Using digital technology is no longer meant for just driving solutions for economic activities. Triggered by a worldwide pandemic, enhanced penetration of technology, and globalization, digitalization is now utilized to a level of a competitive edge among brands. And exactly this is what is needed to unleash the key to fare well in the vast landscape of emerging markets in Asia.
Home to some of the world’s fastest-growing economies, Asia is now revolutionizing how businesses fared in the recent past. Having more than 50% of the world’s total internet users, digital transformation is now strategically an important factor for all consumer-facing businesses operating in the region.
Consumer in the region is constantly looking for digitalization edges to choose their brands. Smartphone penetration rates in the region are the highest globally. With levels like 87% in Singapore, 83% in Malaysia, and 75% in Thailand smartphone usage in Asia is indicative of how businesses need to ace the digital transformation race to capture the demographic. As opposed to just 43% of e-commerce retail sales via mobile phones in North America, Asia registered 78% of sales via mobile phones in 2020. Digitalization needs to entail a vast scope of applications to capture the ever-evolving customer needs of the region.
With nearly 60% of the young people of the world living in the APAC region, it is of significant relevance to strategize to capture this demographic. With higher levels of affluence and digital literacy, it is important to capture the attention of the younger generation in this region. Leveraging digitalization mediums like social commerce, digital wallets, and embedded payment strategies can prove to be significant advantages.
Focusing on personalization should be a major strategic idea amongst businesses. Providing essential cost-saving benefits and deals tailored to suit the diverse crowd is of utmost importance for retaining customers in the region. With a complex mix of nationalities, cultures, languages, and preferences, tailoring is the key to survival here. From application platforms to customer choices, there is an underlying trend that needs to be observed keenly. A popular survey reported that 88% of online shopping in Indonesia is done via a mobile-based app in Indonesia while on the contrary just 41% in Japan. Integrating tech-enabled solutions like data analytics and artificial intelligence can prove to be an essential tool.
Surveys have reported that 40% of consumers use online sources to consult product reviews while being in a physical store. This indicates a major need for robust digital marketing strategies to be able to engage with consumers. Brands witnessed 91% of consumers returning due to personalized recommendations and offers. This can be easily achieved by adopting data-driven automated models in the operations. Engaging with customers can reap extensive benefits translating to a 5-8% increase in revenue in just a year.
In a pool of several marketing technology solutions in the market, navigating through the best-suited option can be an exhaustive task. Thus, it is essential to consider a multitude of factors before adopting a specific strategy. Understanding the nuances of the Asian market is an essential part of the successful implementation of strategies and having a competitive edge.
Sources: McKinsey, World Economic Forum, Forbes.
Customer behavior and tastes are currently driving industry changes.
SMEs find it extremely difficult to remain competitive in the fast-paced digital environment of today.
Ranking 4th among APAC countries and Top 10 In Global Cybersecurity Index 2020 Rankings, India has been immensely vocal about its cybersecurity ambitions.
One of the fastest growing and most complicated markets, energy markets are of major significance in the global economy.
Adaptive AI is a type of AI that can change its behavior and decision-making processes based on new information and changing circumstances.
2022 marked the highest inflation rate in some of the most advanced economies in the world.
This year has been described as a year of change. There has been a wave of disruption and turbulence that has earmarked certain trends that are going to influence the sectors in the days to come.
Companies that use market intelligence are twice as likely to outperform their competitors. Research shows that market leaders view analytics as a major differentiator.
Business Intelligence (BI) augments an organization’s capability in decision-making and drives business growth.
Business intelligence (BI) refers to the collection, analysis, and interpretation of data about a company's operations, markets, and competitors.
The banking industry is undergoing a period of rapid change, driven by advancements in technology and changing customer expectations.
India assumed its first-ever G20 Presidency on 1st December 2022 and will be hosting 200 events in 32 different sectors across 50 cities until the next G20 Summit to be held in New Delhi in September 2023.
Foreign Investment channeled into Asia has reached a record high exceeding $600 billion in 2021.
Technology remains to be the biggest trend for driving business transformation
In line with the United Nations’ Sustainable Development Goals 2030 and COP 27, as the countries pace up to meet the deadlines, similar trends are readily observed in the startup ecosystem.
Mobile Commerce or M-commerce is emerging as one of the most contending subsets of the E-commerce market.
The world is presently seeing the largest reallocation of capital in its history.
Sensory marketing, a subset of psychological marketing is all about appealing to one or more of your customer's five senses to uniquely position your brand or product, thus successfully driving their behavior, judgment, or perceptions
Valued at more than $5 billion in 2020, the global 5G technology market is growing at a CAGR of nearly 66% and is forecasted to reach a whopping $800 billion by 2030
The buzz behind Artificial Intelligence isn’t something new, but recently a category of AI- Generative AI has been making headlines.
United Nations Climate Change Conference more commonly referred to as the Conference of the Parties of the UNFCCC
Companies are readily seeking to envision a strategic
The Covid-19 pandemic has been instrumental to change
In this era of stupendous globalization,
The buzz around the term ‘blockchain’ gained gargantuan momentum in recent years.
Fintech is an umbrella term for describing all sorts of
The history of banking dates back to around 2000 BCE
The global economy is currently at an unprecedented level
Including more than 20 countries, home to nearly 60%
In recent years, there has been a trend in the emergence
In the wake of global market fluctuations and geo-political tensions
Two years ago, countries worldwide were concerned to overcome the pandemic
Metaverse- a term that first came up in Neal Stephenson’s 1992 science fiction novel - Snow Crash - which described life-like avatars meeting in realistic 3-D buildings and other virtual reality environments - is currently the favourite term of marketers.
Following the Covid-19 crisis, the alternative protein industry has seen a significant boost. The alternative protein market is anticipated to grow at a CAGR of 11.2% from 2020 to 2027 to reach $27.05 billion by 2027.
Historically being counted in the oil-country category, the United Arab Emirates (UAE) has been dramatically making its transition into being energy-focused yet finely attuned to technology.