MarTech -The Digital Customer Experience Imperative| Nasscom Insights #Marketing #CustomerExperience

Over the last few years, Marketing Technology (MarTech) has witnessed continuous growth primarily driven by the expansion of the digital economy. This trend got accelerated during COVID resulting in a huge shift in consumer behaviour, increasing the importance of Digital Customer Experience (DCx). The report identifies the various opportunities, challenges, and barriers among enterprises and technology companies that are shaping DCx now and in the future. It also provides insights to help companies bridge those gaps and build a forward-looking DCx framework which would help enterprises in building a world class DCx; and would provide a go-to-market strategy for the technology vendors.

MarTech getting increased wallet share amidst growing digital adoption
Global marketing spending is estimated at $1.5 – $1.8 trillion
With software accounting for ~180 billion, and MarTech accounting for 80% of total software spending
Covid accelerated digital adoption by both customers and companies
Rise in digital commerce, social commerce and video on demand
Rise in the share of digital ad spending, and a push in acquisition of CX capabilities
Rising importance of DCx
Increased Digital adoption has pushed the importance of DCx
MarTech is increasingly focusing on building experience driven businesses
As a digitally engaged customer is more brand loyal and brings 3X annual value compared to an average customer
Key survey findings:
Digital customer mapping and direct engagement with the tech vendor is emerging as a key focus across enterprises
Cloud computing, advertising tools and marketing automation platforms emerge as top MarTech platforms in the new normal
Increased focus on the use of AI/ML, AR/VR and Voice Search/NLP across MarTech Stacks
Collaboration across departments and leadership has emerged as a key factor to derive value from MarTech investments
Key Recommendations
Proper utilization is an important factor to draw maximum benefits from MarTech implementation
Both enterprises as well as tech vendors have to re-IMAGINE the ways of implementing MarTech