The Evolution of Marketing in The Digital Era

Introduction

Digital and technological advancements have been a topic both analyzed and criticized over the decades by numerous perspectives and acknowledged publications. By being the enabler of connectivity, financial inclusion, access to trade and public services, digital technology has become a significant equalizer for the world, while having progressed more speedily than any other innovation in comparison. Like all other areas of business and trade, digital and technological advancements have reached businesses’ marketing functions. Due to this, the techniques of marketing have evolved, and has become much more dynamic even though the marketing principles remain constant. Social media, artificial intelligence, Clickfunnels, the Internet of Things and the Cloud are some of the technological platforms and inventions that has led to the advancement of marketing. Technological breakthroughs such as these resulted in benefiting producers, sellers, buyers and consumers. Much similar to a coin having two sides, advancements in digital technology, has its drawbacks as well. Therefore, this review will discuss in broad, the evolution of digitalization and digital platforms with debates regarding the advantages and disadvantages of e-commerce and online social network sites.

The evolution of digital and technological advancements in marketing

Digital marketing is advertising carried through internet and online based digital technologies such as desktop computers, mobile applications, emails and other digital media platforms to promote goods and services. Digital marketing can be done online and offline, both ways of significant importance for a well-balanced marketing strategy.

The talks of digital marketing first emerged in the 1990s with the development of the Web 1.0 platform, which allowed its users to find the information that they needed. Before that, marketers globally were not so certain of the digital platform This revolution granted access for companies to connect with consumers and investors in the outside world. Soon others followed including the first clickable banner going live in 1993. The launch of Yahoo and other new technologies arrived in the digital market place in 1994. Wholesale changes in the digital marketing space took place with Yahoo receiving almost 1 million hits within its first year of launching, thus leading to companies trying to gain higher search engine rankings by improving their websites. Many search engines like HotBot, LookSmart and Alexa emerged into the digital market shortly after, to reap the benefits enjoyed by Yahoo.

While taking in today’s extent of marketing strategies, it is evident that offline marketing strategies such as the use of TV commercials and radio commercials have become less of importance and beneficial to companies, as internet and social media platforms provides more innovative and faster way of executing marketing strategies. A few decades back, offline digital marketing strategies such as billboards were favored more, but it has evolved into mobile marketing and emails at the present time.

One of the main digital marketing trends that has been taking lead is artificial intelligence. With it being economically savvy and exceptionally versatile, its consistency and principle-based activities empower actions to eliminate mistakes. At present, Amazon and Netflix already possess built-in Artificial Intelligence features that aids with transactions and recommendations. Artificial intelligence is expected to be the norm in digital marketing strategy, having to do with its progressively precise ability to examine consumer behavior and feed into a more collaborative and tailored purchasing experience.

All in all, digital revolution has given development to relationship marketing that focuses on consumers, industrial or business marketing with focus on organizations, and social marketing which focuses on the benefits to society. In addition, the most important emergence in digital revolution has led the way to internet marketing.

Rise of e-commerce and online social networks

Advancement in technology through the spectacular development of Web 2.0 has paved the path for the emergence and rise of online social networks and e-commerce, and marketing. Online social networks and e-commerce sites, are complementary tools in aiding e-marketing rather than being substitutes of one another. At one end of the pole is e-commerce, which involves the purchase and sales of goods, products and services over the internet. It also involves the transaction of money, funds and data. While at the other end stands online social networks, which are websites that supports and develops social networks through the internet with the use of Web 2.0 tools. 

E-commerce is one of the fastest growing industries in the global economy, and is estimated to become a $27 trillion industry at the end of the running decade, with Amazon, Flipkart, Shopify, eBay and Quikr being few examples of e-commerce giants. Using all the available digital marketing channels simultaneously will ensure the success of e-commerce for businesses, as competition is severe, and technology is ever changing. Both onsite and off-site efforts to incorporate Search Engine Optimization (SEO) and Search Engine Marketing (SEM) into marketing strategies are some of the ways of succeeding by ensuring a business’ e-commerce store is optimized for search engines as over a quarter of consumers start their online shopping experience on Google.. Another means includes content marketing, where focus is placed on appealing to customers by entertaining them or helping them solve daily obstacles, rather than on selling. Whether it be a short blogpost on how to use the item the business sells or how to make use of them such as through a cooking video and how it is made by Lush on YouTube which shows how Lush makes their bath and body items, content marketing can create awareness and in doing so ensure new and loyal customers. Content creating can be done through YouTube, Instagram and even business owned Website blogs. 

