Hanging on to the basic reasons of sterilizing black money and fake currencies, Demonetisation came like a hurricane to the Indian Subcontinent. While most citizens cheer the game-changing ban, let us face the fact that the common man (and woman) in the suburbs of India have had one of the most challenging times of their busy-bee life since the ban.
An entire nation was held by the neck to curb a small sector of the Indian Economy pie chart. But looking at the reality, where actually is this headed?
We cannot predict for sure.
But we can certainly glimpse a looming trend in the whole scenario. Chances are that the move might even benefit you, owing to the Digital India tag to the ban. The politics behind this move are beyond us right now. However, what is obvious is the impending digitalization of every sector in the Indian economy and industry.
There has been a humongous increase in the download of cash wallet apps and transactions via these wallets since demonetisation and the situation is odd that people are finding peace in the largeness of their virtual numbers in their banking apps and internet bank account statements. All of a sudden, real physical cash has become a burden to the masses.
Furthermore, economists are voicing support of the decision and are of the opinion that demonetization might boost growth of the economy in the long run.
Real Cash might be a burden, after all.
More specifically, the expense of transactions and handling of actual currencies in the overloaded Indian economy has been found to be appalling. Considering the huge expense to maintain the flow of money itself in an economy can be disintegrating in the long run.
It is nothing less than convenient as long as you have availed the facilities beforehand. While the run and wait for own money is still amok, the air has slightly seemed to still as people are converting themselves into fans of a few keystrokes.
Redefining the economy out of the blue is a giant leap. The leap has both benefits and drawbacks. While the small vendors and rural farmers seem to be given the axe, the modern business entities have a choice. Digital India is a conspicuous goal in the process of demonetisation, although the claims are that it is to undermine the black money and fake currencies hoarded in the Indian economy.
The sudden ban has made all of us take the queue and take the blow. And that the Government has not been very efficient in resolving the common man’s societal suffering in real time after innocently (seemingly) galling the whole nation only makes it all the more pathetic. But let’s put off the empathizing for another day. Everybody is doing it.
Let’s talk about what works in this situation. In business, to be precise.
While endangering the small vendors and local stores is not the way to digitalise India, Demonetisation has paved a path that is leading us to the convenience and novelty of meeting our daily needs online. The hibernating dream of Digital India is about to take form. And the rush and suffering is not here to last anyway.
And that’s why you need to think about your business once again. In terms of data.
The flow of events is quite obvious.
Demonetisation Hike in Use of Virtual Money
Plastic Money (Cash cards, credit/debit cards) for shopping and more
Netbanking for purchases, fund transfers etc.
Cash wallet apps and sites to pay bills, recharge, transfer money etc.
What’s the Outcome to be Expected?
More businesses turn digital
Marketing, canvassing and selling become a matter of keystrokes
These transformations need your attention because you reap tomorrow what you sow today.
Here’s What You Can Sow for Your Business in the Light of Demonetisation:
Your business, small, medium or large, is part of an economy that is currently undergoing drastic changes with unpredictable results. But some things are here to stay, like going digital, since its advent took place a while ago. Just that it hadn’t seeped into the Indian infrastructure that well. However, today, your existence is acknowledged more or less with where you are present and how.
Speaking of which, we have to talk about digital marketing.
Digital marketing becomes a staple for your business to survive under this change.
Here’s how Digital Marketing can benefit your business and you.
A large share of your investment in your business apart from property and manufacturing goes to its sales and marketing. Establishing a brand, propagating your brand and making it stay is not child’s play. It takes time, effort, skill and money. Digital marketing is a saviour in all these aspects of investment.
Digital marketing enables you to be competitive because competition needs competitors of the same range of potential. And most of the world has embraced digital marketing and branding. Besides, there is no growth without fair competition.
Digital marketing is faster. Well, that needs no further explanation. You know the words like viral, popular, recommend, tweet, share, etc. already. It renders you dynamic enough to be in sync with the dynamic economy and market.
Digital marketing is money-savvy. You get more for the same money you would otherwise invest in snail-marketing (okay, that’s neologism). And snail-marketing (read traditional marketing) is old-school (there were only black boards, no smart screens).
Infiltrating several realms of target audience with mass psychology is almost guilt-free with the wide use of social media, unlike the old-fashioned soliciting.
Digital marketing gives that virtual streak to your business that connects your real-time business to a vast world of consumers because it brings the globe to your fingertips.
Digital marketing empowers you by putting a lot at your disposal. Be it marketing or organizing an event, be it notifying changes or handling harried customers – you have a grip on it.
Measuring growth is simpler and real-time. You get the numbers exactly and this can directly push you to better if you’re poor and excel if you are good.
Connecting with your customers becomes more real, quicker and efficient.
This is just the top of the gold mine digital marketing is. For a large industry business, the need for digital marketing is not a question to ask. But as far as small and medium enterprises are concerned, it is a choice to make favoring growth. And often, SME’s benefit more from digital marketing than already established large enterprises.
Digital marketing is the wheel that carts the world to your neighborhood and help you flourish in every which way. And most importantly, it is the key to handle and survive sudden changes in the economy like demonetisation since most SME’s sail forward with cash.
Furthermore, with demonetisation, many high-end businesses are likely to meet a dip in their investments due to many factors. Luxury properties and black money invested enterprises are most likely to plunge.
That said, perhaps, demonetisation was the big event for unveiling many a quality small business enterprise which can benefit all sectors of the economy including customers. Grab the chance to survive the transient pangs of a cashless economy. Because, if one-day cash bills become extinct, you are still going to want to keep your beloved business.
And digital marketing seems to be the answer.