Tag: Survey

New Zealand – Amongst small businesses in New Zealand, about 33.2% grew, compared to 41.9% that shrank, while 56.1% expect to grow in 2022, which is an improvement from last year but still lags the average of 61.9%, according to a new survey by professional accounting body CPA Australia.

The new survey reveals that small businesses in the country continue to be significantly less likely to earn revenue from online sales. More than 35% do not earn any revenue online, compared to just 1.3 % of businesses in Mainland China.

Moreover, the same survey found that NZ small businesses were also the third least likely to begin or increase their focus on online sales as a reaction to the pandemic. Also, nearly 30% made no investment in technology in 2021, compared to just 5.2% of surveyed businesses in Vietnam.

Meanwhile, more than 35% of NZ small businesses have not adopted new payment technologies such as Apple Pay, Paypal or buy now pay later, compared to 0.1% of Mainland Chinese businesses, and about 36.8% did not use social media for business purposes, compared to the survey average of 17.2%.

Gavan Ord, CPA Australia’s senior manager of business policy, noted that results are somewhat surprising given the country’s success in limiting the impact of COVID-19 in 2021.

“Improved expectations for 2022 reflect a more confident economic outlook, along with a higher percentage of small businesses intending to invest in innovation and exporting. However, the economic environment has become more challenging for NZ small businesses recently, with inflation and interest rates rising, oil price shocks from Russia’s invasion of Ukraine, and the effects of Omicron still reverberating throughout the economy,” said Ord.

He further shared that a possible explanation for the lower levels of technology investment by NZ small businesses is the poorer short-term returns they deliver. Of those businesses that did invest, only 32.3% said the investment improved their profitability, compared to the survey average of 53.6%.

“This demonstrates the need to improve the digital skills of our small businesses and for them to seek advice to ensure they adopt the right technology solutions for their business,” added Ord.

CPA Australia noted that another possible reason for a relative lack of investment in digital capability is the demographics of the country’s small business sector. New Zealand was the second most likely of the 11 markets surveyed to have respondents aged 50 or over, and only 24.8% of respondents were aged under 40, against a survey average of 45.2%.

The survey also shows that New Zealand small businesses do, however, take the threat of cyberattack seriously, while 30.3% thought an attack was likely in the next 12 months, about 42.6% reviewed their cyber defences in the last six months, comparable to the survey average of 46.7%.

Moreover, the responses to questions regarding external funding and business growth appeared in part to reflect the different government policy responses last year to the pandemic. Some 45% of NZ small businesses required funds from an external source in 2021. Of those, only 24.8% sought funds for business growth, while 40.4% said they sought funds for business survival. 

New Zealand was also the only market in which ‘government grant or funds’ was the most cited source of funds with 28.4%, and only 24.1% said a bank was their main source of external finance. 

Meanwhile, only 28.1% of NZ small businesses expect to increase employee numbers in 2022, this is a sharp improvement in 2021, when only 11.3%t of businesses expected to increase their staffing levels. 

“This result reflects stronger growth expectations for 2022, but achieving it may prove difficult for many businesses due to labour shortages”, said Ord. 

He added, “Year after year, the survey results show a clear connection between increased investment in technology and digital capability, and business growth. That helps explain why many New Zealand small businesses are confident they will grow faster in 2022 than they did in 2021.”

Hong Kong – Around 57% of small and medium enterprises (SMEs) in Hong Kong have reported that they have accelerated their digitalisation efforts for the past 12 months, new survey from insurance company QBE shows.

According to the survey, 21% of the respondents say that growing sales amid reduced consumer spending became a key priority for SME digitalisation, followed by customer acquisition and retention (18%). In addition, SMEs are concerned about staff acquisition, training and retention, as well as logistical and export-import issues, reflecting that maintaining sales performance and ensuring business continuity are critical.

The survey also noted that 88% of the respondents said they currently use digital technologies or intend to invest in them, continuing the upward trend seen in 2020 (75%) and 2019 (73%). 

