Digital Space- What’s New?

Through the last two decades, the digital revolution has reached its peak. However, experts believe that its full potential is yet to be utilized. Actually, the whole concept is still very naive and we are exploring newer sides of the concept almost every day. But what can we expect in the nearby future of digital space?

“Each business is a victim of Digital Darwinism, the evolution of consumer behavior when society and technology evolve faster than the ability to exploit it. Digital Darwinism does not discriminate. Every business is threatened.”

Brian Solis, Digital Anthropologist and Futurist

While some marketers believe the internet-space is going to expand further with more companies entering the digital world, others say there will be a complete makeover of how users and search engine giants give preference to the huge amount of data available on the internet. Keeping in mind all these possibilities, let’s focus on the next 5 things you can expect in this space.

Artificial Intelligence

No one is surprised here! It’s sure to be at the heart of global business and industry in the future – and it’s already taking over many simple jobs.

Microsoft and Uber use Knightscope K5 robots to “patrol parking lots and large outdoor areas to predict and prevent crime. The robots can read license plates, report suspicious activity, and collect data to report to their owners.” You can rent these R2-D2-like robots for $7 an hour – which is less expensive than a human security guard’s wage.

“Artificial intelligence is the biggest commercial opportunity for companies, industries, and nations over the next few decades” and “will increase global GDP by up to 14% between now and 2030,” which means that “AI latecomers will find themselves at a serious competitive disadvantage within the next several years.”

Techgrabyte

Artificial intelligence will soon be the driving force behind many services and, currently, we already see it implemented in such areas as:

  • Basic communication
  • Product recommendations
  • Content creation
  • Email personalization
  • E-commerce transactions
Reasons for Adopting AI

Just a couple years ago, Gartner analysts predicted that by 2020, AI technologies would be pervasive in almost every new software product and service – a prediction that Harvard Business Review seconded earlier in 2019.

One exciting example of AI in practice is chatbots (more on that later). Mastercard created a Facebook messenger bot – which uses natural language processing software to decipher what the customer wants and respond as if it were a real person– to automate handling payments

Businesses adopting AI in 2020 will be able to cut staffing costs and accelerate growth, getting an edge over their competitors.

Talk to the Chatbot

Chatbots will continue to be an important part of digital marketing in 2020. This AI-based technology uses instant messaging to chat in real-time, day or night, with your customers or site visitors.

  • Chatbots will power 85% of customer service by 2020
  • Top benefits of chatbots are 24-hour service (64%), instant responses to inquiries (55%), and answers to simple questions (55%)
  • 63% of respondents prefer messaging an online chatbot to communicate with a business or brand
  • By 2022, chatbots will help businesses save over $8 billion per annum
  • 80% of businesses claim they want to start using chatbots by 2020
You can request a ride from Lyft via chat (Facebook Messenger and Slack) or voice (Amazon Echo), and their chatbot will let you know the current location of your driver.

Many customers prefer interacting with chatbots as they are responsive 24/7, give answers promptly, accurately recall your entire buying history, and never lose patience. These virtual assistants offer outstanding customer service by meeting customers’ expectations and automating repetitive tasks– which means that you can focus on more important work.

Dominance of Videos

With Instagram introducing the new Reels feature to take on TikTok and almost 90% of all marketers using viode-marketing, this trend has proved it isn’t a fad.

92% of marketers who use video say that it’s an important part of their marketing strategy. This was 91% in 2019, 85% in 2018, 82% in 2017, 88% in 2016 and 78% in 2015

Video advertisements are already a popular medium for digital marketers. Facebook and YouTube are the oldest players in this field. But now Google is also entering the arena with in-SERP video advertising. Experts believe that this signifies the acceptance of video ads among users and will change the whole spectrum of online advertisement.

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Text-based content simply can’t compete with the power of video, especially when it comes to trying to sell products and services online.

In a mobile-mad world, people are watching more video than ever before, using smartphones to watch and share videos about everything, learning more about brands, and what they have to offer. 

