Consumer and Marketing Trends for 2023 and Beyond

Snehil Gautam, Head of Growth & Marketing, Housing.com, PropTiger.com & Makaan.com

The year 2023 is going to be a start of an interesting period for everyone, including growth marketers because even as customers become more discerning about the brands they will engage with, the role of marketers will also change and we will have to bring more to the table by expanding our responsibilities. As businesses downsize and marketing increasingly becomes a part of the digital world, what will separate the boys from the men, or the girls from the women in the spirit of equality – will be how fast and efficiently the marketing world up their tech game. Here are the top consumer and marketing trends that will redefine the world of consumer and marketing in 2023 and beyond.

The rise of tech-savvy growth marketers and new organization structures

A recent report states that India has a resounding 700 million internet users. This offers tremendous upward prospects for our nation. In this regard, 2023 and onwards is set to be a decade of significant transformation. Everything will change, including the way most businesses approach marketing. The emphasis on using technology in brand and digital marketing and on the usage of data has already started to take center stage. The lines between Growth, Marketing, and Product will keep on blurring and organisations will take a customised approach to their structure. Marketers will have to expand their horizons to bring much more than just ads and consumer insights to the table.

Voice + Visual

Another interesting statistic is that only 350 Mn out of 700 Mn actually makes any transactions on digital platforms in India. Out of those who do not transact, language is a huge barrier. Many tech firms including the big ones and start-ups are working on this problem statement. I believe that we will see a huge jump in digital adoption once this barrier is brought down and adoption happens across all language-speaking users. One of the leading solutions is Voice and Visual search. Voice-based technologies have started to transform to a great extent by helping people discover new products, solutions, and information. Even the less tech-oriented can easily perform a number of online operations just by speaking in their own language. In fact, Google says that India is at the forefront of Visual and Voice search globally and India has the highest number of Lens users globally. 

Data Privacy + Data Safety

Companies will aim to maximize their data collection processes. Companies will strive to collate vast amounts of data to derive actionable insights which grant valuable glimpses into the ever-changing customer behaviour and expectations. This will revolve around companies leveraging the commoditized talent of data sciences and analytics to understand market trends. However, with the increased focus on data, companies will also be forced to become more transparent by the regulators and the users themselves. India aims to bring in legislation in this regard soon. We will also see higher data safety standards in India. Data risk is real and companies will have to do a better job in the coming years.

Branding + Consumer Experience

The cost of acquisition in India is still less compared to the developed world. It is still not that competitive and therefore, performance marketing has remained a great way for start-ups to scale. Performance marketing will remain a big lever with short-term results. As the cost of acquisition starts to move upward, companies will be forced to start thinking about long-term investment in branding. A good brand with a great consumer experience will build a long-term moat for its customers. 

TV Less, Digital More, Print No More

A few years back, marketers relied heavily on TV and Print for creating a brand in India. Things have changed significantly, more so after the pandemic. There is a big trend of cord-cutters who do not watch TV channels and prefer OTTs. This segment of users will continue to grow at a rapid pace and even today, they are the most influential consumer segment for many products. In terms of contribution to overall marketing spending, digital and OTTs will keep becoming bigger every year and surpass Television. This trend will change relatively faster in India compared to developed countries like the US. The print will keep declining in lieu of digital growth. 

Think of Right Distribution

Marketers will be forced to think of innovative content though marketers are no strangers to this strategy. We have all had to solve a clutter-breaking campaign, creative, or any piece of content even when TV was the king. However, with exploding digital spending, today there is a big spectrum of distribution channels available for marketers. On one side, there is a huge influx of digital influencers, starting from YouTube vloggers, streamers, and social media celebrities who have a huge and loyal fan following. Then in the middle, there are big tech companies like YouTube, Instagram, and Facebook. On the other end of the spectrum, we have OTTs. Cricket on OTT has opened up a new channel to distribute your ads. Right now, it's a problem of plenty for marketers. The answer lies in asking the consumers to find the right channel and experimenting iteratively by measuring impact.

AI will become mainstream

In recent years, most companies have become familiar with the concept of AI-powered technologies. The coming years will prove to be a critical moment for Indian companies as AI is leveraged to its full extent. AI will play a vital role for organizations in improving user experience. It's already impacting consumer experience across multiple brands. In Amazon, it works as an invisible hand that leads the user to find the best product as per his/her requirement smoothly. In Swiggy/Zomato, it drives the user to order bigger ticket sizes and more times. There are millions of examples like this. Companies will embrace AI as they become more and more comfortable with its impact. There is a huge potential waiting to be unlocked that can happen once AI is embraced across all parts of the user journey.