Demand for compelling visual branding is increasing as businesses digitalize: Deepak Verma

The stock image industry is estimated to grow at a CAGR of 6.8% between 2023 and 2032. It is a promising industry with well-established brands such as ImagesBazaar and others having a dominance in the industry and is expected to grow even further. ImagesBazaar was founded in the year 2006 by well-known photographer, entrepreneur, and motivational speaker Sandeep Maheshwari with just 8,000 images, which were shot by 25 photographers to create the world’s largest collection of creative images with Indian faces.

ImagesBazaar was the first brand in India to employ full-time creative researchers to study consumer needs and market trends and it has turned out to be the first stock photography entity to get the credit rating agency ICRA’s high category ‘SE 2A’ rating for its ability to deliver strong performance and its financial strength. ImagesBazaar has the vision of catering to every kind of visual communication requirement in India and globally through its creative images, animations, videos, 3D imagery, and illustrations. Its repository of high-quality images is reflective of the deep-seated feelings of Indians which drive their everyday actions, expressions, and postures.

Today, ImagesBazaar has more than 1,000,000 images and videos and is the #1 collection of Indian visuals in the world and a platform for providing creative professionals all over the world with a vital resource for searching, buying, and downloading Indian images and videos. In 2011, more than 10,400 photographers and filmmakers from all over India shot over 1,000,000 images in ImagesBazaar. Currently, more than 7,000 clients in over 45 countries are utilizing the images and videos of ImagesBazaar for their advertising and marketing communication. In terms of revenue, ImagesBazaar has grown by over 4000% in the past four years.

ImagesBazaar serves customers across numerous domains such as Creative professionals in Design, Advertising Agencies, Content Publishers, Corporate Marketing Firms, Production Houses, Web Based Professionals, and Small and Medium Businesses.

ImagesBazaar is a wholly-owned subsidiary of Mash Audio Visuals and is led by a collective of thousands of impassioned photographers.

In an exclusive interview with Adgully, Deepak Verma, COO, ImagesBazaar, shares his observations on the current market trends, challenges, and opportunities in the Indian visuals industry as well as the evolution of the purchasing behaviour and TG. He observed, “The Indian visual industry is undergoing significant transformation prompted by key trends, challenges, and opportunities. A notable trend is the increased demand for high-quality, authentic visual content across multiple platforms. The rise of social media and digital marketing has boosted the demand for visually appealing content to engage audiences, making visual storytelling essential for brand differentiation. The industry is also distinguished by fierce competition and an unwavering drive for innovation. We seek new ways to stand out, whether through cutting-edge technology, unique artistic approaches, or leveraging emerging visual trends. Navigating India’s culturally diverse landscape adds a layer of complexity. Creators must create content that appeals to a variety of regional audiences, each with unique preferences and sensibilities.”

He added, “Despite these challenges, the industry has significant growth potential. Demand for compelling visual branding is increasing as businesses digitalize, opening up opportunities to use technology and data analytics to create personalized, engaging content. Market dynamics in eastern India are changing in terms of purchasing behavior and audience preferences. The target audience has grown progressively more selective and technologically savvy, expecting visually appealing and culturally relevant content. The rise of e-commerce and digital platforms is shifting buying behaviors to online transactions, where visually appealing product presentations are essential. This trend emphasizes the value of high-quality visual content in e-commerce, as effective visual storytelling can have a significant impact on consumer behaviour and sales.”

Speaking about the marketing/ media mix strategy of ImagesBazaar as well as its market share, along with what forms the core of the creative communication process, Verma said, “We strategically combine traditional advertising, public relations, and digital marketing to effectively reach our target audience. This multifaceted strategy guarantees thorough coverage and interaction through multiple channels. ImagesBazaar’s creative communication focuses on producing visually appealing and culturally relevant content. We intend to connect deeply with East market consumers by emphasizing diversity and inclusivity, reflecting the region's diverse demographics and values.”

He further added, “Adapting our messaging to local cultural nuances is critical. We tailor our visuals and narratives to the Eastern audience’s unique traditions, festivals, and daily experiences. This increases relatability and fosters a stronger emotional connection with our audience. Data-driven insights play an important role in our strategy. We generate more personalized and targeted content by analyzing consumer behaviour, preferences, and trends. This ensures that our visuals are both appealing and relevant to our target audience. Overall, our strategy combines innovative marketing techniques with a thorough understanding of cultural and consumer dynamics. This allows us to create compelling visual content that captivates attention and fosters meaningful connections with our East market audience.”

Elaborating on ImagesBazaar’s focus areas in 2024 and the medium in which it is investing more, he said, “In 2024, ImagesBazaar plans to strengthen its commitment to the East market by improving visual content localization and personalization. Concurrently, we intend to prioritize the expansion of our digital presence, utilizing emerging technologies to provide innovative and engaging visual experiences. In terms of media investment, ImagesBazaar anticipates a strategic shift toward allocating a greater portion of resources to digital platforms in the Eastern market. This decision is motivated by the growing importance of online channels and the significant increase in digital consumption habits among our target demographic.”

“While prioritizing digital mediums, we will maintain a balanced approach by investing in traditional channels. This ensures comprehensive market coverage and allows us to reach a diverse consumer base that may still prefer more traditional forms of media. By striking this balance between digital and traditional mediums, ImagesBazaar desires to increase visibility and engagement in the East market while also aligning with our audience’s changing preferences,” Verma added.

Discussing about how ImagesBazaar is leveraging AI, technology as well as influencer and social media marketing, he said, “ImagesBazaar strategically utilises AI and cutting-edge technology to significantly enhance the personalization and localization of visual content for the East market. In 2023, we were able to attain a significant 17% market share in the region, indicating our strong performance and market presence. Looking ahead to 2024, we intend to build on our success by focusing our efforts on developing innovative digital experiences. This will allow us to better respond to our customers' changing demands and preferences. This proactive strategy will not only help us increase our market share but will also solidify our position in the market for providing innovative and tailored visual content solutions in the East market.”

Noting how big the client base of ImagesBazaar is in the East market and how it is creating new job opportunities in the same, he pointed out, “ImagesBazaar’s growing client base in the East reflects a significant increase in demand for visually appealing and culturally relevant content among businesses and organizations. This growth trajectory not only demonstrates the growing recognition of the critical role visual communication plays in modern marketing strategies, but also signifies an abundance of new job opportunities across a variety of creative disciplines. As more businesses recognize the importance of compelling visuals in engaging audiences, job opportunities in photography, videography, graphic design, digital marketing, and content creation have increased. Furthermore, ImagesBazaar’s unwavering commitment to localizing and personalizing content has increased the demand for professionals with a deep understanding of the East market’s cultural nuances and consumer preferences. This dual emphasis not only increases audience engagement but also fosters a deep sense of connection with the brand, resulting in a positive cycle of job creation and economic growth in the region.”

Emphasizing on what differentiates ImagesBazaar from its competitors, Verma shared, “ImagesBazaar distinguishes itself from competitors by providing a large and diverse collection of high-quality visual content tailored to the unique cultural nuances and preferences of various markets, including the East and other markets as well. We remain dedicated to understanding and catering to each region’s unique needs. We strive to deliver content that authentically resonates with a diverse audience base. In addition, we prioritize using advanced technology to create personalized and localized visual experiences, ensuring that our content remains relevant and engaging across demographics and cultural contexts. Furthermore, our proactive approach to social media marketing is a key differentiator, allowing us to effectively connect and engage with target audiences from different demographics.  ImagesBazaar remains committed to delivering impactful visual content that drives meaningful connections with audiences around the world by constantly adapting and evolving our strategies to meet the changing demands of the market.”