The headlines keep spewing out paranoia:
AI is taking over hundreds of jobs!
Uber and Ola have all but replaced traditional cabs!!
The hospitality industry objects to predatory pricing by Oyo!!!
So, what does all this mean for corporates, marketers and industry professionals like you and me? Should we become paranoid too? Should we be doing something else instead? Is it already too late?
Here are some interesting statistics compiled by HostingFacts:
- There are 4.1 billion Internet users in the world (Dec 2018)
- China has the most Internet users for any country (~802 million or ~20 percent of total), trailed by India (~500 million)
- Amazon is responsible for more than 49 percent of all online sales and about 5 percent of all retail sales in the U.S.
- There are 3.7 billion global mobile Internet users (Jan 2018)
- About 75 percent of ecommerce sales in China are done via mobile devices
- Mobile traffic is responsible for 52.2 percent of Internet traffic in 2018
The combination of super-cheap data plans (as in Jio) and super-cheap smartphones (as in Android + China) is already making a dent in India. With a plethora of payment platforms (PayTM, RuPay, etc.) that enable everything from micro-payments and P2P money transfers to mutual funds and ticket booking, Indians are also embracing newer ways of dealing with money. And, we are only at the nascent stage of this ‘perfect storm’, as it were.
Whichever way you look at it, the Indian consumer is doing more on their mobile phones today than ever before. Even without the local language content that millions of them want and need. Even without high-speed internet access in their semi-urban and rural towns. Even if it means that their first exposure to the world wide web (remember WWW?!) is on a 2-inch device in their pocket.
So, if you think “going digital” means creating a website and posting some brochureware content on it that gets updated every quarter, you’ve got another thing coming. If you already have a web presence but it doesn’t render elegantly on a mobile screen, you have a lot of catching up to do. If you’re a marketer who thinks all this “AI” stuff is for the geeks in your IT department (or even for your ‘Digital’ team), you may need to learn some harsh truths real soon. And, if you think your business is all offline, so you can continue to manage it the way you have been doing for decades – may be you do need some paranoia in your life.
Voice, Video and Vernacular (content) are going to be the success drivers of tomorrow. Add Velocity to the mix, and you will have a potent combination of forces at play. The environment is certainly ripe for disruption. The only question is will you be making it happen, watching in wonder as it happens, or wonder what happened?!