The next billion consumers
One billion digitally native consumers will enter the market over the next decade in eight rapidly growing countries: Bangladesh, Egypt, Ethiopia, India, Indonesia, Kenya, Nigeria and the Philippines.
We found that these fast-growing markets can open the path to growth for companies that deliver relevant and engaging digital experiences. There is work to do, however.
These findings are relevant for brands in these markets and for digital commerce globally. Younger consumers who have grown up with digital will expect superior digital commerce experiences as they enter the market. Many companies are not prepared for this influx.
While it’s not going to happen tomorrow, it’s time to start building capability today. Companies need agile business models and data-powered commerce operations, so they have the scale to flex fast with market change.
These 1 billion people are truly digital consumers ... many are already taking advantage of digital services when making a purchase.
80% use online channels such as search engines, social networks and videos to research products and services before purchasing.
76% are influenced by lots of “likes” or “good comments” on social media when deciding whether to buy something online.
75% say that easy return policies are an important factor that influences their online purchasing decisions.
A new generation of digital consumers will emerge in eight countries over the next 10 years. Will your brand win their hearts, minds and wallets?
Our survey of age generations in these countries, combined with modeling analysis, identified four consumer segments based on shopping preferences and age groups.
Digital Native Purchasers
Digital Native Content Creators
Digital Savvy Millennials
Digital Alpha Influencers
Despite the opportunities that exist, making traction in these markets will mean moving past several challenges to attracting and keeping these customers:
To keep pace, companies will need data insights, technology and partnerships to create winning new offerings. It is a continuous and dynamic Total Enterprise Reinvention.
Here are four ways to ground and speed up their efforts.