With the release of their comprehensive whitepaper titled “Shoppertainment 2024: The Future of Consumer & Commerce in APAC,” TikTok and Accenture have showcased their fruitful partnership. This research provides a comprehensive analysis of the evolving tastes, habits, and expectations of consumers in a number of important Asian economies, including Vietnam, Indonesia, Japan, Korea, and Thailand, and it was released on January 23, 2024.
Transitioning from Price to Value
A striking revelation from the study is the notable shift in consumer behavior across the Asia Pacific. An overwhelming 79% of consumers in this region now find themselves more swayed by non-promotional content than by traditional promotions during their purchase decisions. This trend shows considerable variation across the region, with a mere 12% in South Korea and Thailand being influenced by promotions, in stark contrast to 41% in Indonesia. It’s evident that factors such as product benefits, reviews, demonstrations, and visuals are gaining precedence over simple price considerations.
Diverse Consumer Perspectives: Social vs. Product Centric
The study identifies two predominant consumer categories within APAC: those who are social-oriented and those who are product-oriented. In nations like Vietnam, Thailand, and Korea, consumers tend to be more social-oriented. They depend largely on content recommendations from creators and trust their gut feeling in making purchases. In contrast, Japanese and Indonesian consumers show a more product-oriented approach, prioritizing product information and benefits, and showing a higher responsiveness to discounts.
Insights from Industry Experts on Consumer Behavior
Arthur Altounian, VP of Client Strategy & Growth for APAC at GroupM (The Goat Agency), sheds light on the significance of these findings. “In this era of content and evolving consumer behaviours, it’s imperative for brands to facilitate intuitive decision-making and establish rapport with their audiences by striking the right balance between long-term relationship building and short-term promotions,” he remarks. Altounian underscores the importance for brands to stay consumer-centric, focusing on creating engaging content and sales strategies that highlight product benefits and deliver true value.
The Emergence of Content-Driven Video Platforms
The report further highlights a growing preference among APAC consumers for content-driven video platforms like TikTok, which are fostering content-triggered shopping and intent-driven buying. These platforms are increasingly outperforming traditional search engines, with 1.9x more consumers regularly using them for product searches. This trend is poised to continue, with 93% of APAC consumers planning to either maintain or increase their engagement with these platforms for product discovery and purchases in the next couple of years.
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The Influence of Content Communities and Co-Creation
Another significant insight is the role of Content Communities, influencing 48% of consumers. These communities are pivotal in fostering interactions and co-creation between consumers and brands. The report notes that 73% of consumers are actively involved in content creation, contributing to trends, and engaging in comment sections, indicating a move towards more fluid and integrated content consumption and creation.
TikTok’s Role in Shaping Content-Led Commerce
Shant Oknayan, Head of Global Business Solutions for Asia-Pacific, Middle East, Africa, and Central Asia at TikTok, comments on the platform’s role in this evolving market. “TikTok delivers content-led commerce to consumers. As technology continues to develop, and economic factors influence consumer habits, brands must look to engage with their consumers in ways that provide them not only the best deal, but also an entertaining, seamless experience that does not disrupt their task flow. The clear lines between shopping and other activities are beginning to blur, and so it’s even more crucial for brands to deliver content that helps consumers buy what they want, when they want to, and how they want to.”
The “Shoppertainment 2024: The Future of Consumer & Commerce in APAC” report is a crucial resource for understanding the rapidly changing consumer landscape in the Asia Pacific. Available for download at www.tiktokshoppertainment.com, it provides invaluable insights for brands navigating this new era of consumer behavior.
