Tag: Market Research

Ho Chi Minh, Vietnam – As influencer marketing is continuing to grow in popularity, especially in Asia, there has been another rise of influencers: virtual influencers. More recently, more companies are playing with the idea of marketing through virtual influencers. These computer-generated public figures almost have a life of their own – reflected on their social media accounts – and even work with brands to promote the latest products.

In the latest survey conducted by consumer research platform Milieu Insight, it has found that 45% of Vietnamese consumers are very interested in following virtual influencers, while 44% said they are somewhat interested in, and 11% saying they are not interested.

In terms of credibility, 21% of respondents say that they trust virtual influencers more than their human counterparts. Meanwhile, 37% indicated that virtual influencers are to be trusted at the same level as human influencers, 27% said that they are less credible, and 14% said that they are unsure.

Meanwhile, in regards to local preference, 60% said that they want the virtual influencers they follow to look Vietnamese, while 16% say that they want them to look non-Vietnamese, and 25% said that they have no preference. 

On the aspect of how these virtual influencers communicate, 71% said that they prefer to be communicated in Vietnamese, 9% said they prefer someone not communicating in Vietnamese, and 21% said that they have no preference.

Lastly, in terms of gender appearance, 49% said that they want virtual influencers to look feminine, 20% want them being masculine, 14% want them to be androgynous, 2% have other options, and 15% say that they have no preference.

Hong Kong – With 2022 already past its first month, banking institutions in Hong Kong, both the traditional and virtual ones, are optimistic about their venture into this year as they expect to implement higher interest rates to improve margins, according to the latest insights from consulting firm KPMG China.

According to the insights, banks highlighted the attraction and retention of talent as a key concern, where global demand across all roles, including digital transformation and ESG has been strong. Meanwhile, mainland banks, which have been a growing force in the sector for the last few years, have been focusing on stabilising their operations in Hong Kong. 

In addition, banks in Hong Kong have continued to increase their focus on digital transformation in all aspects, as technology is being used to improve operational efficiency and reduce costs, including in areas such as know-your-customer (KYC) and anti-money laundering (AML). 

On the customer side, demand has risen for more seamless digital experiences and banks are being pushed to improve their offerings. Digital transformation, which is critical for Hong Kong to retain its position as a leading international financial centre, is expected to remain a key pillar of growth.

Meanwhile, virtual banks in Hong Kong have completed their first full year of operation. While a few have performed well, most are struggling to find a clear path to growth and looking for ways of customer acquisition at lower costs. These banks are also facing stiffer competition from traditional banks that have strengthened their own digital offerings in response to the arrival of the virtual banks.

Terence Fong, head of Chinese banks for Hong Kong at KPMG China, said, “Mainland Chinese banks in Hong Kong are looking forward to increased fee and commission income in 2022, particularly since they have a large retail customer base. While risk appetite has decreased over the last year, mainland banks will be looking to develop new income streams and increase the level of digitalisation and collaboration between their mainland and Hong Kong operations.”

New York, USA – About 92% of product decision makers have agreed that utilizing data and analytics is critical to the success of one’s business, the latest data from AI-driven analytics platform Sisense and market research and analytics company The Harris Poll shows.

According to the data, around 86% say that offering data and analytics to their customers plays a critical role in not only the satisfaction of those customers but also in terms of building and retaining loyal customers. In addition, around 96% say that an increase in average selling prices would be possible with personalised and customised analytics, with 46% noting they could charge about 10% to 19% more for their products and services because of the analytics they provide.

Other insights in relation to analytics’ impact on business success include around 97% think their customers are interested in analytics provided in the context of the task the user is completing, and 97% note that customers want analytics more personalised to the specific end user.

Looking to the future, 81% of product decision makers say that if they could provide their customers with personalised data and analytics, it should be provided by embedding those into communication software or platforms, custom-built apps or off-the-shelf business or SaaS applications.

While the aforementioned numbers speak about the optimism respondents see about analytics, around 83% of decision makers think their customers currently are making decisions without proper data and analytics at least sometimes. However, product decision makers cite barriers in being able to deliver such offerings. 

