Here’s Our 10 Summarizations Of Importance For Online Commerce, Which Will Shape Key Drivers In 2022 And Beyond.
1. Asian consumers are expected to account for half of global consumption growth in the next decade.
McKinsey’s Global Growth Model simulations show a range of 45% to 50% of global consumption growth coming from Asia. Many businesses are increasing use of digital marketing tools. When business goes online, so does communications. Path the value of omnichannel strategies to build a customer journey experience which in returns gain customers’ loyalty.
2. Consumers’ are embracing an omnichannel experience, they are seizing to buy sooner than later since they are worried of product out-of-stocks. Businesses need to be aware of their consumers’ behaviours.
70% say they are more willing than ever to switch brands or retailers, especially when items are unavailable
Businesses will need to work harder to gain and retain loyalty. Having an online/offline multiple touch point is ever important. Prioritise customer loyalty by building their customer experience journey with you.
3. Customer loyalty is up for grab and they expect personalization from brands & businesses.
Do you remember the impact feeling when a business greets you by name and welcome you back from your last check in? This shows consumers have a strong point of view on personalization.
Personalize actions will be rewarded for those that get it right.
- Celebrate their milestones
- Tailor messaging to their needs
- Timely communication tied to key moments
3/4 of consumers said personalize communication was key factor for their consideration and made them likely to repurchase.
4. ‘KYC’ (Know your customer) program has become extremely important.
Customers now are seeking B2C like experience and their expectations for speed and convenience are constantly increasing.
Data quality problems accounts for up to 26% of operational costs, driven by no standardized data formats, duplicates and incomplete data.
Streamlined processes will benefit risks effectiveness and can build great customer experience and productivity. It is expected to reduce the average time to complete a case by 38%.
The lesson here is for businesses that improve their KYC processes, it may reduce the number of times it had to contact customers updates by 40% while speeding the case-turnaround.
5. SEA internet economy hit usd1 trillion by 2030!
We have 11 countries in the region and one of the world fastest growing market as our population are young, urban & growing middle class.E-Commerce, Social Commerce, Chat Commerce are the primary growth.
High adaptation of digital wallet coupled with BNPL (Buy Now Pay Later) scheme have spurred consumer sentiments.
We Asian are fickle when comes to purchase decisions. Majority will engage both online & offline touch points prior to purchase.
6. Economist declare the start of the Asian Century.
- 210 of the world’s 500 largest companies by revenue are Asian.
- 119 of the worlds 330 unicorn were Asian.
Asia accounts 50% of the world 2.2bil internet users.It’s time to update our thinking beyond Asia future potential as the future arrived faster than expected. It’s not how Asia will rise, it’s how it will lead now.
7. Consumers in Asia opt for Asian platforms and influencers.
Asian consumers are increasingly online and mobile first across age groups, from members of Generation Z voraciously consuming video content to the more than 90 percent of seniors in Japan and South Korea expected to be online by 2030.
Do you know?
Asia’s digital generation tends to use non-Asian social-media platforms, but preferred Asian e-commerce platforms and local digital payments providers. We called this new leaf of social commence
8. Make your DATA work harder. Make data
Data loses its power if it can’t be used by people. That makes it essential to break down organizational silos, combining data from various internal sources and creating both incentives and tools to share data.
9. Why 2022 and beyond will remain distinctly digital for consumers and businesses?
Customers are now spending more time and resources on owned-media channels such as websites, mobile apps and customer-service channels.
Primary driver for switching to a new or alternate product brand was due to “Brand that I usually purchase was not available”
10. What are the top 3 focuses in big organisations?
No.1 – Invest to have competitive advantage
No.2 – Keep up with competitors
No.3 – Refocusing around technologies Jan 11, 2022
Compilation Summary 2021*Source : Mckinsey & Co and Rych Research Team
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