LINE Thailand presents THAILAND NOW & NEXT: Thriving through Economic Instability, the biggest business seminar of the year. We invite leading businesses and top brands in Thailand to delve deep into the evolving economic landscape and changing consumer behaviors. This event will unveil insights on utilizing data from LINE as a guide to develop new strategies that ensure sustainable business growth.
Mr. Ruttateer Chata-dhamrongsak, Deputy Chief Commercial Officer of LINE Thailand, stated that Thailand’s GDP has experienced fluctuating growth over the past few years due to both internal and external factors. Even in 2024, it is anticipated to recover with a growth rate of approximately 2.3% to 2.6% supported by a stronger domestic tourism and consumption sector. However, the household debt, which exceeds 90%, along with negative external factors such as global geopolitical tensions and the influx of Chinese goods into the ASEAN region, remain concerning risk factors. The ongoing events indicate that Thailand and its businesses are facing economic uncertainties at both macro and micro levels. As a leading digital platform for Thai businesses, LINE has organized the THAILAND NOW & NEXT: Thriving through The Economic Instability event, inviting experts to discuss the current situation and provide insights on data usage across various businesses. This aims to guide companies in developing new strategies that can adapt quickly to market or consumer changes.
During a recent session, Chintana Srijintakorn, Thailand Site Leader at Nielsen IQ (Thailand) Co., Ltd., a market research expert, shared valuable insights on modern consumer behavior under the topic UNFOLDING CONSUMER INSIGHTS IN A CHALLENGING THAILAND. The presentation revealed Nielsen’s research indicating a significant shift in consumer spending patterns from cautious spending to more deliberate and thoughtful expenditure. This change is influenced by four key factors:
1. Consumer Status: Consumers are increasingly adapting to uncertainties in both the economic and social landscape, evaluating their spending to ensure that every baht spent provides substantial value.
2. Consumption Drivers: Notably, inflation in Thailand has forced consumers to allocate more funds to maintain the same level of satisfaction. Essential goods, particularly fast-moving consumer goods (FMCG), remain a priority, while brand loyalty is declining, with consumers more willing to switch to products perceived as offering better value.
3. Financial Inequality: By 2024, although many consumers may achieve greater financial stability, over 50% of the Thai population still exercises caution and concern regarding their spending. The majority prioritize straightforward, planned expenditures while avoiding wastefulness.
4. A New Definition of Value: Consumers are no longer fixated solely on lower prices; they are considering additional forms of value at accessible prices. This includes new products, sustainable items, and goods derived from natural sources.
Read the in-depth article on key trends of the modern consumer that businesses need to know from the Thailand Now & Next event at: https://lnkd.in/gXamx9c7
Due to changing consumer behaviors, many businesses have recognized the need to adapt their strategies. Ms. Srisupak Areevanichkul, Director of Corporate Business at LINE Thailand, revealed insights into the usage of data on the LINE platform by various businesses in Thailand over the past year. These insights reflect how brands are adjusting and enhancing their strategies using data to respond to shifting customer purchasing behaviors. The adaptations can be summarized into four key strategies.
(1) Utilize a mixed advertising approach by employing both reservation-based advertising channels to reach the mass market alongside LINE Ads for targeted audience segmentation. This allows brands to enhance the effectiveness of their advertising campaigns. (2) Explore new target audiences by experimenting with segments beyond the previously used direct target groups. This expands the potential customer base interested in brand products, such as the automotive sector that tries to reach individuals interested in weddings, family, or music. (3) Prioritize the collection of 1st Party Data using the MyCustomer tool as a repository to gather and manage large data sets for target audience segmentation in communication and tailored marketing. For instance, financial and insurance businesses can update account and transaction data for individual users or offer diverse services suited to each user through LINE OA. In cases where brands lack their own 1st Party Data, they can leverage Mission Stickers as a supplementary strategy, such as FMCG and personal care sectors utilizing Mission Stickers with the MyCustomer ‘survey’ feature to directly collect consumer data. (4) Create personalized experiences by segmenting data to provide content that resonates with each individual’s needs and usage patterns. For example, the automotive industry can tailor advertisements based on varying levels of purchase interest, while retail and financial sectors can display different Rich Menus on LINE OA based on each customer’s membership level.
Discover in-depth insights into data usage on LINE from Thai businesses at the Thailand Now & Next event. Dive into the details here: https://lin.ee/GcnxzSxd/wcvn
As brands adopt digital solutions and tools in innovative ways to adapt to changes driven by consumers and the economy, LINE is committed to continuously developing and enhancing business solutions and tools. At the event, Weera Kasetsin, Vice President of Product at LINE Thailand, unveiled the roadmap for improving the effectiveness of various tools and solutions on LINE for 2024-2025. This roadmap is divided into three key areas:
The advertising service category will see the introduction of new formats and a broader selection of targeting options, allowing brands to identify their audience based on interests within their LINE Official Account followers. Future expansions will include targeting LINE OpenChat users and other service users on LINE, including LINE TODAY.
In the data solutions category, there will be enhancements to data management within MyCustomer, featuring new capabilities such as matching customer profile data with LINE OA followers, automated marketing operations support, external system data integration, and AI-driven predictive audience segmentation. MyCustomer | CRM will open up new integration opportunities with various sales channels, including the LINE MAN app, and introduce features for creating special events tailored to specific target groups.
Finally, in the performance tracking tools category, efforts will focus on promoting the use of Conversion API to help brands accurately and comprehensively track consumer behavior, ensuring improved effectiveness in their marketing strategies.
LINE continues to pursue its goal of being an open platform for the Thai market, providing opportunities for businesses to participate in creating digital services that meet diverse needs. It invites developers to play a role in crafting new innovations that contribute to the overall digital economy. Furthermore, LINE aims to support businesses and brands in achieving long-term growth amid uncertainty, by developing the platform for future business applications. Key focuses include enhancing connectivity with new tools through LINE OA Plus, improving shopping convenience through LINE OA as a virtual personal assistant, and expanding the capabilities of Chat Commerce solutions on LINE. Additionally, technology products like MyCustomer API, LINE SHOPPING API, and Mini App will empower brands to leverage LINE technologies for maximum growth potential in the future.
The emerging trends are poised to continue evolving, prompting Thai businesses to closely monitor the situation, stay informed, and adapt promptly. Leveraging data and technology will be crucial for brands to thrive and survive amidst change. LINE is ready to serve as a key platform for Thai businesses, maximizing the benefits of data and technology to help them adapt, endure, and grow steadily in an era marked by rapid competition and transformation.
For those interested, you can soon catch up on the THAILAND NOW & NEXT event on the LINE for Business YouTube channel.
About LINE for Business
LINE offers a suite of services designed for Thai businesses, aimed at enhancing their online operations to match international standards and achieve sustainable growth in the modern era. This initiative comprises two main solution groups: LINE Official Account, which allows businesses to connect with various tools to create an online storefront, currently boasting over 6 million accounts, and LINE Ads, a comprehensive advertising solution on the LINE platform featuring diverse ad placements and a range of additional tools to facilitate business growth through chat.