In addition, 41% of decision-makers cite legal and compliance requirements as an issue. 38% say their customers have difficulty accessing information. And this access may in large part be due to the fact that 92% of decision makers deliver data and analytics to customers via non-embedded methods such as email and dashboards, requiring them to disrupt their workflows to go elsewhere for critical information.

Ashley Kramer, chief product and marketing officer at Sisense, said that the results showed what they expected to hear from customers about analytics for 2022.

“Firstly, we expect organizations will redefine what it means to build a ‘culture of analytics’ by bringing insights to workers in a more digestible way, such as embedding them into regular processes so no new skills are required. Secondly, most data-driven organizations will combat tool fatigue by bringing data to workers where they are, directly within their workflows,” Kramer said.

She added, “And lastly, we see automation turning descriptive analytics, that demonstrate what already happened, and predictive analytics, profiling what will happen, into prescriptive guidance, focusing on what the best course of action to take is to make smart, proactive decisions.”

Sydney, Australia – The digital advertising market in Australia has been estimated to be valued at reaching US$3.232b for September quarter this year, or up 42.1% year on year. This is according to the latest data from the Interactive Advertising Bureau (IAB) Australia, in association with consulting firm PwC. 

According to the data, search and directory ads increased by 41%, while general display increased by 45.6% and classifieds up 37.3%. 

Meanwhile, retail advertising again held the number one advertiser category share of display advertising investment, now representing 14.4% of display investment and leading video advertising investment. Technology sector in advertising experienced the largest increase in share to reach 7.8%, while automotive advertising’s share of total spend continued to retract, reflecting the supply challenges. Meanwhile, the travel sector saw the largest decrease in share thanks to lockdowns reversing the increases experienced by travel in the June quarter.

In other sectors, video advertising’s share of general display advertising peaked this quarter at 62%, an increase of 72% year-on-year to reach US$784.1m. In addition, native advertising grew 30% year on year, while standard display advertising fell 21% year on year. 

Meanwhile, programmatic trading of content publishers inventory again increased in September quarter this year, delivering 45% of the total expenditure, versus 40% bought through agency insertion orders. Programmatic continues to dominate as the preferred buying method for content publishers’ video inventory.

Speaking about the state of the ad industry in Australia, Gai Le Roy, CEO at IAB Australia commented, “The September quarter had a mix of highs and lows with Olympics activity encouraging investment but the travel market pulling back again with local lockdowns. Overall though investment in [the] digital advertising market continued to impress, with the September quarter increasing 42% on the COVID impacted September 2020, but also increasing 36% compared to the 2019 September quarter.”

Sydney, Australia – Australian ad executives believe that the future of advertising is in out-of-home (OOH)’s inclusion in programmatic multi-channel campaigns and increased investment in digital out-of-home (DOOH) expertise, as 82% of local industry executives plan to integrate programmatic OOH more closely into multi-channel campaigns. This is according to the latest data from DOOH marketplace VIOOH.

The data also notes that 85% of Australian executives plan to invest in programmatic OOH expertise.

In regards to planning and buying DOOH media, 37% of Australian agency executives have planned programmatic digital out-of-home (prDOOH) alongside other digital programmatic campaigns, and 56% have planned it alongside other OOH activity, reflecting a variety of approaches. When it comes to buying, this responsibility in media agencies shifts towards dedicated prDOOH teams (66% of respondents), although there are still overlaps with digital programmatic teams (48% of respondents) and the OOH teams (44% of respondents).

“VIOOH’s new ‘State of the Nation’ report gives further proof that programmatic is the accelerator for DOOH growth, allowing it to be truly integrated into multi-channel campaigns for the first time. Increasing numbers of advertising executives are drawn to the versatility and value that programmatic DOOH offers, and state that they won’t go back to more traditional ways of buying OOH,” said Jean-Christophe Conti, chief executive officer at VIOOH. 

Around 81% of Australian executives say that a key thing to their job is the ability to measure campaign performance across multiple digital channels including programmatic OOH. Furthermore, 76% of Australian executives stated that the ability to use dynamic creative is an important factor in determining their investment in prDOOH.

Meanwhile, 77% of Australian executives have identified that trigger-based buying, such as reacting to events, news, promotions, moments in time, locations, audiences as they move, weather and environmental conditions, are an important driver for investment in programmatic OOH.

