Publication: CNA938, Singapore
Host: Daniel Martin
Date: 19 March 2020
• With travel restrictions and job cuts seen across the travel and retail industry, there has been a change in consumer behaviour and a shift from offline to online traffic. This is especially apparent for e-commerce and food delivery brands. Srini also mentioned a spike in financial news consumption and app usage.
• On the impact of social media traffic due to COVID-19, Srini is seeing an increase in consumption of education videos around COVID-19, and a large shift towards religious content.
• Thailand, Malaysian and Singaporean personas are all behaving differently, and Srini’s advice is for businesses to focus on how to tailor their strategies to meet their different needs. This is especially important for regional brands.
• On the four key strategies, Srini mentioned leveraging technology, increased personalisation with consumers and brand- building to raise loyalty and awareness. As soon as consumers bounce back, brands that practice this will be top of mind. He also mentioned some best practices across Southeast Asia, such as initiatives by MR.DIY and Gojek.
• The host then asked whether people will go back to brick-and-mortar after COVID-19 ends. In response to this, Srini says while people do crave for more personal contact, this is where personalisation of content can play more of a role. He also mentioned that as Malaysia is undergoing a national lockdown, he is feeling this craving more so on a personal level, which made the conversation more personal and fluid.
• Concluding the interview, his advice for brands to make the best out of the current situation is to keep track of consumer behaviour and mindset, as it is constantly changing. Businesses should use the data they have and drive business strategy around these data insights. Around of Southeast Asia, businesses must shift resources to e-commerce and omnichannel capabilities as much as possible because this will be the future no matter what happens