Question

Provide examples of 'Phygital' and evaluate how banks are implementing them.

Answer 1

Ans:- Phygital is a type of marketing strategy where businesses use both physical and digital combinations to attract the customers where they try to communicate about their products or services through both the medium. This strategy has proved more effective as compared to solely physical or digital.

Example:-If we take the examples of filmmakers they use a Phygital strategy to target their audience. Through digitally they use social media such as facebook, Instagram, youtube etc to promote their films and attract customers and also they physically go to various places to promote their films such as on reality shows, award functions, and many other places.

e-commerce business is also using this strategy to communicate through both ways i.e digitally and physically. digitally business uses social media and the internet to promote their products also they promote their products in various other places like a shopping mall to attract their customers.

Banks is one of the classic examples of using this phygital marketing tool. Bank has started various online services like internet baking, mobile banking and they have also launched their apps for better customer experiences. They have reduced the vast amount of paperwork or KYC process which is now shifted on the digital platform. To gain confidence in customer they are opening hundreds of branches every year where a customer visits and gain trust for the bank because trust cant be gained online the more branches will allow the customer to engage physically with the bank which in turn will increase the confidence for that bank. This is how the banks are engaging their customers digitally and physically and using phygital as a marketing strategy to grow their business.