What is demonetization? This whole term of demonetization can be defined as an act that allows the stripping or removing a unit of the present currency of its status of legal tender and this occurs and happens whenever there is a change in the currency that needs to take place or has already taken place.
The whole percentage taken proved that the country’s 86% of the currency was these circulating denominations. With almost no warning at all, the prime minister of India Narendra Modi in an evening of November 8 announces to the citizens of India that these notes of 500 and 1000 rupees would now become completely useless, worthless and the announcement was put into immediate effect.
Demonetization Effect Our India’s Digital Market
It was surprising to see how people of the country accepted this change and adopted the online methods of shopping and transfer of money. There was a sudden increase in the usage of E-wallets like Paytm, Freecharge, MobiKwik and a lot more online wallets like this. People were using the online modes of transacting money that made things easier for the people who are tech say.
The most surprising thing of all during this time was that even people who were a little reluctant to use online modes of paying bills and money transfer also started using this system and now they are using this system for most of their monetary transactions.
Even the online stores had come up with lots and lots of new and better offers that included cash backs, discount coupons on every second or third purchase and then there were these discount codes as well. The online markets in the country grew twice more than they actually grew in the last one year as everyone was buying things online. Even order food online was easy by websites like Zomato, meal on wheels etc.
Sudden growth in demand of online stores of grocery
There was a lot of emphasis made in the field of digital marketing when the whole process of Demonetization took place in India. It was a whole different ball game and India was now ready to take a leap in the hope of becoming a cashless economy, but this also came with its good and bad side.
Due to the improvement and developments being made every day in the field of digital marketing the process of buying and selling of goods has also become possible and feasible to majority of the people.
It is just like going to a shop and buying things and commodities that you need for your daily lives, only in this case everything happens with just a click of a button and you don’t go to your commodities the commodities come to you.
Many online grocery shops came into the mainstream due to lack of currency in the market and Indians actually started using these websites to full of their capacity.
Local shops also started coming online
There was a huge growth in the website designing and development industry as even locals shop owners started having their own websites and selling things online as well. The main reason behind this was that people did not have hard cash as before as everything had to be submitted into the banks so the shopkeepers had to make a way to sell their products somehow. So nearly 50,000+ new websites were designed in just 3-4 months and things got better for people.
Website designing agencies like GoDaddy had a bloom in their business as this was the cheapest and the best organization that helped the people of the country to get the websites through which they could sell things.
Lots of digital marketing courses and new advertising strategies
It was during this period that people came to know how powerful the online marketing industry is. So they wanted to know more in detail about it and hence some institutions came up with digital marketing courses and digital advertising courses where you were taught everything in detail about the online markets and how it works.
People actually understood the worth of the online marketing industry and started taking interest in it. Apart from that company like Nike, Adidas increase their sales with the help of advertising.
New advertising campaign and techniques came up and marketing on social sites like Facebook and Twitter become more and more strong and efficient. Indian digital marketing agencies started using this opportunity to get to the target customers and to gain sales and earn profits.
Increase in Online Shopping
This led to the emergence of online shop and also saw the introduction of many groceries also coming in the forefront of the digital market. In fact the whole process of online payment is so easy that it makes the person tackle the sudden ban of old currencies pretty smartly.
These online payments and transactions also come with a lot of benefits because if there is one thing that is growing at a good pace is the online payments, people are become more and more tech savvy these days and are willing to avail all the services that the technology has to offer.
As far as comfortable service is concerned, people would avail and use the services of the online payments rather than standing for hours and hours in front of an ATM or banks. There has also been a significant rise that has been noticed in the number of debit and credit card transactions that took place right after Demonetization. Even the vendors have now started to use the services of online payments.
How Demonetisation will change the future of Digital Marketing industry in long term
The whole process of Demonetization is certainly going to impact the country in the field of Digital Marketing as now things have become easy with the introduction of e-wallets or mobile wallets.
So the transferring money as well as making payments has become much easier because of the mobile wallets thus taking India to a future which could possibly become a cashless economy and so more and more people have now begun to fill up their mobile wallets resulting in the growth of the mobile wallets service providers in the country. This is the dream, the bigger picture that is prepared to take India to the heights of everlasting glory.