Furthermore, via the use of apps, having a mobile strategy is more evident than ever, since internet browser is no longer the sole software while accessing the web. It could be said that there exists a connection between social media marketing and mobile marketing as social media marketing branches out to it using apps, which is linked with mobile marketing. With over 3 billion people using internet, within this number involving 1.52 active Facebook users daily, over 300 million Amazon shoppers and 5.6 billion Google searches every day, digital marketing should adapt its strategies in a way it is inclusive of social media marketing and social media networks, in order for e-commerce to hit success. Focusing on the inclusion of paid social media will ensure vast exposure and attracting customers, apart from the set promotions on e-commerce sites itself exclusively. Companies can create profiles in social media platforms, which is free of cost, and similar to its users. The profile can be of the company as a whole or specific to particular brands of the company. With the help of the profiles created, online social networks can produce effective viral marketing and boost sales, online. In controversy, the effectiveness of recommendations and word-of-mouth marketing depends price and product category. It is also complex as well, with the structure and interest of the social network having to be considered 

Therefore, the purpose of both platforms; e-commerce and online social networks, vary. Online social networks are targeted to communicate and maintain social relationships, while in controversy, a commercial goal is attached with e-commerce. However, fiscal activities are harmonizing with social activities as they are an essential part of life, since relatives and friends greatly influence one’s financial decisions. Thus, the division of e-commerce and online social networks are incredible much like dividing the social interactions from economic and business transactions are artificial. Due to the high circulation in online social networks such as Facebook, Instagram and Twitter, these networks have become ideal locations for publicizing brands and products that would boost the success of e-commerce. This situation promotes a virtual partnership between online social networks and e-commerce, with tools such as Payyment and Ecwid, that allows the expansion of abilities of online social networks to e-commerce.

Organizations and consumers are both affected by the advancements in technology and e-commerce, thus the impact being massive. With the aid of online social media platforms, access to viable marketing data has become greater than ever before to businesses. usinesses are also benefited from global wide reach to customers, as they are no longer confined to geographical constrains. E-commerce also lowers costs for businesses substantially as it removes the need for certain fixed costs. It builds a greater connection with customers through content marketing, quicker feedbacks and replies, and faster deliveries of goods. E-commerce also benefits consumers, from the ability to shop at their convenience, anytime, anywhere. They are able to access products from all over the world, with platforms such as AliExpress, Alibaba, Amazon and eBay delivering goods to customer doorsteps in matters of hours and days. Just like businesses’ having potential to reach a wider audience, consumers are exposed to many online sellers, allowing them to reap benefits from price comparison. As a result, prices of goods and services have tilted towards consumers, benefiting them. 

Although some fixed costs are no longer a concern, the start-up cost of e-commerce sites upsurge, with the setup of hardware and software, training of employees, and the constant need to always stay ahead of consumers through digital marketing and maintenance of everything involved. Trusting the digital era and e-commerce is hard on both consumers and sellers. Cyber-attacks, identity thefts, credit card thefts, data frauds and theft are threats that were not traditionally associated with physical shops. In addition, even if customers may be closer to its sellers, e-commerce may still present to be an impersonal way of interaction. 

Conclusion

Presently marketing is experiencing positive impacts in as a result of its own growth and expansion linked digital and technological advancements and social media platforms. Thus, to stay at the same pace with digital marketing transformations, businesses need to constantly evolve with the changes and intellectually mature. Businesses should be ready to adapt changes in social media platforms and digital marketing, and is so the case for businesses undertaking e-commerce. Digital marketing tools that are expected to lead the future of technological development such as artificial intelligence, Augmented Reality and Internet of things should be at the for-front of any business dipping its toe in digital marketing and commerce. E-commerce researchers should also monitor the developments in the direction of the integration of online social networks and e-commerce into social commerce, which would remarkably implicate e-commerce as well as e-marketing.

References

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• Francisco J. Mata & Ariella Quesada (January 2014) Web2.0, Social networks and E-commerce as marketing tools : Journal of theoretical And Applied Electronic commerce Research:https://scielo.conicyt.cl/scielo.php?pid=S0718-18762014000100006&script=sci_arttext&tlng=e