Indonesia, the largest economy in Southeast Asia, has seen the value of its digital industry grow from US$41 billion in 2019 to US$77 billion in 2022. The value of the country’s digital industry is poised to grow even further to US$130 billion by 2025, driven primarily by e-commerce followed by financial services, online travel, online media, and transport and food.

Indonesia’s economy experienced tremendous digital transformation in the past few years, accelerated largely by the recent pandemic. As with the rest of Southeast Asia, Indonesia saw its digital economy growing rapidly according to a report by Google, Temasek, and Bain & Company (2022), with the region’s overall digital economy growing by 67% from 2020 to 2022.

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The country’s digital economy experienced rapid growth due to digitally-savvy consumers and increased online consumption, among other contributing factors. High mobile penetration has enabled frequent use of social media and e-commerce platforms, while digital payments have facilitated easier access to brands with just a few clicks. Moreover, the government’s active support for the country’s digital infrastructures has paved the way for new digital trends.

To cater to changing consumer behaviour, companies need to equip themselves with the tools and insights necessary to build strong customer relationships in the digital age.  The last leg of CleverTap’s Roadshow in Jakarta titled “Indonesia Retention Pinnacle: Identifying Meaningful Customer Journeys with AI Technology” will offer unique insights on how to keep customers engaged by harnessing the power of AI.

Using AI to bolster customer engagement strategies

CleverTap predicts that the economic slowdown caused by the pandemic, competition, and shifting consumer preferences, will impact digital consumer brands in different ways depending on the nature and severity of the slowdown and their unique characteristics. But with challenges come opportunities, to rethink brand strategy and adapt to the changing times.  With the power of AI, companies can now come up with creative ways to bolster and embolden their strategies.

,  Five strategies you can combine with AI to help your company reach  new heights:

1. Hyperpersonalise your experiences – One of the most effective strategies used by marketing leaders, this requires an extensive amount of detailed information about how your customers interact with the brand and using tools like AI to harness that information for future customer engagement. 
2. Watch your ROI – Digital consumer brands should adopt a more strategic approach to marketing and advertising decisions. One effective way to do this is omnichannel marketing, leveraging AI to understand customer motivators, and creating a consistent and positive experience at every touchpoint throughout the customer lifecycle. 
3. Diversify your products – To reach new customer segments, diversification with scalability in mind is key. Carousell, a Singaporean online marketplace, exemplifies this strategy by identifying “affinity categories” that share psychographic traits with their existing customers, successfully achieving cross-category acquisition and expanding their reach.
   
4. Create loyalty programs – Loyalty programs have been widely successful as it is an effective way to reward consumer behaviour and drive further demand from long-term users. AI tools can help companies create a seamless rewards experience.
5. Amplify social responsibility – As customers become increasingly aware of their impact, they seek out companies that prioritise sustainability and social responsibility. To meet these expectations, companies must integrate these values into their products, services, and decision-making processes, augmenting their approach to sustainability with the help of AI-powered data analytics.

In summary, businesses must adopt a multi-channel approach to retail and utilise innovative methods and technologies such as AI to yield better customer experiences.

There is a ready-made event specifically to share practical insights with industry experts

Whether you are a small business owner or a marketing professional, Indonesia Retention Pinnacle: Identifying Meaningful Customer Journeys with AI Technology will prove to be an inspiring resource for building valuable, long-term relationships with your customers in today’s competitive market.

The event will provide actionable strategies for building strong customer relationships, reducing churn, and maximising customer lifetime value. This playbook covers a wide array of key elements needed for customer retention, customer engagement, and monetisation, as well as case studies of successful digital marketing campaigns.

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There will also be interactive workshops and exercises that will enable you to put learned strategies into practice, while Q&A sessions and engagement with speakers will help you address company-specific cases. Participants also get to join fun and engaging team-building activities and learning opportunities with peers and fellow enthusiasts. Join us at “Navigating the Indonesian Digital Landscape: Becoming Digital Marketing Leaders of 2023” in Jakarta on March 16th and don’t miss this opportunity to learn from industry experts.

Register for The Big Leap Roadshow Jakarta here.

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