While the signs of digital growth and rise of online industries seem promising, Myanmar’s digital economy is still in its early stages. Hence, this digital shift in consumer demands signals a need for comprehensive cloud-based solutions that can tackle customer service through multiple touch points, to maximise the customer experience. There is also an emerging trend of artificial intelligence (AI) in the digital customer service landscape, which had played a pivotal role in expanding customer reach and fulfilling consumer demand in a timelier manner. Whereby, AI is often integrated in the form of a chatbotto answer frequently asked questions (FAQ) and generate automated responses.
This article originally appeared on Myanmar Times. You can view the original article here: https://www.mmtimes.com/news/capitalising-young-mobile-first-generation.html
The untapped opportunities of omnichannel communication in Myanmar to create memorable customer experiences.
Ever since Myanmar’s economic liberalisation back in 2012, the country has been at the forefront of a rapid economic expansion with a solid growth in GDP, thriving foreign direct investments (FDI) and an untapped rising middle-income consumer market. This drastic shift in the economic landscape has resulted in higher disposable income, rapid internet penetration rate and fundamental lifestyle changes, which drove consumer demands to an all-time high. With promising long-term growth opportunities on the horizon, many consumer brands and retailers are quick to capitalise on the vast, untapped opportunities that exist within the emerging consumer market of Myanmar.
At the receiving end of the economic boom is Myanmar’s tech savvy and young mobile-first generation with an appetite for discretionary spending. With a median age of 29, and up to 55 percent of the population under the age of 30, the majority of Myanmar is well-positioned to capitalise on further economic expansion. Over half the population is considered of working age, thus significantly increasing the country’s labor productivity.
Rising in conjunction with the young population is the internet penetration rate. Evidently, Myanmar saw an increase of 1 million or over 4.8pc in internet users between 2019 and 2020. As of January 2020, the number of internet users soared to 22 million, with an internet penetration rate of 41pc. There is also a clear correlation between internet penetration and the adoption of social media as the number of social media users in Myanmar increased by 1.4 million )+6.6pc) between April 2019 and January 2020 with a social media penetration rate of 41pc.
The rapid growth of internet usage and social media dominance has prompted many industries to undergo a digital transformation, with the rise of e-commerce, social commerce, live and conversational commerce, e-logistics and e-wallets, as an effort to keep up with the ever-evolving and digitised consumer landscape. Such growth on the digital front has been further accelerated by the unforeseen COVID-19 pandemic, with social-distancing guidelines that catapulted the expansion of online industries, as businesses, both offline and online are forced to adopt an omnichannel approach to fulfill remote consumer demands.
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21 January 2021