As consumer brands navigate their way through the recession, the majority are increasing their efforts to drive Customer Engagement and Retention by focusing more on building brand loyalty with existing customers.
The Southeast Asian internet economy was worth US$174 billion last year and is expected to reach US$363 billion by 2025. By that year, over 80% of connections in the region will be smartphones. As such, enterprises are feeling an increasing sense of urgency to embrace digital transformation to keep up with today’s consumers as Southeast Asia moves toward 5G networks.
On the other hand, many are concerned about the risk of global economic slowdown due to the risk of global recession in 2023. As consumer brands navigate their way through the recession, the majority are increasing their efforts to drive Customer Engagement and Retention by focusing more on building brand loyalty with existing customers. By leveraging first-party data, brands can understand customer behavior patterns and preferences to better serve relevant and timely recommendations at the right time and on the right communication channel.
This is according to MoEngage, the Customer Engagement platform for consumer brands, which recently launched their new flagship data report – The Customer Engagement Benchmark (CEB) Report.
Within this region, the report has revealed the impact on customers’ experiences in various industries, notably in Singapore:
- 18.8% of Singaporean consumers rely on emails to get news alerts and sports updates
- 12.4% of consumers in Singapore want to get updates on new movies, TV shows, music albums on WhatsApp
- Singaporean consumers prefer getting new movies, TV shows or music updates via Instagram with 54.4%, followed by WhatsApp and email with 12.4% and 12%
- Only 16.8% of shoppers in Singapore claim to get frequent updates on products they like
- 20.4% of shoppers in Singapore want to receive updates on new products from shopping brands via email
- Instagram is the most favorite way for shoppers in Singapore to get updates of new products from shopping brands with 30%, followed by email and mobile push notification with 20.4% and 18% respectively
- 15.2% of travellers in Singapore rely on push notifications to get travel information and hotel regulations for their stay
- 19.2% of consumers in Singapore use Text Messages (SMS) to get KYC (Know Your Customer) updates and reminders, while 30.8% prefer email
“Our report shows that to improve brand loyalty and grow LTV moving forward, businesses in Southeast Asia must analyze customer behavior and their journey to better understand how to personalize and enhance the overall brand experience,” said Saurabh Madan, General Manager of SEA and ANZ, MoEngage. “This is why we developed a stellar Customer Engagement platform that provides actionable insights and enables businesses to create campaigns across multiple touchpoints. For brands, knowing what communication channels work for different goals is the first step in understanding their customers’ preferences.”
