per annum. However, this can vary depending upon the level of skills and employer.
Obviously, large corporations will pay higher- about Rs.72,000 per month to skilled Digital Marketers while a fresher might begin at Rs.12,000 per month.
These figures compare very well with most other professions.
Additionally, Digital Marketing professionals can also open enterprises that offer the service to small and medium firms, as the above-mentioned study by PwC suggests.
The above facts amply highlight the importance and scope of Digital Marketing in India. Digital Marketing is not only about e-commerce and online shopping, as we have seen.
It covers the entire spectrum of everyday activities- from buying tickets to paying for groceries, ensuring family and oneself to getting superior healthcare facilities.
It covers fields including politics and good governance, sports, entertainment and almost every mundane function of our lives.