At present, the three top investment areas are collaborative software for staff (40%), marketing through social or online media (40%) and e-commerce (38%).

Despite the strong outlook, SMEs cited greater competition, data security threats and rising customer expectations as the main challenges for e-commerce. As a result, there is a surge in cyber risk awareness among SMEs, which jumped to 43% from 24% in 2020. SMEs took protection against cyber risk in several different forms, including software solutions and staff training, but particularly, 39% used insurance as a form of protection.

Lei Yu, CEO for North Asia and regional head of distribution at QBE Asia, said that the survey provided useful insights on the challenges that SMEs in Hong Kong are facing, and showed that SMEs are catching up quickly in utilising digital technologies to help achieve their evolving business goals.

“Our annual survey shows that awareness of and appetite for insurance keeps changing, however the underlying trend of insurance and risk management awareness is upwards. This is important because it is in everyone’s interests for them to be adequately protected. SMEs need flexible insurance products that allow them to choose insurance types and coverage according to their own needs,” Yu said.

Bangkok, Thailand – The popularity of virtual influencers is becoming more prevalent online, and is evident across consumers in Southeast Asia, including Thailand. In the latest survey conducted by consumer research platform Milieu Insight, large majority of Thai consumers have no preference when following virtual influencers.

According to the data, 74% of the respondents say that they have no preference at all in regards to the ethnicity of the virtual influencer. Meanwhile, 18% say they want a Thai-based virtual influencer, and 8% say that they don’t want a Thai-based virtual influencer.

Regarding communication, 64% of the respondents say that they have no preference on whatever language the virtual influencer uses, while 32% say they prefer it to speak Thai, and 4% say they want other languages other than Thai.

Lastly, 58% of the respondents said that they have no preference whatsoever of what the virtual influencer’s gender is. Meanwhile, 9% said they want it more masculine, 19% say they want it more feminine, 13% want them to be more androgynous, and 3% have other options.

Credibility-wise, 9% of Thai respondents say that virtual influencers are more credible than their human counterparts. Meanwhile, 34% say that they are just as credible as normal influencers, 33% saying they are less likely to do so, and 25% saying they are not sure.

In terms of interest in following virtual influencers, 21% of the respondents say that they are interested in following virtual influencers, 55% saying they are somewhat interested, and 23% saying they are not interested.

Singapore – As the future of cookie-based customer engagement is slowly crumbling, businesses must learn how to leverage their own data strategies, including the implementation of first-party data use to optimise their customer experience, the latest survey from outcome-based marketing organisation Epsilon shows.

According to the global survey, over 60% of surveyed brands suffer from incomplete customer profiles relating to gaps in first-party data held on customers, while only 17% of surveyed brands have advanced first-party data strategies that give a holistic, near complete view of their customers. In addition, about 24% of respondents have data that is fragmented and siloed by channel or business function, disabling their ability to adapt to changes in customer behaviour quickly.

Patrick Sim, senior VP of APAC and MEA at Epsilon, said, “The decay of cookie technology is now forcing many brands to alter their strategies to meet changing customer expectations. Moving forward, CX practitioners and marketers should conduct frequent assessments of their data management and customer engagement strategies to deliver loyalty-winning customer experiences and boost customer lifetime values.”

The survey also noted that over 40% of those surveyed are in the early stages of rolling out first party data capture strategies, indicating a shift in identity data management. In terms of considering the effects of cookie deprecation, 61% of respondents plan to alter their engagement strategies. In selecting a solution provider and identity resolution partner to assist in managing customer identity data more effectively, accuracy (77%) and compliance (68%) emerged as the most desired traits, beating cost (2%).

Sim added, “Campaigns run on third-party platforms rarely provide customer intelligence to companies, and this lack of intelligence in the system leads to a vicious cycle of continued dependency on these platforms. The solution is to invest in owned platforms and software for customer engagement, allowing for relevant, timely and compelling communication.” 

He further noted, “Businesses need to prioritize gaining an understanding of their data footprint and enhancing their data strategies, which must include capturing and leveraging first-party data to drive optimal customer experiences.”

