To keep up with increasingly sophisticated millennial consumers in Asia, companies in the region must be prepared to make a number of changes to their business models.
In this EIU paper, which is the second of a two-part research programme, executives from some of the biggest tech companies in the region share their experiences and approaches, illustrating that whatever their size or pedigree, companies must challenge their own thinking about what works.
In terms of improving a company’s relationship with its customers, the findings include:
- Businesses must match their mobile presence with a physical one, giving savvy consumers a chance to see, touch and try their products.
- Companies must engineer their mobile platform to suit the tastes and expectations of users who are likely to demand of e-commerce platform more than just shopping.
- Companies must create friction-free customer experiences by incorporating local preferences for payments platforms into their online services.
In terms of improving internal workflows and leveraging a business ecosystem, the findings include:
- Companies must use their marketing, public-relations (PR), retail and supply-chain teams as hyperlocal eyes and ears to take advantage of Asia's opportunities.
- In a motivated but skill-starved region, companies must build strong local teams with a digital mindset.
- Companies must build partnerships to complement their strengths with those of others—even potential competitors.