Around 86% of agency respondents and 81% of advertiser respondents in Australia see programmatic OOH as a great way to reach a broadcast audience, while 82% of agency execs and 82% of advertisers agree that programmatic OOH provides innovative ways to target consumers.

On the brand side, most Australian creative executives from both agency and advertising (68%) believe that prDOOH is a great way to build brand awareness. On the performance side, meanwhile, the said executives also see it as a great way to drive response with about 69% of them.

“The report also shows that buying responsibilities are being spread across digital programmatic and OOH teams, supporting this shift towards programmatic DOOH. Agencies and advertisers therefore need to establish clear strategies for prDOOH, build expertise to address any knowledge gaps and help create best practices to integrate prDOOH into more multi-channel campaigns,” added Conti.

Singapore – The onset of the global pandemic has pushed former brick-and-mortar businesses to the digital realm, and with this,small and medium businesses (SMBs) saw the need to implement their own cybersecurity measures, as well as setting their own digitalization roadmap, 

According to new insights from global technology company Cisco, about 94% of SMBs in the APAC region have implemented at least some sort of cybersecurity measure, while 90% revealed that they have also implemented a digitalization roadmap for their business to follow.

In terms of the implementation of the said roadmaps, 65% of APAC SMBs have implemented them, while 50% have deployed them.

Part of the growing trend of APAC SMBs realizing these digital strategies are fears over cybersecurity flaws in their business systems, with 56% of business respondents admitting that they have fallen victim to one of the many cybersecurity threats such as email phishing and malware attack, which clocked at 85% of the threats most of these businesses experienced.

With these fears in hand, about 62% of respondents have said that a cyber incident had disrupted their operations and 61% noting that it resulted in a loss of revenue. In addition, 57% saw a loss of trust with customers, while 66% said that a cyber incident affected the company’s reputation negatively.

“It is not a surprise that three quarters of SMBs said they are more concerned about cybersecurity today than they were 12 months ago. This is significant. But it is also encouraging because it demonstrates increased levels of awareness of cyber risk among SMBs,” Cisco said in their report.

As the large number of APAC SMB respondents have noted the consequences of cyber attacks, more and more of these institutions are now setting aside investment and budget for their cybersecurity and digitalization measures, with 63% of SMBs in the APAC region spend at least 4% of annual revenue on cybersecurity on average, with 30% of businesses spending at least 6% of their annual revenue, and 9% spending over 10%.

In terms of challenges, SMBs said keeping pace with continually evolving technologies and security requirements (77%); keeping pace with constantly evolving cyber threats (76%); challenges with engaging employees around responsibilities (75%); too much complexity in the industry (75%); and the ability to recruit (73%) are the top barriers they face to increasing cybersecurity resilience.

“The growing maturity in SMBs’ understanding of cybersecurity is perhaps best highlighted by the fact that they are looking at preparedness holistically. However, even with investments in solutions, talent, and training, SMBs do find themselves at the wrong end of a cyber attack. It’s just the nature of the industry,” Cisco explained.

The report added, “With a growing understanding of the potential impacts of a cyber incident on business, and increased legal implications, SMBs are turning towards cybersecurity insurance as a key investment area. This provides them with a cover to cushion the financial impact any such incident might have on their business.”

Singapore – The pandemic has paved the way for people to opt out utilizing digital experiences, including the usage of mobile applications. Under such categories are health and fitness apps, to which its digital lifestyle solutions have made their app sessions increase by 31% during H1 in 2021 globally, the latest insights from mobile marketing analytics platform Adjust shows.

The increase in app sessions are noted despite the gradual re-opening of gyms and fitness centers globally due to eased pandemic restrictions. Yet, health and fitness app installations have dropped by 24% during H1 of this year.

This is a large contrast with the previous Adjust statistics that showed that the aforementioned app installs of apps under that category saw a spike by 67% by March 2020, and sessions boosted by 48% during May 2020, an indication of online activity in these apps due to existing pandemic restrictions back then.

In terms of workout and fitness frequencies on these apps, the insights noted that Sunday was the most preferred day to workout during the week, with Friday being the least favorite. Meanwhile, in terms of peak weak performance, health and fitness global sessions were at peak during the first week of March last year, 9.1% above the H1 average.

