As the world is rapidly going the digital way, the population of connected consumers is skyrocketing, and active mobile devices are witnessing a phenomenal growth. With millions of networked sensors being embedded in the physical world, and a dramatically changing mechanism to deliver entertainment, there is a sudden explosion of data. Over one billion people use social networks (like Facebook, Twitter and LinkedIn), content sharing sites (like YouTube, Flickr), topical blogs and discussion forums. These sites are creating millions of content pieces that reflect on products, services, companies, personalities, and at a macro level, on businesses.
How is the digital medium redefining today’s marketplace?
• It compels businesses to transform. Amazon, Apple, eBay and Expedia are classic examples of how technology has the potential to disrupt businesses and industries, changing commercial relationships, upsetting market leaders and providing a springboard for a new set of players.
• It enhances collaboration. The digital world is erasing the boundaries of geographic restrictions
and information availability of competing products. It has facilitated easy sharing of opinions and quick feedback from other buyers.
• Technology has become more affordable. According to ITU World Telecommunication’s estimate, an astounding 750 million households (41% worldwide) are connected online. Almost half of this number is in the developing markets, where household penetration level is growing rapidly.
• Customers are making quick decisions. The ever-rising number of smart phones, blogs and
social media is empowering customers to make quick decisions.
• It’s real, and it’s already happening! It all started with online commerce, integrating the powers of web and marketing. Today, the digitalization of marketing functions has resulted in marketing reaching out to the target audience using interactive methods and channels.