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The Modern Marketing Summit or the MMS brought technocrats, pioneer business heads, marketers and top-notch sales executives from some of the most successful brands on a single platform. The agenda of the summit was to share ideas and strategies to revolutionize the core marketing that brands implement to engage with the end consumers. Although, the focus was mostly on grabbing the attention of end consumers what rather seemed interesting to me was the efforts that are being pushed to have a grip on the concurrent technologies that are successfully running the show in western markets.
Augmented Reality and Virtual Reality: A fresh perspective!
The age of interactive gadgets and technologies has already dawned upon us and what should have been a rather bright morning for such innovations has actually turned into a sluggish start. Take, for instance, the VR tech which holds an immense potential for almost every business segment that involves offering an experience to the consumer. The inception of Virtual Reality was an attention-grabbing eventuality, however, the technology has taken more time than expected to reach the mainstream and a targeted channel is driving sales. Analysts have also started pulling down the projections.
With the global scenario taking a lazy turn it would be an injustice to expect the Indian market to keep up where end consumers are more usage centric rather than tech savvy. On the other hand, this does not mean that the VR adoption won't scale up. Latest projections suggest that 2020 will be the year of VR and much younger Augmented Reality which has been the center of attraction for several product-based brands. Indian marketers recognize the opportunity well enough and a significant amount of investment is being flushed in to drive the change.
Indian tourism industry already has big plans for the technology. Education and information facilitating industries have already started rolling out initial versions of apps that have the potential to change the way we have been perceiving new experiences.
Artificial Intelligence and Chatbots: Enhancing consumer engagement!
Artificial Intelligence is being adopted swiftly to increase efficiencies of businesses. Several industrial systems are already relying on the well tested and trustworthy machine intelligence that not only speeds up work but also reduces risks of error.
When it comes to marketing, Chatbots are already being seen as a change driving innovation and Indian brands are adopting it more swiftly than ever. Such is the reliability on the technology that even banking sector is using to register new accounts and customers. One of the prominent speakers on the topic was Mr. Manish Agarwal, Senior Vice President - Digital Business, Kotak Mahindra Bank. He shared an insight on the use of chatbots and AI to speed up time-consuming processes. He mentioned that chatbots have the potential to turn into a comprehensive system that is not limited to consumer support.
It's all too well known that human interaction can be far more time taking and tedious, on the other and chatbots are programmed to work restlessly. We have already seen Haptik receiving substantial investment from western investors. Its partners include one of the biggest players in e-commerce, Amazon.
Where do we stand?
Well, to sum up, it was well established during that summit that the latest of technology is not only well within the reach of Indian brands but there is an immense prospect for showrunners in it considering the involvement of end consumer.
From marketing to customer engagement and support AI, AR, VR, and chatbots are ready to lead the change. It will certainly take time but the pace at which the Indian market is so willing welcoming the technology gives us an insight of the great future it has.
Considering the fact that a successful business model is based on the adaptability to change, we have already seen several industries making themselves future ready. More investment will certainly pour in once these innovations lead their early adopters to the pinnacle.