How Digital Fundraising is Transforming
According to a report published in Statista, the market for online fundraising platforms in India is projected to reach USD 5.4 million by the end of 2023. Their presence has drastically influenced how some of the most trusted NGOs (term used for social impact projects hereon) in India operate.
Simply put, the act of charity in India has been revolutionised by digital technology, completely transforming how NGOs raise funds or engage with their supporters. The emergence of such platforms in India has not only streamlined the fundraising process but also expanded the impact of these NGOs across the globe.
In this article, we delve deep into this intriguing subject and understand precisely how digital fundraising is facilitating the growth and effectiveness of Indian NGOs.
Accessibility and Global Reach
The advent of online fundraising has shattered geographical barriers. Some of the most trusted NGOs in India are now able to connect with international and domestic donors with ease. This was certainly not the case just a few years ago.
Once convinced, it just takes a few clicks for donors coming from different parts of the world to donate via a fundraising platform in India to a cause that resonates with them. Thanks to online platforms and smooth payment gateways, it is far more convenient for both local and international donors to make a donation.
NGOs too now have the privilege of tapping into a relatively larger donor base, thus increasing the chances of accomplishing their fundraising goals.
2. Cost & Time Efficiency
Traditionally, almost all fundraising wasn’t exactly a time and cost effective endeavour. A typical NGO in India would incur significant costs for donor identification, printing, postage, and organising physical donor events. The rise of fundraising platforms in India has changed a lot of this. The above-mentioned expenses have now been significantly reduced.
NGOs today have the opportunity to launch compelling online campaigns and communicate directly with their donors or via trustworthy connecting platforms like LET IT COUNT.
3. Boosted Engagement
Online fundraising platforms in India have allowed NGOs to interact with their clients in a more personalised manner. NGOs can maintain a level of transparency with their donors by keeping them in the loop. Donors get updates about a project’s status and know what impact their contributions have made.
This level of engagement was not possible when most NGOs were adhering to the traditional route of fundraising. Donors today are more involved in a project, and thus, far more motivated to stay committed to the cause over the long run.
4. Data-Driven Insights
Online fundraising platforms arm NGOs with valuable data and insights into their donors and charity projects. We are talking about analytical tools that track donor behaviour, their preference, and their donation trends. This allows an NGO/social cause in India to make informed decisions and weave a winning fundraising strategy.
These insights keep NGO fundraisers informed on campaigns that resonate with donors the most and which channels to focus on. As such, NGOs today are in a better position to refine their tactics in a bid to maximise their fundraising efforts.
5. Peer-to-Peer Fundraising
Digital fundraising has made NGOs efficiently reliant on the collective power of getting constant funding. These platforms have given birth to what we now know as peer-to-peer fundraising.
This tactic entails creating their own pages for fundraising and encouraging their established network to contribute. This has allowed NGOs to diversify their donor base while also taping into the full potential of social media.
6. Real-Time Impact
With Traditional fundraising, NGOs were often left in the dark regarding their fundraising effort for a long time. With digital fundraising, however, NGOs can feel the impact of their campaign in real time. Through multimedia content, NGOs can demonstrate this impact to other potential donors to further maximise their fundraising efforts. This helps NGOs build trust and confidence among donors.
7. Staying up-to-speed with Trends
It is no secret that our digital landscape is constantly evolving. New technologies and trends are emerging every day. Platforms like ‘Let It Count’ that go a few steps ahead of crowdfunding platforms and make the process extremely transparent from a donor point of view by identifying, vetting and evaluating a social cause/ NGO before putting them across to any donor.
From immersive experiences to offering virtual reality and embracing blockchain for donor transparency the social sector landscape is now finding innovative ways to connect with donors from all over the globe.
The Bottom Line
In essence, online fundraising concepts and platforms in India have ushered in a new era for the social sector In India. They have transformed the way organisations engage with their supporters and raise funds. Thanks to the advent of digital fundraising, NGOs today enjoy the privilege of connecting with a global audience, launching cost-efficient campaigns, showcasing their work and making data-driven decisions.
The innovative fundraising methods that have emerged due to digital fundraising have provided NGOs with a revitalising shot in the arm. We are living in a rapidly digitising world. In such a world, lasting change may only be created by NGOs that know how to leverage digital fundraising to its fullest potential.