Pandemic has highly impacted consumer behavior, which has opened the door to new opportunities for marketers
FREMONT, CA: During the pandemic, consumer trends and behaviors were drastically changed. Consumers welcomed five years' worth of digital adoption just eight weeks into the pandemic, according to McKinsey. This was reflected in how customers spent, interacted, and continued to stay engaged. New consumer trends have presented marketers with new opportunities as well as obstacles. For example, with the tremendous increase in online consumers, the term electronic in e-commerce became obsolete, mobile consumption increased, and linear television viewership fell behind Connected TV (CTV).
These disruptive consumer trends are forcing marketers in Asia Pacific to rethink their strategy in order to keep audiences engaged digitally through different touchpoints and forms. Marketers quickly shifted their ad strategy to incorporate new content types and ad dollars into digital channels as consumers move online. According to eMarketer, advertising revenue flowing to conventional channels like broadcast, out-of-home, and print will decline by over 15 percent globally in 2020, while digital ad spends will reach 12 percent.
As the pandemic heightened consumers' desire for premium video content, video rose to prominence as one of the most engaging digital marketing platforms for advertisers. CTV has become commonplace in key APAC economies, allowing advertisers to reach the scale of television along with digital accuracy. According to an Integral Ad Science (IAS) survey, 80 percent of customers are willing to see commercials in exchange for free streaming, forcing advertisers to prioritize ad quality and context in order to increase engagement. However, due to CTV's early stages and the lack of defined measuring criteria, marketers are still hesitant to invest in the channel. With reduced ad costs, the new and local firms were presented with better targeting and engagement with their audience in long-term dialogues. Furthermore, brands have created many touchpoints to stay connected with their customers, with the goal of creating a comprehensive brand experience in the virtual world.