“Although installs are not as impressive as last year, sessions are trending upward, suggesting that users are sticking with apps since adapting to taking care of their mental and physical health from home. The growth is expected to continue, but the key challenge for apps is to gain the competitive edge and acquire more high-LTV users,” according to April Tayson, regional vice president for INSEA at Adjust.

Manila, Philippines – The global pandemic has pushed the majority to tune in to digital channels to be entertained, including music streaming. With the greater majority of these listeners being under the Gen Z and millennial demographic, their diverse perspectives on music streaming content can be tapped by advertisers, as the latest insights from Spotify shows in retrospect of the Philippine market.

Part of the influencing factor many young Filipinos are streaming audio content more than ever is due to reasons around having it as a ‘mental escape’. For instance, the survey noted that the respondents have listened to songs from the ‘70s 59% more and songs from the ‘80s 40% more as a way to lean on to a ‘nostalgic feeling’. Furthermore, about 87% of millennials and 85% of Gen Z’s locally say that they listen to audio to reduce their stress levels. Lastly, around 76% of Filipino millennials see audio as a mental health resource.

In line with this, the survey recommends brands to align any of their sponsored content to a more ‘comforting’ zone, noting that this creates a positive association with the type of audio we are listening to. Furthermore, the survey also emphasizes the significance of the rise of podcasts, which can be used by brands to promote podcast episode snippets to inform listeners and increase curiosity.

“Listeners are more receptive when messaging matches their mood. Consider millennials’ nostalgic listening experience and lean into contextual targeting to match their vibe,” Spotify said in a statement.

And with audio now having a more ‘emotional’ attachment to these younger generations, respondents are now more positive in democratizing live experiences concerning audio content. About 65% of the respondents say that they prefer connecting with other music fans around the world through a live-streamed concert, while 35% prefer connecting with their favorite local artist and fellow fans through a physical concert.

In addition, 51% of the respondents now prefer virtual concerts in contrast to the 42% of respondents preferring physical concerts, stating that virtual concerts are far more cheaper and more convenient.

The survey also noted that as part of democratizing these audio experiences to a wider audience, brands are advised to think more of the consumer base’s interests, not what they are made of. For instance, gamers who are long stereotyped for the male demographic, are now expanding into the female demographic.

“Gamers are focused on scoring when they’re deep in play mode, but they also use time spent gaming to learn and discover new things, from podcasts to playlists. Take your targeting to the next level by reaching gamers of both generations in real-time while they’re soundtracking their gaming,” the company added.

A larger part of the democratization of live experiences in audio content is due to the wave of fanbases rallying support behind these artists and content creators, with 39% of the respondents saying they have known their favorite music artists or podcast creators via social media. Other factors include knowing them from an existing artist (15%), streaming service recommendation (11%), friend recommendation (9%), and as seen from a movie or TV show (8%).

“Gen Zs and millennials are not just consumers, they’re creators. Pull back the curtain and give your audience a backstage pass to your brand’s creative process — and the opportunity to be part of it,” they commented.

Lastly, Filipino Gen Z’s and millennials understand that part of their diverse audio listening experience comes from amplifying unheard perspectives from societal sectors that are not given amplification back then to represent themselves. Around 62% of millennials and 58% of Gen Z’s in the Philippines said they’ve sought more content from more diverse creators and podcasts in the last year.

In addition, 68% of Filipino Gen Z’s believe they have more freedom to be their authentic selves than previous generations.

“As voices behind the mic become increasingly diverse, the audio medium is resonating with a wider audience — the fruits of which are already starting to change the industry,” Spotify stated.

The platform added, “[Gen] Zs are the most racially and culturally diverse generation yet, and they expect brands to reflect, represent, and empower them through their campaigns, talent partnerships, and participation in social justice movements.”

Sydney, Australia – Despite easing movement restrictions due to COVID-19, streaming content consumption in Australia remains large, with 19.1 million subscriptions recorded at the end of June 2021 across these platforms, which is an increase of 16% from 16.4 million in June 2020. This is according to the latest insights from technology analyst firm Telsyte.

According to their latest insights, Netflix dominates the Australian subscription video on demand (SVOD) services market, with 6 million subscriptions recorded by the end of June 2021. This is then followed by Amazon Prime Video with 2.9 million, Disney+ with 2.6 million, Stan with 2.4 million, and Kayo Sports with 1.1 million.

