Malaysian consumers are more connected than ever before. On top of healthy development in the e-commerce sector over the last few years, Malaysia has seen a growing population of digital consumers. Being digital-first has unlocked many opportunities for both consumers and businesses, especially with how much time we spend online.
The way we shop and interact with brands these days has evolved massively, thanks to the rise of e-commerce and social media. So what do today’s digital-first consumers look like and how can we better connect with them?
Savvy consumers listen to their communities
This evolution of how we consume and access the internet is also why the social way of shopping has become a staple for many of today’s consumers. With Malaysians spending an average of over 9 hours using the internet (with a significant portion through mobile phones), online communities have become an important part of the digital landscape we interact with every day.
Connectivity has also made it a breeze for us to tap into the readily available resources for research. This means consumers not only have access to resources to educate themselves before buying, but are also tapping into the digital communities they are part of for recommendations and referrals when it comes to their online purchase journey.
The digital-first consumer no longer trusts traditional advertising. They are no longer buying based on what they are told, but based on what others say — and these trusted voices come from their online communities, review sites, and favourite influencers or other brands they trust. Recommendations have become key in the digital consumer’s decision-making when shopping. Brands who understand the importance of these ‘trusted voices’ will be most welcomed by consumers.
How livestreaming is changing consumers’ digital shopping habits
As we know it, social media has a significant impact and role on the digital consumers’ habits beyond product discovery. It has become a powerful tool that gave birth to different kinds of content format by which brands drive conversion and encourage purchase of their products and services.
Case in point is the rise of livestreaming, which has experienced remarkable growth, as the market has expanded from $30 billion in 2016, and is anticipated to reach $184 billion by 2027.
Defined as the transmission of live video or audio content over the internet in real-time — allowing viewers to watch and listen as it happens, livestreaming has gained popularity due to its ability particularly to connect nano and micro-influencers with their niche audience.
In perspective, with how fragmented online audiences are, a lot of content consumption is specific to niche interests. For example, food, travel, and fashion. These interests are what gave birth to pockets of communities where nano and micro-influencers can produce tailor-fitted content for their distinct audiences.
With livestreaming, due to its raw and creative nature, nano and micro-influencers can create a deeper connection with their audience through a personalised and immersive experience — making it an effective and unifying approach for their niche community.
In Malaysia, livestreaming has apparently gained popularity with apps such as BIGO LIVE and Elelive emerging as top-ranking apps in terms of consumer spending. These apps have even rivalled established social media platforms like Facebook and TikTok. Such a trend suggests that Malaysians have a strong desire for social commerce and are willing to engage with and purchase products from the creators they trust, leading to the emergence of a thriving influencer marketing industry in the country. Brands can definitely capitalise on this trend by implementing this approach into their marketing strategy to successfully communicate with their target audience.
What does the future of consumer-marketing look like?
Authenticity and trust are undoubtedly key themes for consumers and brands will have to recognise that. Where the previous year saw the emergence of social platform BeReal, which advocates for genuine connections and experiences, we already saw new entrants this year like Bondee (who wants users to ‘live with your friends’) take over the local mobile app stores with more than a million downloads in less than a week after launch. Today’s individuals put more trust in the connections they have built and established – whether it be friends, influencers, or brands. This translates to trust in influencers and brands that consumers feel connected to and whose values align with them.
More importantly, the value of experiences will be further refined by smarter algorithms. Just like how we are already acquainted with the recommendation model on apps like Shopee and Spotify, machine learning presents opportunities for even more curated content. This shift will result in changes to how we choose and consume content – from manually browsing to a more curated experience similar to TikTok that delivers content that caters to what you respond to best.
As technology continues to evolve, we can expect to see even more curated content and personalised experiences in the future. Brands who are able to adapt to these changes and connect with digital-savvy consumers will thrive in this new era of consumer-marketing.
