Introduction
The digital revolution has irrevocably transformed how brands connect with their audience. As India emerges as a global economic powerhouse, with a projected $10 trillion economy and a burgeoning middle class, the opportunities to capitalize on this growth for a sustainable branding strategy are immense.
“Over the next 10 years, you’ll see that India is one of the only economies to enter the 10 trillion-dollar club. When we’ve seen other countries go through this type of growth for a ten-year period, those have been called the miracle years.”
– Sandeep Murthy, Partner, Lightbox at IDS 2024
Such miraculous growth fuels demand for diverse products and services, allowing brands to capture a larger market share. It also paves the way for innovation and technological advancements, enabling brands to reach consumers through diverse digital channels.Leveraging digital transformation to build a strong brand identity
India accounts for more than 46% of global real-time digital transactions. With a surge in seamless transactions, businesses, particularly in e-commerce and fintech can optimize operations and reach a wider audience.
The digital revolution is complemented by a significant infrastructure development–construction of 148 new airports and expansion of road networks. This innovation is empowering businesses to accelerate deliveries and penetrate both urban and rural markets, solidifying their position as trusted and innovative brands.Driving growth through local manufacturing
India’s share in global manufacturing has increased with initiatives like ‘Make in India,’ opening doors for brands to increase local production. This shift will ensure lower costs and better resilience in the supply chain.
- 99% of all mobile phones sold in India are now made in India.
- 45% of global capability centres are based in India.
Investing in local business opportunity and production also reinforces a brand’s commitment to quality and sustainability, enhancing trust and loyalty among customers.
Brand resonance and business growth with digital storytelling
“If you’re digital-first, then content, community, and creators also need to be centralized.”
– Naiyya Saggi, Co-founder, The Good Glamm Group & CEO, The Good Community at IDS 2024
At India Digital Summit 2024, Indian filmmaker and entrepreneur Goldie Behl highlighted the rising popularity of short-form and interactive content enabled by platforms such as TikTok and YouTube Shorts. Such platforms respond to dwindling attention spans pushing creators to write impactful stories within a limited timeframe.
These shifts present new opportunities for brands to enhance customer experiences. For example, digital platforms allow brands to reach diverse demographics while interactive experiences foster engagement. With versatility in these formats- audio dramas, podcasts, gamification, AR/VR- customers become active participants in a brand’s narrative.
The way forward
India’s rapid economic growth, technology transformation, and the evolving landscape of digital storytelling present unparalleled opportunities for businesses and content creators. By leveraging India’s robust digital technology infrastructure and adopting innovative storytelling formats, brands can craft compelling narratives that resonate. A well-aligned branding and marketing strategy will empower companies to adapt to these shifts, connect meaningfully with their audience, and stay ahead in a competitive marketplace.