Twitch has over 15 million daily active users, most of whom tune in just to watch live streaming videos from influencers like Ninja. Arguably the world’s most popular gaming influencer, Ninja, recently signed an exclusive deal with Mixer, which was a power play by the Microsoft-company in recognition of the expected value of live video streaming in the year ahead.

Here are some video trends that are gaining popularity-

  • Live Videos
  • 1:1 Videos
  • 360 degrees View
  • Drone Filmed Videos

Social Media is Here to Stay

If you think social messaging apps are just for sending emojis to your friends, take a look at these numbers:

  • 1.3 billion monthly users are active on Facebook Messenger:
  • 10 billion messages are sent between people and businesses on Facebook Messenger every month
  • WhatsApp has 1.6 billion active users and 55 billion messages are sent via every day
  • The top three social messaging apps – WhatsApp, Facebook Messenger and WeChat – have more combined users than Facebook or YouTube

Facebook is no longer the kingpin in the social media world. According to Forbes, 41% of its users are over the age of 65. While it is by no means struggling, it’s clear that Facebook is losing ground with the younger demographics, who tend to prefer the more visual, interactive experiences offered by Instagram, Snapchat, and the rising star, TikTok.

After the data breach scandal in 2018, Facebook has lost significant credibility. The once-dominant force is continuing to drop in popularity with younger demographics, with TechCrunch speculating that Facebook may be dead to Gen Z.

Social Media Users

Meanwhile, Instagram’s meteoric rise has already seen it pass one billion users, an impressive achievement. That means it’s one of the most rapidly growing social media platforms and, perhaps more importantly, much of its user base is the coveted younger demographic, especially under 30. Facebook is losing much of that cohort, due to its reputation as the social media platform for “old people.”

The social medias on the rise are-

  • Instagram
  • Snapchat
  • Youtube
  • Pinterest
  • Twitter
  • TikTok (prior to the ban)

Marketers should find a way to leverage these social media with their customer base.

Personalization is the Key

Personalization– When you switch on your laptops with Windows 10, you are often greeted with a beautiful image of nature or animals. Along with the image, there is often a small question to guess the place. There is an option of liking that image and asking Microsoft to show similar images. If you click on show similar, you can be pretty sure the algorithm is tweaked according to your choice and the next time you open your laptop, you will see a similar image.

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According to Gartner, by 2020 at least 90% of online advertisers will start using marketing personalization in some shape or form. And by 2021 there will be a significant increase in fully personalized websites.

Starbucks uses a gamified mobile app that draws on data like purchase history and location to get as personal as possible, allows customers to customize their drinks, and encourages further use with its rewards system – which skyrocketed their revenue to $2.56 billion

Many companies are dabbling in personalization, but only a few are excelling at it. Giants like Amazon, Target, Netflix, Nike, and Spotify have the data and analytical prowess to develop highly customized experiences.

  • 63% of consumers are highly annoyed with generic advertising blasts
  • 80% say they are more likely to do business with a company if it offers personalized experiences
  • 90% claim they find personalization appealing
  • Kevin George from EmailMonks asserts that personalized, triggered emails based on behavior are 3x better than batch-and-blast emails.”
  • Cadbury’s created a personalized video campaign that matches a Dairy Milk flavor with users based on data from their Facebook profile, including age, interest and location. The campaign generated a 65% click-through rate and a 33.6% conversion rate, proving that the personal touch works.

The primary benefit of personalized marketing is having the control to reach a specific group of customers. And by collecting user data from list segments, surveys, or studies, you’re better positioned to create more relevant and effective email campaigns towards targeted audiences based on their buying habits, interests, and behaviors.

One study shows that personalized email campaigns receive 29% higher email open rates and 41% higher click-through rates than traditional emails with no form of personalization.

Conclusion

So, as you can see, things are moving fast in the digital marketing world. This is no time for a business to stand still, as the younger demographics and more tech-savvy consumers of today want brands to connect with them in new and exciting ways that make the customer journey easier and more enjoyable.

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