In Adgully’s 3rd edition of CMO’s Charcha held on August 10, 2022, Ajay Gupte (CEO – South Asia, Wavemaker) delivered the keynote address on ‘Digital advancements and the Pandemic have given new opportunities for brands to surge ahead.’ He commented that several things have been created in the past two years that will stay with us, and the acceleration will continue. For Gupte, six points were key while talking about the impact of the Pandemic on our ability to develop ideas to help propel our brands further. Two of them are described below.
Web 3.0 as the driver of the next generation of digital experience:
About this, Ajay said that the new generation has grown up playing games. The experiences of gaming have been very rich for this new generation, and they expect a similar experience when they engage with content. Technology is also getting better and there are some wonderful creations in the metaverse with which the consumers will engage. Therefore, the onus is on us to create new ideas for brands to enter their lives through the metaverse.
He gave the example of the first couple who got married on the metaverse. It was a fantastic opportunity to engage with, and the couple was on the metaverse. There was also an e-commerce store in that venue, where the guests could go and purchase Fable chocolates, and they would be delivered to them in the offline space. It was a very nice online-to-offline experience, and an opportunity to create a powerful presence in the metaverse.
Hyperlocal and accelerated commerce through personalization:
Ajay said that for most products, there is a moment of truth when a consumer thinks of buying or upgrading them. Taking an inverter as an example, that moment of truth comes when the electricity goes off. “For Luminous (one of our clients), we partnered with Urja Mitra. It is a site that collects data on a real-time basis about where power outages are happening. Based on this data, we could make consumers aware of Luminous inverters and also stores selling them nearby.” He claimed that this endeavor led Luminous to a 6% lift in sales, 3x increase in clickthrough rate (CTR), and 45% of users who clicked on the ad showed interest in knowing where the nearest dealership was.
This kind of hyperlocal commerce can help brands reach out to more highly potential customers.
Gupte also said that consumer today is not going to wait for their order to be delivered in 24-48 hours. Some brands now deliver some products in 10 minutes. Giving the example of MTR, he said that they noticed that consumers were not okay with 1-day delivery for items like fresh idli or dosa batter. So, after working with a few partners to ensure a sub-3-hour delivery, MTR could double its sales. This kind of acceleration can help brands achieve great results.