Sydney, Australia – Online shopping while under the influence of alcohol might sound hilarious, but it does happen: the latest survey from comparison platform Finder shows that around 18% of Australians admit to doing so.

In terms of the frequency of doing it, this is split by 12% admitting to having done it once or twice, and 6% having doendo it often. 

Meanwhile, 62% of the respondents admit that although they haven’t done so, have actually shopped online while mildly sober. 

In terms of what items or services respondents eyed while ‘drunk-shopping’, the most is having food delivered, with around 1212% of the respondents. This is followed by buying alcohol (11%), and shopping for clothes or shoes (9%). Some have even gone as far as applying for a job (2%), applying for a house/apartment (1%), buying airline tickets (1%), and purchasing a pet (1%).

The average amount most spent online while drunk in one sitting was AU$328. Demographic-wise, men have admitted to spending AU$343 while drunk in one sitting, compared to AU$306 for women.

By age group, Gen X drunk shoppers are the worst offenders, spending AU$425 on average per sitting, compared to AU$299 for Millennials and AU$265 for Gen Z.

Sydney, Australia – More younger consumers in Australia are utilizing social media to conduct product research and discovery before deciding to purchase a product, the latest survey from cloud-based e-commerce solutions ChannelAdvisor notes.

According to the survey, 64% of 18- to 25-year-olds have researched products on Instagram during the past 12 months, while 67% of 26 to 35-year-olds have researched products on Facebook within the same period. 

Despite that, social media use for product research remains the least-used online channel for product research, with only 6% of all respondents using it. Search engines or organic search remains to be the go-tochannel for product research, which is used by 37% of respondents. This is followed by brand websites (23%) and marketplaces or retailer sites (35%).

In regards to what affects a consumer’s purchasing decision, price takes the lead with 79% of the respondents agreeing so, followed by availability (55%), reviews (44%), delivery speed (42%), brand name (35%), and payment options (35%), and flexibility of delivery time (22%).

“The survey results are clear: consumers aren’t buying products and interacting with companies the way they did before 2020. Consumers want convenience at each stage of the buying journey — from research to sale. Brands and retailers need to shift their focus to their consumers’ demands,” said Mike Shapaker, CMO at ChannelAdvisor.

The survey also noted that factors such as a product being out of stock (61% of respondents), a possible better price (46%), negative reviews (35%), unclear product information (32%), as well as unclear product images (26%), and too few reviews (17%) are reasons why consumers would abandon online purchases.

For the upcoming holiday season, about 36% of surveyed consumers plan to do more holiday shopping online this year, while 42% of survey respondents plan to use ‘buy online, pick up in-store’ or curbside options this season. Meanwhile, 7% plan to do less holiday shopping online.

“Ahead of peak season, they’ll [brands and businesses] need to reimagine and reinforce e-commerce strategies to take advantage of these permanent changes, as their competitors will soon begin doing the same,” Shapaker added.

Hong Kong – Recognizing that people’s needs and behaviors are changing globally, Tatler Asia, the renowned luxury lifestyle media and publisher of the iconic Tatler magazines, is reinventing itself to deliver more values-driven content. 

According to Tatler’s CEO, Michel Lamunière, over the last five years, they have witnessed first-hand a shift in people’s outlook on media and lifestyle preferences.

With this in mind, Tatler had initiated a 2000-respondent survey of luxury consumers, and on response, will now be putting more focus on topics with purpose, such as female empowerment, sustainability, equality, and LGBTQ, philanthropy, and entrepreneurship.

True to its trademark, Tatler will continue engaging with influential consumers, business leaders, creatives, and personalities, who are shaping Asia’s future, but will now increase its younger audience base to reach the region’s mass affluent, appealing to individuals from a greater cross-section of communities, industries, and walks of life.

Lamunière said, “As a legacy brand, it is our role to redefine media for the future, introduce new initiatives and lead conversations that matter.”

