MARTECH & COMMERCETECH HAVE ARRIVED

Share It

The MarTech landscape has undergone rapid evolution in recent years. From the inaugural Mirum India MarTech report in 2020 to the latest findings unveiled in the India MarTech & CommerceTech Report 2024, the industry has made significant strides amidst a world in transition.

With over 65% of the respondents allocating more than 16% of their marketing budgets to MarTech, compared to just 18% in 2023, it’s evident that MarTech has cemented its position as a strategic imperative across industries. Similarly, CommerceTech has transcended from a mere capability to a fundamental driver of growth, with 95% of respondents recognising its strategic importance.

While these statistics paint a picture of progress, a deeper examination reveals a nuanced reality – one where the distribution of MarTech and CommerceTech adoption isn’t uniform. The report, based on insights from over 250 marketing leaders across 11 industries, reveals disparities in adoption and viewpoints. One such example from the report is the CEOs and CMOs being aligned on the approach to selecting marketing technology with 72% of CEOs and CMOs preferring a MarTech tool that is a part of an integrated suite, while this number is 53% for CDOs/CTOs.

The report, presented in partnership with WebEngage, who has joined as a Retention partner and e4m who has joined as a Media partner, has a whole lot of such interesting data points shedding light on how the ecosystem has progressed. It also reveals a notable contrast in viewpoints among various roles, company sizes, and industries. While the report can be downloaded from www.mirumindia.com, here are a few select insights that marketers should not miss.

1. Over 50% of respondents confirm that their marketing strategy is driven by an equal mix of technology and creativity, but there is a catch!
Interestingly, this number was close to 70% last year. ‘Technology’, as an answer, seems to have made an upward shift by 16% as compared to last year. Perhaps, technologies such as GenAI, which are known to make wonders using prompts have brought this change.

2. Creativity (58%), and Data & Analytics (50%) take the top two positions when it comes to skills that respondents look for in their teams. This indicates that these two skills go hand-in-hand; a good left and right brain balance.

3. Company size dictates optimal strategies for establishing an online presence, however, direct-to-customer stays vital across segments
Given the lower barriers to activating branded profiles and larger reach, 60% of companies with under 500 employees strongly favour social commerce. On the contrary, larger corporations with over 5000 employees, since they have the tools and resources, seem to be strategically investing.

4. GenAI is much more than a tool to ‘improve content marketing efficiency’, but the use cases are not very popular
For over 35% of respondents, improving content marketing efficiency is the most sought-after reason for adopting GenAI tools. Prompt-based AI tools gaining popularity in the GenAI industry could be the reason for more organizations trying out what’s trending.

5. The growth in complete customer data unification nearly doubling year-over-year is a good sign, however, there still is a larger cohort that needs to bring in holistic data fluency
Over 20% of respondents confirming to complete customer data unification versus 13% last year, paints an optimistic outlook.

These insights highlight how MarTech and CommerceTech have firmly established themselves as cornerstones of business strategies, marked by diverse viewpoints and some ambiguity across industries, roles, and company sizes. As organisations navigate this complex terrain, the role of experts becomes paramount in unlocking the full potential of these tools.

In the words of William Gibson, ‘The future is already here – it’s just not evenly distributed.’ Embracing this reality, organisations can chart a path towards harnessing the power of MarTech and CommerceTech, guided by informed strategies and expert insights.