As we prepare for the Lunar New Year festivities, we expect increased online sales across Southeast Asia (SEA). Criteo’s CNY 2023 report sees strong growth in 2023, up 13% compared to 2022 3 weeks before CNY. Additionally, the highest spike was observed on January 5, reaching 26% with the average from December 18 to December 31, 2022, as the baseline.

New Year traditions and the growing e-commerce industry have driven demand for fresh fashion, beauty essentials and festive food this year. Categories like fashion, health & beauty, and food & groceries are typically the top-performing categories for CNY and are set to achieve strong sales again this year, making this Lunar New Year a great time for shoppers and retailers. It will be an exciting time for us.

According to McKinsey, the SEA e-commerce market is projected to triple at a compound growth rate of 22% and reach a gross merchandise volume of approximately $230 billion between 2022 and 2026. This indicates that competition will be more intense, and retailers will need to stand out.

With rising festive demand in mind, retailers can take advantage of the power of detailed product data, the maturity of retail media networks, and the continued growth of omnichannel. Retailers who embrace these trends are quick to transform their advertising and customer experiences, leading to increased engagement and sales.

In particular, the important role of commerce media should not be overlooked by retailers. Since shoppable moments can arise in diverse environments, emerging environments such as retail media will continue to gain traction in 2024.

Forward-thinking retailers recognize the importance of continually expanding their media offerings for their end-to-end customer journey and marketers will continue to invest in retail media because it works. In doing so, they are better prepared to take advantage of opportunities arising from evolving consumer behaviour and market dynamics.

Retailers can also use SKU data for personalization and marketing. These capabilities allow retailers to attribute their marketing efforts to specific products and then tailor strategies based on their performance to the specific preferences of their customers. This hyper-personalized approach can lead to better campaigns that deliver stronger results.

Recognizing the power of first-party data, retailers will increasingly leverage their own media networks, driving standardization and collaboration throughout the industry. This mature ecosystem will open doors for brands (both online and in-store) and streamline processes for advertisers through streamlined operations and enhanced transparency.

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