The recent survey also confirmed Tatler’s approach to adding new channels across multiple platforms with alternative business models that go beyond print and digital media. New initiatives are being rolled out in markets, with some piloted and launched, and others set to be introduced by the end of 2022.

Tatler said that one of the most successful spin-offs is its feature Tatler Dining, which is particularly relevant since dining consistently ranks among the top hobbies across demographics, incomes, and regions. Its initiatives include Tatler Dining Kitchen, a culinary hub for food lovers to experience unique off-menu dining, and exclusive collaborations, while The Tatler Bar is a curated online and offline platform designed for the drink connoisseur. 

Within the festival space, OffMenu is an event that mixes local and international F&B trailblazers, chefs, and mixologists, with eclectic entertainment. Outside of F&B, Tatler is also introducing wellness events in collaboration with fitness brands and experts through the sub-brand Tatler Roots.

In addition, Tatler has recently introduced branded VIP venues such as Tatler House, where intimate luxury gatherings, dinners, roundtables, and product activations, among others, take place. It also provides an exclusive ‘second home’ for the group’s community to come together and experience the Tatler brand in real life. Tatler House is located in Hong Kong, Beijing, Singapore, and Malaysia, with more to open across the region in the coming year. 

Meanwhile, diversifying into e-commerce, Tatler Unlisted offers exclusive time-limited products and experiences for Tatler audiences, and the brand is also exploring rewards programs following the launch of UnitedWeDine last year, which was curated to support the F&B industry in Hong Kong.

Lamunière noted, “Our ultimate goal is to empower Asia’s most influential and affluent communities to live their best life and make a positive impact on the world.”

In September this year, Tatler has also launched its new website – a global platform that provides each location personalized content. It is designed to increase engagement with millennials and Gen Z audiences, featuring interactive and dynamic elements.

Singapore – With Black Friday sales fastly approaching and planned by various brands, around 54% of Singaporean adult shoppers say they are willing to shop during these sale drops, only if the discounts given are ‘enough and right’, found a survey from global comparison platform Finder.

The latest survey found that Singaporean adults need an average discount of just under half price or 48% from the original price to partake in the shopping event. Furthermore, 15% say they’ll need a whopping 90% discount for them to shop the sales, while 13% say they’ll buy something in the sales if it’s half price with 8% willing to shop if it’s discounted by 25%.

By age group, the survey found that 18 to 24 year olds are much more likely to shop during the Black Friday sales, with 65% saying any type of discount could catch their eye, with 41% across 45 to 54 year olds, and 46% of those aged 65 and above stating the the same.

The survey also notes that Singaporean men are more likely than women to have their interest piqued, with 58% of men saying they’ll shop if the discount is big enough compared to just 48% of women.

Singapore – Despite the uncertainties of the global pandemic, more consumers continue to resort to e-commerce platforms, and with this, online sellers must cater to the surge in demand for online shopping.

To determine how confident online sellers and companies are about their businesses’ future growth, e-commerce platform Lazada has released its first-of-its-kind business confidence index for digital commerce called ‘Digital Commerce Confidence Index’.

The ‘Digital Commerce Confidence Index’ is a business sentiment survey that seeks to map out the perspectives of online sellers in Southeast Asia about the digital commerce industry while shedding light on the challenges and opportunities that lie ahead. It has surveyed 750 sellers across six markets in Southeast Asia, namely Indonesia, Philippines, Thailand, and Vietnam, as well as Malaysia, and Singapore in the first half of 2021.

The survey found that 52% of sellers experienced a high level of growth during the first half of 2021, with 70% expecting additional growth of more than 10% in the third quarter of 2021. Out of the 70%, about 33% of sellers surveyed were extremely confident that their sales volume would increase by more than 30% in the same time period. As a result, the overall index achieved an ‘optimistic’ score of 64, with 0 being ‘very pessimistic’ and 100 being ‘very optimistic’ on the spectrum.

