Are these the most disruptive trends to hit India this year?
Disruption has become something of a norm in recent years. The combination of technology, the pandemic and a host of other sweeping changes across the marketing technology domain have seen the industry grow used to constant change. In an effort to make sense of the current landscape, GroupM’s flagship agency Wavemaker India has created ‘Spotlight 23’, a comprehensive report exploring the top 23 strategic focus areas that have gained or will gain precedence going forward. The Drum takes a look at some of the significant trends.
A peep into the tech trends
Technology has taken over our lives in more forms than we can even imagine or visualise, making this transformation even more complex and layered.
Says Vishal Jacob, chief transformation & digital officer, Wavemaker India, “This report is an attempt to chart out potential disruptive technologies that may show some advancement in 2023 and how they will have an implication on the businesses.”
The report has been launched to throw the spotlight and become a reference point for marketers and other relevant stakeholders across industries, as per Ajay Gupte, chief executive officer of Wavemaker South Asia.
While the report is a comprehensive one, The Drum picks out 5 trends from the report and looks at their potential implications for the world of marketing
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The future of the Meta world is evolving
The meta world is changing fast. What was once the world of Facebook is moving to a diversified world of Reels, WhatsApp business, Marketplace and Metaverse.
Even as the Facebook app shows a decline, the focus is shifting to Reels for growth. Reels have almost taken over many consumers. Elsewhere Meta has opened its WhatsApp Business API to all businesses. Going forward, it could become critical for brands looking for new forms of consumer engagement.
The company has been pushing hard for its creator marketplace as its primary creator monetization tool and more action is expected on this front going forward.
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The Netflix saga is soon to change
Netflix is doing many things for the first time across the globe. It has rolled out Netflix ads in the USA and 12 other countries, including Canada and Mexico. It plans to implement a mechanism to monetize account sharing with the idea of encouraging users who share passwords to open sub-accounts and pay for others outside their families. Basically, a better monetisation opportunity.
The OTT player plans to add gaming to its arsenal going forward. It will be interesting to see where this heads and how it changes the landscape not just for Netflix but also for other players.
Jio’s impact on the ecosystem in its multiple avatars
Reliance-owned Jio is touching the lives of millions of Indians via its offering across the landscape - connectivity (Jio, Jio Fibre, hatchway), entertainment (Jio Saavn, Jio Cinema, Network18, Viacom), and omnichannel commerce.
In addition, its partnership with Meta has allowed Jio to offer an end-to-end shopping experience on WhatsApp. The next step for Jio could well be its accelerated impact on social commerce. With its massive footprint, Jio Ads could well emerge as the leading Indian advertising platform.
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VR, AR, XR and the impact on immersive retail
The growth in VR, AR, and XR has changed the way consumers are interacting with brands while shopping. The simulated environment is replicating the actual store. The fused shopping experience is letting consumers sit in the comfort of their own homes and interact with their mobile devices.
The possibilities are immense, and the experiences could range from creating store-like experiences to offering trials and product demonstrations.
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How intelligent will AI become?
ChatGPT has taken the world by storm since its very recent launch in November 2022, by San Francisco-based OpenAI. There are many more such apps that are making news with their possible deployment in the space of generative AI. Generative AI focuses on making new content, such as text, images, and sounds, based on its intelligence or the input it receives.
In its most evolved potential application, it could give unprecedented scale and change the way personalized communication is done. It could help resolve many roadblocks in customer service, content creation, entertainment, e-commerce etc.