Digital interactions are vital in marketing, especially during this pandemic as more consumers in Asia use online platforms to shop and do business transactions.
The coronavirus 2019 or COVID-19 has shifted and accelerated how consumers purchase products and services. These changes also apply to how businesses market their brand. Now more than ever, digital interactions are more in-demand, which pave the way to emerging marketing technology for businesses to thrive, stay competitive, and boost sales.
It’s crucial for every business in the Asia Pacific region to prepare for digital interactions. This new era involves various communication channels using digital technology such as social media messaging apps and chat platforms powered by artificial intelligence or chatbots.
Below are the five emerging marketing technology trends to help drive digital interactions, all powered by artificial intelligence (AI), which simulates human intelligence and mimics their actions in machines. This term also applies to the learning and problem-solving of any machine like the way humans do. For instance, machine learning is a subcategory of AI in which computer programmes learn and adapt new data without human intervention.
5 Emerging Marketing Technology Trends
- Using Automated Answering Chatbots
Automated answering chatbots work by using AI and machine learning to understand queries and requests and provide an accurate response depending on the context of the conversation. This technology helps deliver qualified leads or prospects and hasten customer resolutions in minutes, automating the next steps.
Chatbots now dominate the banking and financial services industry. The CIMB Islamic Bank Berhad (CIMB) and CIMB Bank Berhad in Malaysia have recently introduced an AI-powered NLP chatbot for the customers of small and medium enterprises (SMEs).
- Personalising Communications
When it comes to personalising communications, it involves marketers deploying marketing technology to uncover and understand consumer behaviours.
Because of the real-time data that AI can provide, marketers can gain data-driven insights and tailor consumer communications such as email campaigns, social media communications, and mobile marketing initiatives. Marketers can develop more agile and personalised marketing campaigns to reach sales goals.
Scoot, Singapore Airlines’ low-cost airline subsidiary, deploys the AI-powered platform called Insider to create personalised and multi-channel website customer experiences. The Chief Commercial Officer of the company, Calvin Chan, said that Insider enabled them to keep their customers updated on travel regulation changes and become more operationally agile.
- Using AI To Predict Consumer Behaviour
Artificial intelligence can predict consumer behaviour. AI-enabled martech helps marketers unleash customers’ interest patterns, shopping behaviours, and every aspect of their sales journey.
The recent analysis of Frost & Sullivan reveals that APAC’s mobile services market has a rising digital consumption. Communication service providers benefit from long-term opportunities and satisfactory profits through ecosystem collaboration and new business models. By 2026, the market is projected to reach US$373.40 billion from US$329.50 billion in 2020. Mobile data is forecasted to make up 68.5% of the revenue, and 22% for digital services, and 9.6% for voice and SMS respectively.
- Live Streaming For Marketability
Live streaming is popular in social media networks. More than 400 million people in APAC are using over-the-top or OTT video streaming services with more than 69% of video viewers watch streaming videos at least once weekly. SpotX Asia managing director, Gavin Buxton, said that streaming video dominates in Southeast Asia, creating a distinct OTT ecosystem where people can select from a diverse combination of local and global content.
Retailers and brands of cosmetic products engaged prospects and customers using virtual reality (VR) and augmented reality (AR) applications during the pandemic. These marketing technologies simulate the real-life beauty counter, which consists of virtual makeup try-on, tutorial or how-to videos, beauty masterclasses, and live streaming.
According to a beauty industry analyst, Erin Schmidt at Coresight Research, the virtual try-on capability is a game-changer for the beauty retail sector. Virtual reality enables consumers to try on a beauty product by experimenting with make-up kits, hair colors, and false eyelashes virtually.
- Experiential Marketing For Utmost Shopping Experience
Experiential marketing or “engagement marketing” refers to a marketing tactic that invites a target audience to engage with a brand in a face-to-face or real-world situation. This marketing strategy uses hands-on, tangible, and participatory branding material.
Leon Hudson is the new managing director of Limelight Platform in the Asia Pacific. This platform is a great resource of experiential marketing that enables marketers to create, handle, and track the progress of live events and experiential marketing campaigns.
Terry Foster, the Chief Executive Officer of Limelight Platform said that there has long been a gap between offline and online marketing campaigns. Limelight bridges this disconnection with personalised communication, safety-related features, and a contactless consumer journey preparing businesses to rebound from the pandemic.
The emerging marketing technology trends that can drive digital interaction change how businesses promote their offerings to their intended audience. With automation and artificial intelligence, machines can communicate with consumers, answering their queries easily, quickly, and accurately. Hence, APAC businesses should invest in digital interaction and marketing technology to thrive, become more competitive, and create an edge.