A positive outlook on the eCommerce landscape, a rise in social media videos for online discovery, and the adoption of a raft of future technologies are among the top 10 insights discussed in a comprehensive 70-page study by Meta and Bain & Company.
“We’re seeing greater video consumption on average this year compared to last year, with the average daily screen time having increased from 46.5 minutes to 64.5 minutes,” the report noted.
The relevance of video as a social media platform for discovery has grown exponentially from 2020 to 2022, at a compounded annual growth rate of 70 percent, it added.
“It’s clear that brands need to engage consumers through video as social media continues to be an important channel for consumers to evaluate products. Social media videos account for almost half of online discovery, growing at a compounded annual growth rate of 70 percent from 2020 to 2022,” said Dhruv Vohra, Managing Director at Meta Business Group, Southeast Asia.
“As consumers seek more engagement, we’re also seeing the rise of the creator economy in the region,” Benjamin Joe, Vice President, Southeast Asia and Emerging Markets at Meta, the parent company of social media platforms Facebook and Instagram.
The experience of metaverse-related technologies, such as augmented reality, virtual reality (VR), virtual worlds, crypto currencies and NFTs, will evolve from its current form of 2D apps to immersive virtual 3D experiences in the next two to three years, the report predicts.
VR for business, such as training and development as well as virtual working and holding social events in virtual worlds, will be readily available in Southeast Asia in the next 10 to 15 years, it goes on to estimate.
Despite uncertainties and challenges dominated by inflationary pressures, geopolitics, and other global macroeconomic headwinds, a post-pandemic Southeast Asia is expected to fare better than the US and EU, according to a new 2022 SYNC Southeast Asia report, published annually since 2018.
“The region’s projected real GDP growth and annual inflation rate from 2022 to 2023 are forecast to perform better than other markets such as the US and the EU,” said the report, released early this month. The region’s annual inflation rate is projected to decline from 4.2 percent to 3.3 percent by the end of 2023.
The new SYNC Southeast Asia study is based on data from Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.