Demonetization Impact On Digital Industry
- February 13, 2017
- Posted by: Victorious Digital
- Category: Digital Marketing
Let’s start with Demonetization.
On 8 November 2016, our PM Narendra Modi had announced the demonetization of all ₹500 & ₹1,000 banknotes of the Mahatma Gandhi Series. Simply, Demonetization for us means that Reserve Bank of India has withdrawn the old Rs 500 & Rs 1000 notes as an official mode of payment. Demonetization is a step towards a corruption free India.
The reasoning given by Modi for demonetization-
1) To tackle black money in the economy.
2) To lower the cash circulation in the country which “is directly related to corruption.
3) To eliminate fake currency & false funds which has been used by terror groups to fund terrorism in India.
4) The move is estimated to expose more than more than Rs 5 lakh crore black money from the economy.
Demonetization Impact on Digital Industry.
Demonetization bought tremendous changes in digital marketing with some positive & some negative points. Various sectors of digital marketing are affected. After declaration of currency ban in India, there is an incredible fall in marketing only because of shortage of money. People immediately cancelled almost all Cash on delivery orders or many of them offering old currency to marketers which led to huge loss.
According to survey conducted on demonetization, 92% of the total population support the change. This implies over 90% will make buy by means of online medium… As an outcome, the entire situation of computerized exchange & cashless economy will win. The Ban bought change to many & helped the nation grow worldwide.
Digital marketing is faster & money-savvy.
Digital marketing became a staple for any business to survive under the demonetization change. Digital marketing allow us to be more competitive and focused because competition needs competitors of similar scope of potential. Moreover, there is no growth without fair competition. For this, our primary focus should be to study Digital Marketing. There are many institutes who offers the Digital Marketing course with affordable fees, in digital industry.
As digital marketing has different segments & all of them had impacted by demonetization. E Commerce is an expansive part which plays a key role in marketing sector as well as in person’s life & also, not an exception to be affected by currency ban.
E Commerce is moving completely towards digitization & people & marketers will include with through digital modes, like: cash on delivery replace with card on delivery, physical wallet replace with E-wallet, people will spend extra time on online marketing instead of going to local market.
Digital marketing has a great future in India on account of different reasons & demonetization is the other reason. As this will bring time of cashless India where digital media is being utilized for selling, & buying. People are moving towards Digital India & this is how Digital marketing can be accepted as an incredible future in India in coming years.
Demonetization was the big occasion for revealing many small businesses which can benefit all sectors of the economy. E commerce will have incredible future & it wills definitely a best-loved place for most of the need because of its accountability in marketing activities.
Our Prime Minister concentrated on the objective of making India Digital. The future will be controlled by the pattern of “GO CASHLESS”. This will definitely brings positive change in digital marketing.
Get access to nearby Digital marketing courses & grab an opportunity to survive in the short pain of cashless economy by moving towards Digital India.