Although the government’s recent move to demonetise Rs. 500 and Rs. 1000 notes have left a lot of people scrambling for cash, digital payments have been seen an explosion in promotional activity. Brands across sectors have increased their marketing spends by 50-70% to promote digital transactions. E-wallet brands have capitalised on the situation to acquire new consumers and have increased their digital marketing by a staggering 120%. Retail brands, on the other hand, have reduced their digital communications by 20-30% owing to most online orders being made with the cash-on-delivery option. Banking firms have increased their marketing communication by as much as 200-300% to keep people informed about their services and build brand loyalty. Mobile push notifications and SMS have emerged as the most used digital marketing tools by brands in the BFSI and e-wallet segments to engage with their target audience post demonetisation.
Opportunities aplenty for e-wallet brands