Market Trends of Southeast Asia CRM Analytics Industry
Retail Industry is Expected to Drive the Market's Growth
- SaaS-powered CRM analytics is an affordable solution that helps organizations maintain customer relationships and stay informed about important dates and events. It serves as the initial step toward establishing a robust digital infrastructure.
- The digitization trend in Southeast Asia is positively impacting market growth. The region's developing economies are expected to emerge as leading digital marketing markets in Asia. This growth can be attributed to the increasing number of mobile users, rising demand for internet access, and declining internet connectivity and data prices.
- According to a recent report by 'We Are Social and Hootsuite,' Indonesia had 150.0 million internet users, Malaysia had 25.28 million, and Thailand had 57.0 million. Social media users in Indonesia and Thailand reached 150.0 million and 51.0 million, respectively.
- Companies for sales process automation and reporting widely adopt CRM solutions. SoftClouds' CRM Cloud Survey Report states that 82% of companies use CRM solutions for these purposes. According to Salesforce, CRM software enhances employee productivity, customer engagement, retention, and other benefits. Cloudswave highlights that utilizing CRM in sales can increase customer purchases with the company.
- To overcome the high costs associated with proprietary technology development, SMEs and startups in the region are increasingly turning to cloud software, infrastructure, and platforms as services. SaaS-based CRM analytics offers numerous advantages for SMEs.
- The digital transformation of SMEs involves improving their access to information and communication technologies and increasing the adoption and utilization of digital applications and services. These advancements foster the necessary digital transformation within the Southeast Asian economies, creating opportunities to utilize digital services and applications effectively.
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Growing Adoption of Analytics in Singapore is Expected to Create Growth Opportunities
- Singapore stands out as a prominent market in the Southeast Asian region due to the increasing adoption of analytics solutions, a growing digital population, and strong government support. According to We Are Social and Hootsuite's recent report, Singapore had 4.92 million internet users and 4.60 million social media users.
- The rise in mobile and internet penetration in Singapore and other countries, such as Indonesia, Thailand, Malaysia, and Vietnam, has led to a significant increase in marketing expenditure.
- Singapore has made significant advancements in analytics and AI, supported by government initiatives like e-Singapore. The city-state is a global hub for innovation and has made notable contributions to the fintech ecosystem through its robust data and analytics practices.
- The adoption of mobile payments in Singapore has also seen positive results; for instance, according to Visa, in the previous year, mobile contactless payments of 52% and QR code payments of 48% continue to increase among Singapore consumers. The retail sector is an integral part of the Singaporean economy, employing approximately 3% of the workforce and contributing significantly to the country's GDP. The government has introduced the Retail Industry Transformation Map (ITM) to support retailers in embracing digital technologies and improving productivity.
- Retailers leverage CRM data to track customer purchase behavior, offer upselling opportunities, and provide personalized discounts and offers through loyalty programs. Tableau, a data analysis tool, is used by companies like Metro, a Singaporean retail chain, to break the limitations of brick-and-mortar operations and develop effective marketing campaigns based on customer preferences.
- Moreover, Pan Pacific Hotels Group in Singapore uses analytics to identify trends and anticipate booking behavior across customer segments and regions. This enables them to provide more personalized and attentive service, handle feedback promptly, and enhance the overall customer experience.
- Spiro, a proactive relationship management platform, has expanded its presence in Singapore, driven by the country's technology-forward mindset and initiatives embracing AI. The company has secured funding to invest in its AI and natural language processing (NLP) technology, combining CRM, telephony, and sales enablement into a single platform.
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