Report by Bain and Meta on digital consumer behavior / Southeast Asia
remains a pioneer in e-commerce
Munich/Vienna/Zurich (ots) –
– By the end of 2027, there will be 402 million potential in Southeast Asia
give online customers
– Foreign direct investments have continued to increase in recent years
– Consumers are using more online platforms than ever,
but at the same time expect an integrated omnichannel experience
– Changing consumer behavior requires companies to act quickly
right strategies and suitable tools, especially for young target groups
Southeast Asia is a digital growth market – and will continue to be so in the future
be. In Indonesia, Malaysia, the Philippines, Singapore, and Thailand
By the end of this year, Vietnam will have around 370 million online users
Consumers indicate that by the end of 2027 there will be an increase to 402
millions to expect. The annual gross market volume during this period
increase from 210 to 280 billion US dollars. These are results of the report
“Southeast Asia’s Digital Consumers: A New Stage of Evolution
(https://www.bain.com/globalassets/noindex/2022/meta_bain_syncsea_2022.pdf)”,
the international management consultancy Bain & Company together with the
created tech company Meta. It is based on a survey of around 16,000
Consumers from the six countries mentioned above one age
of 15 years and numerous interviews with top executives of the
e-commerce industry.
“The ever-growing online clientele, the long-term favorable demographic
Profile and enthusiasm for new technologies characterize consumer behavior
Southeast Asia sustainably,” explains Bain partner and industry expert Nikolaus
Zacher. “Consumers’ need for integrated
Shopping experiences that effectively connect online and offline channels
connect has continued to intensify and drive as a result of the pandemic
especially e-commerce in the region.”
Social media of increasing importance
For 82 percent of those surveyed, the Internet is now the most important channel
to discover goods or find out about them. In doing so, they pick up
more and more platforms. Thus, 27 percent of all product searches are about
classic e-commerce providers. But almost half is lost
now on social media. Videos (21 percent) are the most
most used source – ahead of photo feeds (15%) and messaging (10th
Percent). Especially the importance of videos has between 2020 and 2022 with a
annual growth rate of about 70 percent increased dramatically.
As the customer journey continues, a more differentiated picture emerges. To the
According to the report, 51 percent of online spending is accounted for
Ecommerce Marketplaces. Alternative e-commerce channels such as business messaging
or live shopping in social media come to 22 percent – trend
rising. The websites of big brands and established retail groups are
only 7 or 4 percent. “Since customers are becoming more and more frequent
switching between different channels are integrated marketing strategies
essential for the company,” says Bain partner and industry expert Philip
Dowling tight. “Short video clips in social media can be used as a central
serve as a link.”
Digital trendsetter for other regions
The success of e-commerce in Southeast Asia depends not least on the
positive economic framework conditions in an international comparison.
In addition, foreign direct investments have continued to increase. Her
Share of total investments has increased to 17 percent in 2021 – in the year
In 2009 it was only 9 percent. “That foreign countries are continuously in
Southeast Asia invests, reveals the confidence of investors in this
region, especially when it comes to economic strength and innovative ability”,
states Dowling. “In addition, the already rapid adaptation becomes newer
Technologies promoted, for example, in financial services and in the Web 3.0 area,
which includes, among other things, applications around the Metaverse.”
Digital forms of payment such as electronic purses (e-wallets), cryptocurrencies
and Non-Fungible Tokens (NFTs) are in most Southeast Asian countries
already much more widespread than anywhere else in the world. And almost 70
percent of those surveyed for the report have in the last twelve months
used at least one Metaverse-related technology. Specifically augmented
and virtual reality will continue to gain in importance in e-commerce. Included
likely to emerge from many of today’s 2D apps in the next two to three years
3-D variants become. “Southeast Asia is an influential digital
Trendsetter, also for other countries and regions,” emphasizes Bain partner Zacher.
“Companies that want to be successful in e-commerce need a
integrated multi-channel strategy, the right tools for the sometimes very
young target groups and, last but not least, resilient supply chains.”
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