InMobi's Vasuta Agarwal on how brands can win Gen-Now with mobile marketing
Vasuta Agarwal, Senior Vice President and Managing Director - APAC, InMobi, put the spotlight on ‘Driving personalisation, innovation and engagement at scale with mobile’ in her special keynote address on Day 3 of the 6th edition of DIGIXX Summit & Awards 2022, organized by Adgully.
Agarwal stated that as of September 2021, out of the total Internet population in the country of more than 800 million Internet users, almost 97% of them accessed it through mobile, giving the conclusion that India's Internet users are truly mobile first.
Similarly, when users are spending time on mobile, almost 90% or more is being spent on apps, so there is a stick shift change in behavior of users when it comes to mobile apps.
Lastly, more than 60% consumers actually tried a new or alternate brand on their mobile phones during the course of the pandemic. All of these things have also led to a change in the consumer shopping behaviour or purchase behaviour on mobile.
Consumers are going through all parts of the shopping journey, whether it's learning, exploring or buying on their mobile phones and interestingly, mobile offers a very non-linear shopping journey which allows the user to compare prices, look at reviews, go and purchase a product, even return the product on their mobile and go back into the journey. There are three dimensions, or PIE as it is called, which is surrounding Personalisation, Innovation and Engagement.
The biggest shift in the consumer behavior in the mobile first economy is around the expectation of personalization from brands. Consumers have four key expectations. They want the brand to meet them where they are, which is on their mobile phone. They want the brand to know their preferences, tastes and choices, they want the brand to tweak their services, offer products based on those choices and preferences. And lastly, they want the brand to continuously engage in with the right information, right touchpoints in the most effective manner. So if these are such high expectations that consumers have, brands really need to think about how to deliver personalization at scale. A recent McKinsey report actually suggested that more than 70% of consumers expect brands to deliver these interactions in a personalized way, and more than 75% actually get frustrated when they don’t get that experience. And if we look at some of the brands which have actually started offering personalized experiences, we'll see that they have benefited immensely from it. It's not just about customer experience, but almost a 5 to 25% lift in revenue has been observed for brands which deliver personalized experiences to their consumers. So there is a material impact in business that brands can expect if they go all out on the personalization dimension of pie.
The second dimension is around innovation. It is known to all how difficult it is to get a consumers attention in a very cluttered environment, keeping pace with the customers trying to get ahead of competition. All of these are difficult aspects for brands to tackle and therefore the dimension of innovation becomes extremely critical for brands.
The third dimension is around engagement. Engagement is absolutely critical because a lot of times brands may succeed on personalization and even innovation, but can lose out on actually getting the ROI on their ad spends if they don't deliver this last mile experience of engagement. Customers again, here are very demanding. They want native engagement that provides active, enjoyable and rewarded experiences.
These are edited excerpts. For the complete address, please watch below:
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