"Data indicates that ‘Buy Now Pay Later’ will see a 68% CAGR over FY2021-26"
Adgully is back with a new edition of its annual feature – TRENDING NOW – where we present the strategies and views of a cross-section of industry leaders as they go about reclaiming lost time and market opportunities and build for a stronger future, armed with the lessons of the pandemic period.
Over the next few weeks, Trending Now will bring insights from industry leaders on how their organisations are gearing up to seize the opportunities in 2022, break through the Covid disruptions and find growth and remain resilient.
In conversation with Adgully, Aishvarya Murali, Head of Marketing, ZestMoney, speaks about the key marketing trends expected in 2022, the growth surge of ‘Buy Now Pay Later’, as well as the challenges and opportunities in the year ahead.
What are the trends that you expect to dominate in your sector in 2022?
We have seen demand for ‘Buy Now Pay Later’ (BNPL) increase massively over the last year. We witnessed a 300% growth in pay later transactions on the platform as people took to convenience and affordability in a big way. At ZestMoney, we are certain that BNPL can help people achieve their goals and better manage their finances. We launched our first brand campaign last year, featuring standup comedian Rahul Subramanian, and took our campaign live across digital and OTT platforms. We went deeper into regional markets with regional languages and something we will double down this year as we build out the BNPL category in India.
What are the challenges and new opportunities that you see emerging in the year ahead?
In Fintech, the key to communication is simplicity. At the end of the day, it’s not so much the money itself, but what the money empowers consumers to do – which is what our communication will be focused on.
We expect more demand from Tier 2 and 3 markets as people are getting more digitally savvy with the popularity of online shopping and UPI payments. Data indicates that BNPL will see a 68% CAGR over FY2021-26 from $3-3.5 billion to over $50 billion.
How strong will this sector’s recovery and growth be compared to the last two years as well as the pre-Covid period?
Like many sectors, the financial services industry is going through a period of disruption. New, digital-first brands and services are making waves and digital has heightened customers’ expectations of service. In the year 2022, the Indian advertising business will see a significant increase in digital advertising. To stay on top of the game, brands must understand the top trends that will determine the future of Indian advertising.
In India, vernacular content consumption is increasing, owing to greater involvement from Tier 2 and Tier 3 cities. With rural and semi-urban communities consuming digital material in significant numbers, brands are now expanding digital advertising to incorporate regional languages. As we expand the BNPL category in India, we continue to tap into digital assets such as OTT platforms, particularly in regional languages such as Hindi, Marathi, Tamil, Telugu, and Kannada.