Google’s mantra for growth is clear, it is time companies serve the 3Vs of the upcoming digital medium — Voice, Video and Vernacular language. In this article let us understand why Google and the world are fascinated with this.
The search giant mentioned that access to technology and products in Indian languages will only improve user experience, and data analysis, analytics, augmented reality. Further, virtual reality and data science are set to be the new technologies of the future of digital media. The statement is made by Rajan Anandan, Vice-President, South East Asia and India, Google. He further said artificial intelligence, machine learning and automation are set to cut across all of these, and every advertiser and company have to focus on the 3V’s to expand their business.
If we quote him word to word, this is what he said: “In this world of faster evolution cycles, smart people across industries want to learn, and to be governed or managed by really smart people. Skills are going to be critical”.
He further noted that “the machine vs human” conflict has already started, and that he has been a part of several discussions on “whether the machines will decide what am I going to do,” Anandan said: “The premium now is on learning. Learn very fast and keep re-learning or you are toast,” he said.
According to Google’s VP, 400 million users are online monthly, and corporate CEOs who do not understand digital are likely to fail, thus he spoke at length about the reach of the vernacular medium. He said that to harness the power of the world wide web and to reach out to non-English speaking people on the web, marketers would need to make ads in local languages. He mentioned this as well, “Today, there is a 50 per cent probability that if you are showing an English ad, the person who is watching it does not understand it.” Further, what is also important is vernacular digital assets. This is because the website, app, landing page or transaction page has to be in the local language to reach more consumers. This is more likely to double conversion rates.
According to a recent study by KPMG, internet surfers in vernacular languages have grown from 42 million in 2011 to 234 million in 2016. Further, nearly 70 per cent of Indians consider local language digital content more engaging. By 2021, it is estimated that over 201 million Hindi users will form 38 percent of the Indian internet user base. Nearly 90 percent of them are more likely to respond to a digital advertisement in their local language as compared to English ads.
After reading Google VP’s take, it is clear that digital is the future of marketing. Let us have a look at the numbers too, see what they say –
- According to research, 71% of consumers are more likely to purchase products and services based on social media referrals.
- The same research states that 54% of social media users use social media to research products.
Therefore it can be concluded that the internet has facilitated better one-to-one connections thus helping in faster decision making. This is a sign for businesses around the world to re-align marketing strategies with digital at the core as the upcoming digital trends will shape the future. Previously, digital was driven primarily by ads, referrals or user search but recently with technology becoming more accessible and vibrant demography using it, the ones that have found the most traction are commonly referred to as the 3 Vs of digital – Voice, Video and Vernacular.
Let us understand them one by one.
A study states that nearly 54 percent of the Indian population uses at least one wearable device out of which 30 percent use a smart TV, 16 percent use a voice assistant speaker like Alexa powered Amazon Echo devices or Google Assistant driven Google Home, 36 percent use smart home devices like Internet connected home audio systems, lighting or thermostats. Here are another set of facts as stated by The Voice Playbook
- Out of the worldwide search volume, 28% is voice search across the internet in india
- Hindi searches are going up by 400% year on year.
In 2016, Indians got the Jio powered internet that was accessible easily. With an increasing urban population and the little time they have, voice search provides the flexibility of multitasking. Thus, almost every device, as well as apps today, are voice search enabled in some form or the other. Therefore it is only a matter of time before voice becomes the primary source of search. Voice lets people search easily, including children, elderly and modestly educated. Therefore, the Google USP of voice search is a highly targeted search as mostly driven by long-tail keywords.
In the FinTech domain, Voice can be used for commands, transaction authentication, KYC along with Video, translation, advisory services for wealth to crop management services. It can further be used for Identity, Authentication, Personal Finance, Banking, Advisory and Insurance.
Youtube is used by a whopping 225 million Indians thus it directly implies the preference of video over other formats of content consumption in the country. Even, Indian video content delivery platforms are rising quite fast, especially with the popularity of OTT and the ban of TikTok. Even industries like entertainment, news, marketing, edutech, social networking and some more have moved to video content consumption. According to Oberlo, 87 per cent of companies used video as their medium of digital marketing in 2019 as a video has a higher engagement rate and higher retention too. The USP of video is the higher engagement of the users.
Video in Fintech can be used for KYC Authentication, digital content consumption, learning, entertainment, banking, e-commerce, Interactive Video etc. In Germany, Video KYC is already quite a popular method of verification. It also makes the process of Consumer onboarding hassle free.
As Rajan Anandan stated, “Today, there is a 50 per cent probability that if you are showing an English ad, the person who is watching it does not understand it”. This is because of the higher penetration of the internet beyond the English speaking minority. Hindi searches are increasing by 400% year on year. This is because with easy access to technology, the demographics of the internet has expanded. Even children, elderly and modestly educated it will only be into the voice search vertical that too in vernacular platforms (probably).
According to Sapna Chadha, Senior Marketing Director, Google India and Southeast Asia, 90% of India’s new internet users are choosing to consume content in their mother tongue and that is massive. The USP of vernacular is to reach to first time users and that too a loyal bunch, higher personalization appeal.
In Fintech, vernacular based applications and systems will add more people to the mainstream Fintech apps, hence increasing the market size and fueling the demand for technology-based services. AI and its components ML and DL, NLP can help. Vernacular means more financial inclusion.
To summarise the article above,
- Voice could be helpful for KYC, Personal Finance, Banking, Advisory and Insurance.
- Video is meant for KYC too. Further, it can educate people on personal finance and other Fintech offerings.
- Vernacular add more people to the mainstream Fintech apps and should be exclusively undertaken if need be.