Digital Transformation in FMCG
- IIDE hosted a Super-Session with Suyash Dongare - Digital Head, Redfuse India on ‘Digital transformation in FMCG’
- Suyash started with breaking down statistics of digital media. In his statistics, he shared that spending of Indian brands in media will be around 1 lakh crore by 2022 which is an 11.59% increase since 2020. 21% of overall media spend in India happened in FY2020 is from FMCG, out of which 19% is from Digital Media
- Further he explained how FMCG is taking advantage of 6 trends to increase its digital presence:
1. Video(OTT, Short-form content platforms, etc.)
2. Gaming
3. Artificial Intelligence(Speech and voice recognition)
4. Data-driven marketing
5. Connected commerce (Online food, grocery, etc
6. Influencers - The absence of original content on tv during lockdown and increase in internet penetration catapulted OTT viewership. Speech and voice recognition tech market size will grow 2.8x by 2022. The gaming industry, an INR118 bn industry parallel to Bollywood. Globally, the Influencer marketing industry will touch 10 Bn USD in 2020, while in India the size of the pie is 59 Mn USD
- These statistics give signs to the Digital Marketers to be early adopters of new tech, and communicate creatively. Also, brands need to experiment frequently so they fail fast to innovate faster