Real-time bidding or auctions, for example, is a type of programmatic ad buying. This automation is much more efficient and fast, which means higher conversions and lower customer acquisition costs. This AI-based technology uses instant messaging to chat in real-time, day or night, with your customers or site visitors.
This is good news for companies hoping to make further inroads in the region.
But where will investments in Thailand deliver the biggest payback? Thailand falls at the upper end of that scale. This steady increase in income is driving consumer demand and purchasing, presenting an opportunity for companies that offer consumer products, trade-up options, luxury goods, and experiences.
Companies that can intensify and capitalize on their brand strength will be well positioned to increase their market share among these affluent consumers. We segmented Thai consumers into five basic income brackets: All respondents indicated that they either directly make household purchase decisions or influence those decisions.
We analyzed their purchase and spending patterns in 51 product categories, from appliances and clothing to alcohol and snack foods.
To deepen our understanding of Thai consumers, we conducted a series of focus groups to explore online behaviors, e-commerce, places where people shop on- and offline, and the evolving role of women in purchase decisions. Growth is strong in categories that offer indulgences and experiences.
Brands matter, and consumers are very brand loyal.
Women have substantial buying power, even in traditionally nonfemale categories. A new social media model is driving e-commerce. Convenience stores are shaping shopper behavior.
During the same period, some categories—such as frozen meals—grew even more, as much as doubling among some consumers, especially those in MAC households.
As incomes increase, however, Thai consumers—particularly upper-income shoppers—are spending even more on experiences such as dining out and leisure travel as well as on luxury products such as watches, jewelry, and smartphones. Once consumers can meet their basic needs, demand for small indulgences increases first.
Then, when earnings reach middle-income levels, luxury products and services become more popular—and experiences gain momentum.
Compared with other consumers in Southeast Asian countries, Thai people are more likely to spend and indulge, as reflected in their higher debt levels.
The consumers we spoke to felt they deserve these indulgences because of their hectic lifestyles and tendency to work hard. By contrast, the typical Southeast Asian consumer is more inclined to save and invest.
Brands Matter, and Consumers Are Loyal Although most consumers in Southeast Asia are very price conscious and will switch brands for better discounts or promotions, Thai consumers are willing to pay more for many of their favorite brands.
In fact, our analysis indicates that people in Thailand are the most brand-conscious and brand-loyal consumers in the region. Companies that recognize this characteristic of the Thai consumer can build and leverage brand equity to create strong consumer pull and loyalty.
Women Have Substantial Buying Power By regional standards, Thai women are well educated, well paid, and digitally savvy. Today, women are more qualified, stronger, and confident.
They have dual responsibilities, earning income for the household and raising a family. So family dynamics and expectations of women also had to change.The intelligent digital mesh is a foundation for future digital business and its ecosystems.
To create competitive advantage, enterprise architecture and technology innovation leaders must evaluate these top trends to identify opportunities that their organizations can exploit.
A veteran journalist with more than 20 years' experience, Kitten has covered the financial sector for the last 13 years.
Before joining Information Security Media Group in , where she now. Welcome to eAuditNet. eAuditNet is web-based software that supports and improves efficiency in the auditing and accreditation systems of industry managed programs administered by the Performance Review Institute. eAuditNet is developed and maintained by PRI for the benefit of industries where safety and quality are shared values, implementing a standardized approach to quality assurance.
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