65 percent of brands now investing more than 16 percent of budget towards MarTech: Mirium India And VML Report

Last year, only 18 percent of brands were allocating a portion of their budget towards MarTech.

By  Storyboard18Mar 21, 2024 3:17 PM
65 percent of brands now investing more than 16 percent of budget towards MarTech: Mirium India And VML Report
95 percent of respondents view CommerceTech as a strategic growth driver for their organizations (Representative Image: Mathieu Stern via Unsplash)

Mirum India and VML, part of the WPP Group, launched the 'India MarTech & CommerceTech Report 2024' today. The report offers a comprehensive exploration of India's MarTech and CommerceTech landscape, encompassing current trends and anticipated evolution over the next three years.

Building on insights from previous editions, the increasing role of online commerce in organizations prompted us to expand the scope of the MarTech report to include CommerceTech and make it more holistic. 

A standout revelation from the 4th edition of the report is the significant shift in budget allocation towards MarTech, with over 65 percent of brands now investing more than 16 percent, compared to only 18 percent of brands doing the same in 2023. Further, into the report, multiple proof points indicate that the MarTech landscape has now matured.

Over 65 percent of respondents (47 percent higher than last year) spend over 16% of their budget on MarTech

95 percent of respondents view CommerceTech as a strategic growth driver for their organizations

Gen AI sees gradual adoption, 20 percent of respondents consider it integral to their Marketing strategy

Commenting on the report's launch, Mihir Karkare, Managing Director, Mirum India, said, "The India MarTech & CommerceTech Report 2024 is a culmination of responses received from over 250 marketing leaders alongside some great quality interviews. This integration with the design theme creates a wonderful sense of how MarTech, CommerceTech, and advertising are evolving together. With every edition of the report, we have seen the MarTech landscape evolve. The 4th edition is even more noteworthy with some surprising insights, industry-wise preferences, role-wise viewpoints, and more – everything packaged in one report!”

Amit Gupta, Managing Director, VML Commerce, added, “Today, the act of 'add to cart' has transcended mere convenience; it has become the cornerstone of modern commerce. This corroborates with the data revealed in our latest report indicating CommerceTech has evolved beyond its roots in Ecommerce, emerging as a strategic growth driver for businesses across diverse industries. Today, while the landscape has matured, marketers are looking at external partners to support their MarTech and CommerceTech strategies. I invite all the marketers to explore the report further, you'll uncover a wealth of captivating insights.”

First Published on Mar 21, 2024 3:13 PM

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