Demonetization in the recent Indian perspective is ending of legal tender of the denomination of Rs. 1000 and Rs. 500 currency. Both currency notes acquire 86 per cent of total currency issued by the RBI. This implies the situation or crisis had leaded to ‘cash crunch’. To overcome this crisis, government started pushing people towards a cashless society. This crisis was going to affect the economy, especially the MSME (Micro, Small and Medium Enterprises) and public and good services which included the digital marketing agencies.
As the Chinese proverb says: “In every crisis lies the seep of opportunity”
This crisis had immense potential for digital marketing agencies. Digital marketing by definition is an umbrella term for the marketing of products or services using digital technologies, mainly on the Internet, but also including mobile phones, display advertising, and any other digital medium.
The Demonetization Scenario has created a fertile ground for the growth of digital marketing exponentially:
1. Internet Users have increased
To go digitally, people need an internet connection. Demonetization has pushed people to opt the cashless technology or digital technology for their purchase. As the rural people are the people who were hit very badly because of demonetization because their transaction is only done through cash. The Central Government is working to convert the village into a digital village through digital literacy and free internet connections. India with a population of 1.3 billion is one of the potential market for digital marketers and also for any kind of goods and service providers.
2. Smart phone usage will rise
Smart phones density is already in rise due to the ‘digital India’ program. Demonetization acted as a catalyst for the smartphone market. Most mobile users are the win win situation of any digital marketing. Because it will totally dominate printing and electronic media in few years. It will also surpass the desktop and people will be more eager to use smartphones as a primary search tool.
3. Dedicated App usage will increase
Since, the number of people using smartphones will result in an increase in the number of dedicated apps. A dedicated application offers all the features of a mobile optimized website, but in a more spontaneous, handy and convenient way. Google is very conscious about the smartphone potential and hence, offered app indexing which will help dedicated apps in the future.
4. Unconventional Advertisement will emerge
Marketing depends upon the advertisement. The reason behind the advertisement is to popularize the product among people, through mass view. Demonetization has pushed the people to go digital, Internet will be the primary resource for anything under the sun. Through social media advertisement or unconventional video ads will be available 24*7.
5. An Online Transaction
With the slogan of less-cash society, government is pushing the use of card payment, PoS (Point of Source) machines and e-wallet. These technologies are beneficial for the digital marketers. Online transaction also leads to transparency, which is the most beneficial for gaining the trust of consumers. Efficiency is the key in any competition. It makes digital marketing more cost and time effective.