As we bid adieu to the whirlwind of 2023 and catapult into 2024, the marketing world is brimming with anticipation, poised for a transformative leap. The landscape is evolving rapidly, shaped by technological advancements, changing consumer behaviours, and a growing emphasis on ethical and personalised marketing. To navigate these waters, we turn to industry experts who offer us a glimpse into the trends that will define the year ahead and will help brands stay relevant, engaging, and ahead of the curve in the dynamic world of marketing.

The Dawn of AI in Creative Marketing

Throughout the year, we've witnessed Artificial Intelligence revolutionize brand strategies, offering unprecedented personalization and efficiency - setting the stage for an even more AI-centric 2024. Imagine a world where artificial intelligence isn’t just a tool, but a creative partner - and that is what the vision for 2024 looks like - where AI completely reshapes how brands interact with consumers. According to Sandeep Anand, EVP and Chief Marketing Officer, Domino’s Pizza India, “We've already started using AI a lot as marketers, but I think it's just the beginning. AI will develop even further and for marketers that will be a big trend to leverage and churn out more creatives, better creatives, and customised, personalised content. That is the biggest trend that any marketer needs to be watchful of in 2024.”

Echoing this sentiment, Sunder Balasubramanian, Chief Marketing Officer, Myntra highlights the integral role of AI in enhancing both on-platform and off-platform experiences. “What we will also continue to push is the adoption of technology and AI in everything that we do,” he explains, detailing how AI not only smoothens the purchase journey on their platform but also brings innovations like the virtual influencer Maya, a testament to the off-platform capabilities of AI.

Growth of Cohort Segmentation & Social Commerce

In the dynamic world of fashion and retail, the secret sauce to success is evolving segmentation strategies. In the vibrant corridors of Myntra, CMO Balasubramanian is busy painting a strategy for cohort-wise marketing. He mentions, “We've seen that our approach of cohort-wise marketing, messaging and driving user and customer growth has worked for us. And that is the bedrock of how we're going to keep pushing boundaries. Within that, as much as we will see our core growth happening, we see a lot more growth coming out of Gen Z and we see a lot more growth coming out of men as well.”

Apart from AI and cohort segmentation, a continuing practice at Myntra will also be to keep innovating, testing, experimenting and building. He expects Minis - Myntra’s video content - to meaningfully grow next year; adding, “This year, from a social commerce perspective, we saw 85,000 content pieces. And how do you build on that trend? You've got to create it in a format of what works for India versus benchmarking it in terms of what works in the other countries. I think we've had a fair amount of success in doing that across static, video or live, so we’ll continue to build on that front.”

Elevating Consumer Experiences

2024 will also mark a shift in the alcobev industry, with a growing focus on premiumization and digital experiences. Additionally, it will not just be about what’s in the bottle, but the values and experiences that come with it, especially for the eco-conscious and tech-savvy younger generations. Varun Koorichh, Vice President Marketing & Portfolio Head, Diageo India, highlights this trend, stating “As GenZs and millennials come into the category, sustainability and driving purposeful brand positioning will be a trend. More and more brands across the board will be communicating at a deeper level with the consumers.” The drive towards digital transformation and e-commerce will continue within the category.

He further echoes the sentiment on the use of AI and adds, “To ensure that we can offer amazing experiences to our consumers we will leverage technology such as AI. We will also be leveraging technology in experiential marketing to bring some amazing activations to life.”

Indulgence & Performance Redefined

Chocolates are no longer reserved solely for special occasions but have seamlessly integrated into everyday moments. This trend is expected to double the category's growth within the next 4-5 years. Highlighting some key trends in the industry, Ankit Desai, Marketing Director, Hershey India shares, “Higher disposable incomes, increased exposure, and evolving, discerning taste palates have been propelling the growth for premium chocolates.” Additionally, he also identifies 'permissible indulgence' as a growing trend, catered to by Hershey's diverse chocolate portfolio.

Desai further emphasizes the ongoing relevance of AI in marketing, "The trend of AI will persist," he notes, underscoring its role in enhancing customer experiences. Finally, he points out the importance of performance marketing in maintaining effective brand strategies and consumer-centric approaches in a rapidly changing market. He acknowledges the general trends in the FMCG sector with the integration of advanced technologies, ongoing innovation, and the use of data and analytics.

Crafting a Sustainable & Collaborative Future

In 2023, brands and consumers established that sustainability isn’t just a buzzword; it’s the future of marketing and how brands operate. NIVEA India’s Marketing Director, Sunil Gadgil envisions a world where ethical marketing and sustainability are not afterthoughts but core strategies. He mentions, “As consumers become increasingly responsible, beyond just promoting products, the aim will be to showcase brand values and initiatives that contribute to a more sustainable future.”

Collaboration will be another big trend in 2024 for brands, says Gadgil, “Collaboration will continue to be a driving force. Partnerships with celebrities, influencers, and innovative cross-brand drops will be explored to maintain momentum and captivate the audience.”

In line with other marketing experts, he adds that with evolving consumer expectations, AI-driven interactions will play a pivotal role. Leveraging technology to facilitate genuine, two-way dialogues with the audience will ensure a more personalized and engaging experience.

Embracing Vernacular in Digital Advertising

Finally, the power of local language in digital advertising will come to the forefront in 2024 as well. Azhar Iqubal, CEO and Founder, Public App emphasizes, “A recent Kantar study revealed that more than 50% of the Indian population aged 15 to 55 lives in tier 2 and tier 3 towns. This makes it imperative for brands to leverage platforms that reach these audiences. Vernacular advertising becomes key in this scenario to not just reach but effectively connect.” This approach brings a personal touch to the digital space, connecting brands with the heart and soul of India's diverse population. He further highlights that new ad tech formats coupled with immersive technologies will further fuel the vernacular digital advertising trend.

In summary, 2024 is not just another year on the calendar; it’s going to be a window to an era where marketing transcends traditional boundaries, driven by AI, sustainability, and a deep-rooted understanding of consumer dynamics. Here's to 2024 - the year when marketing gets a whole new playbook.

Hello, 2024. We're ready for your close-up!