Moreover, the same survey shows that a key driver of sellers’ positive sentiment could be attributed to significant shifts in SEA consumers’ consumption habits with greater diversification between online and offline purchases. With 47% of consumers reducing their offline purchases and 30% increasing their online spending in 2020, the pandemic has accelerated the expansion of digital commerce and made it a pivotal battleground for sellers looking to scale up their businesses. 

Meanwhile, the strong growth momentum was generally recorded across all retail categories, sellers from the electronics and fast-moving consumer goods (FMCG) categories appeared to be the biggest beneficiaries of a stay-at-home economy, with 53% reporting that their business recorded strong growth in the first half of 2021.

Magnus Ekbom, Lazada Group’s chief strategy officer, commented that they are excited to launch the Digital Commerce Confidence Index, aiming to shed more light on forward-looking indicators and sentiment among SMEs in the region.

“Many SMEs have embraced new technology and acquired digital capabilities to transform and future-proof their businesses. Despite the challenging health situation and ongoing challenges, our Index shows that sellers remain both resilient and optimistic about the future,” said Ekbom.

The survey also uncovered interesting variations in how sellers felt about the future. For example, sellers from the fashion segment made the biggest leap of faith. Even though 48% say their businesses improved in the first half of the year, 75% say that they expect business to improve in Q3 2021, and almost 40% of them anticipated that their growth would exceed 30% in the same quarter.

In addition, the survey identified sellers as key enablers of online business growth. About 52% of sellers are developing a unique and differentiated offering, while 50% are driving more user traffic, and 23% have the ability to harness data insights. 

With this, Lazada said that in a highly saturated environment, competition among online sellers no longer occurs under a simplistic framework of price wars but has evolved to take on an additional dimension where technology-driven customer engagement serves as a differentiating factor for many sellers.

Singapore – Sales used to be a one-off thing, or at least a seasonal event that sees it happening after a particular interval, but now, sales, in the mid of the rise of e-commerce, has now become so much more than just brands offering discounts, but has turned to be a ‘celebration’ of some sort – a celebration of consumers’ buying power and merchants’ easier access to revenue. With this, mega sales are now being held on a regular basis, specifically every identical date of the month – such as ‘7.7’ for July, or ‘8.8’ for August.

The trend on mega sales events quickly transcended online commerce, and is now being joined by offline brands as well. This then makes brands think, how is the consumer behaving amid all this hoo-ha? Short-video platform TikTok conducted a 2021 survey among over 1,800 Southeast Asian users in March 2021, where 82 percent admitted to purchasing a new brand instead of a regular brand during mega sales. 

Moreover, the same survey demonstrated that over half, 55 percent, made unexpected purchases during the said sales events, even when they had prepared a shopping list. This comes as an interesting insight as brands are in constant search of ways to attract new buyers. Adding to this, TikTok’s data also found that during this time, consumers are more open to exploring, with them shopping more across all categories. 

Consumers’ likelihood to demonstrate an adventurous disposition during these mega sales events can be chalked up to the feelings of elation that shoppers have when these special sales arrive. According to a Nielsen Global Authenticity study, likewise commissioned by the short-video platform, 67 percent of users felt ‘happy’ or ‘excited’ towards the mega sales shopping season. 

On that feel-good factor, it seems that shoppers are not only looking to the shopping event itself to ignite these positive feelings but are also expecting it at every step of the experience – becoming more inclined to engage in ‘shoppertainment’ or the fusion of entertainment and shopping. Brands themselves have raised the bar, leveraging today’s digital platforms in order to allure shoppers such as through live streams, short videos, and even augmented reality. 

The same Nielsen study shows that 83 percent of users prefer to see video ads from brands over gifs or text posts. 

Ng Chew Wee, the head of business marketing for TikTok in Southeast Asia, said that people have ceased simply searching for products, but are also searching for ‘people’. 

“This year, we are seeing a rise of Shoppertainment – a convergence of content and commerce – where shoppers expect not just to be sold to, but to be entertained as well. Instead of people searching for products, products are now searching for people. We hope these insights can help businesses own their Mega Sales moment and engage with TikTok’s community of happy users. Happy users, happy buyers!” said Ng Chew Wee.