The remaining 4.1 million are from more than 30 SVOD services such as Binge, Apple TV+, Hayu, Paramount+, Optus Sport, and Britbox.

The survey also notes that 78% of Australian households had at least one entertainment subscription at the end of June 2021, an increase from 65% three years earlier. Subscribing households now have an average of 4.3 entertainment services, which is up from the average of 2.7 in June 2018, largely driven by SVOD subscriptions.

In terms of what type of content Australians want to watch, the sports category has grew 48% year-on-year and the percentage of paid sports subscriptions has also improved significantly, from less than 15% a year ago to over 50% at the end of June 2021.

In addition, around 51% of Australian SVOD customers believe it is important to have content that has Australian stories, voices, culture, and values on SVOD services.

“Australians are clearly attracted to big production movies, TV shows and sporting codes they follow year on year, and are collecting subscriptions on the way,” Foad Fadaghi, managing director at Telsyte, says.

The firm also estimates that total SVOD subscriptions could reach 26 million by June 2025 with higher multiple subscriptions and new services which are boosted by new content licensing deals, and potential bundling, like what is done with Amazon Prime.

“Increasing investment in original content will become more important as part of SVOD providers’ growth and retention strategies. Additionally, Australia has been a popular choice as a source of content and content production,” the firm said in a press statement.

Singapore – As the national government is easing down border restrictions related to COVID-19, local businesses in Singapore are finding new ways to bounce back and generate positive momentum. One of these factors is the significant rise of the Chinese expat demographic, who are seen as a factor these local brands can bank on in terms of purchasing power, a survey conducted by AI marketing platform EternityX shows.

Around 52% of the affluent respondents noted that they have spent an average of more than S$1,000 per month on luxury or beauty goods, 19% of which even spent an average of more than S$5,000 – a sum typically equivalent to buying a small shoulder bag from a luxury fashion house or a diamond ring from a high-end jeweler.

Furthermore, regardless of the complicated cross-border logistics, more affluent Chinese expats prefer shopping on Chinese online marketplaces including JD.com, Tmall, Taobao, and Pinduoduo rather than local and regional ones such as Shopee and Lazada.

The survey also found that most Chinese expats have been easing back into their pre-pandemic life; as 63% of respondents said that they have been spending more this year than they had in 2020.

“During the lockdown, we’ve seen brands shifting their focus to new consumer demographics within the territory, and Chinese expats are believed to be an important segment to aid consumption growth, now and into the future,” said Richard Andrew, managing director for Southeast Asia and Australia at EternityX.

In terms of making investments, about three-quarters of the affluent agreed that digital resources, including search engines (80%) and social media (73%), play important roles when they make investment decisions. In addition, 33% of the affluent Chinese expats plan on saving and investing 16% to 30% of their annual income, with stocks and bonds, insurance, and real estate being the top 3 investment options, indicating great untapped opportunities for financial institutions.

Lastly, in terms of media consumption, while over 71% of the respondents have lived in Singapore for over 10 years, Chinese expats still heavily utilize Chinese media platforms, with iQiyi, Douyin and Sina being the most influential platforms when it comes to their spending decisions; while WeChat, Toutiao and Sina News are their primary Chinese media channels for breaking financial news.

Media consumption plays a huge role on the purchasing behavior of these expats, as the survey shows that despite many of the respondents speaking English at home, 77% still tend to purchase brands that advertise in Chinese on a Chinese media channel. The survey reveals as well that campaigns running on Chinese digital platforms in simplified Chinese drive higher engagement and generate more leads with Chinese expats living overseas. This shows the power of communicating in a customer’s native language and the diversity of the platforms that can provide enhanced interaction with Chinese expats.

For Andrew, their latest data has shown that it can take up to 30 steps for a customer to make their purchase decision; the more expensive the products, the more steps the customers need.

“This survey reveals the unique ways in which Chinese expats spend their disposable income and consume media, which sheds light on how brands and businesses should tailor a personalized approach that best connects with their target customers. Demographics matter and therefore brands should embrace technology and innovative digital solutions that precisely target one of Singapore’s wealthiest segments [Chinese expats] in order to maximize the effectiveness of advertising campaigns,” he stated.