Thailand's digital economy is poised for more significant growth. According to the Thailand Board of Investment, the digital economy is expected to contribute about 25% of Thailand's gross domestic product (GDP) by 2027, up from 17% in 2018.
As the Southeast Asian country accelerates towards a digital economy as one of the key levers of its economic growth, businesses must note the five global macro movements across human behaviour that will shape business, culture and society as build resilience and drive sustainable growth in the rest of 2023.
"Driving growth today requires a renewed focus on relevance. Individuals are questioning the sense of control over their lives which affects their decisions," said Thomas Mouritzen, Southeast Asia lead for Accenture Song. "For brands and marketers, these are opportunities to develop new ways of customer engagement and build more meaningful relationships. From our experience working with clients on customer experience reimagination, businesses must take a broader view that allows them to see customers in their full lives and adapt to their changing needs and priorities."
Crowdsourced insight and intelligence from Accenture Song's global network of designers, creatives, technologists, sociologists, and anthropologists, the annual bellwether forecast — which leveraged AI for the report's imagery — includes the following trends and actions for businesses to heed in 2023.
- the next. But, as humanity has for millennia, people are adapting to instability by switching between four responses: fight, flight, focus, and freeze, which will affect what they buy, and how they view brands and their employers — and companies need to be ready.
- What's next for loyalty - In an unstable world, people seek out places where they feel they belong. As a result, modern brands will be built as communities first, reshaping loyalty and brand participation. For example, the majority of Accenture's research focus group participants have tried new hobbies or joined new communities in the past six to nine months. Emerging technology is largely driving the three threads to enable this model.
- a.Communities of belonging: on platforms like Reddit, Discord, and Twitch.
- b.Token-gating: exclusive access reserved for "token holders only."
- c.Collectibles: digital arts, autographs, trading cards, and more.
- The importance of work intangibles - As the debate continues around the return to the office, one thing is clear: it's not yet a success for many people. Everyone has felt the loss of intangible office benefits, like chance encounters and consistent, close guidance of junior talent. Now the consequences of the loss are becoming clear. Without in-person engagement, companies can stand to lose mentorship, innovation, culture and inclusion. It's time leaders went back to the drawing board to make a logical, mutually beneficial plan.
- AI is becoming people's co-pilot for creativity - Artificial Intelligence is now in the hands of the everyday user and is a new tool for the creative process. Suddenly, neural networks have been made widely available to create language, images and music with very little effort or skill. Developments within AI are also hitting the market at an astonishing speed. At scale, this is an incredible breakthrough for creativity. Companies need to consider how they will stand out in the sea of AI-generated content and how they use AI to enhance the speed and originality of innovation.
- Digital wallets could end the digital identity crisis - The use, and misuse, of personal data is long overdue for a transformation. Transparency and trust in online brand experiences are quickly diminishing in tandem. But control of their data could soon swing back to the user. Digital wallets containing tokens (representing payment methods, ID, loyalty cards and more) will allow people to decide how much data they share with — and even sell to — organizations. That's great news for brands: the data that people do hand over will be even more valuable than the third-party information that is no longer collected in a cookieless world.
To read this year's full Life Trends 2023 report, which includes guidance for businesses and leaders, visit the link here. https://www.accenture.com/us-en/insights/song/accenture-life-trends?c=acn_glb_lifetrends2023mediarelations_13338879&n=mrl_1222
Source: ABM Connect