MR. METHIN PASPANTHONG | 10 FEBRUARY 2024 | 5-MIN READ
Succeeding in Thailand's Evolving Landscape: Strategies for Thriving in the New Normal and Aging Society
Achieving success amidst Thailand's new normal and aging society demands a strategic approach that acknowledges the shifting dynamics of consumer needs and expectations. As the demographic makeup of the country continues to evolve towards an older population, businesses must adapt to maintain their competitiveness and relevance. Here are key strategies to navigate this transformative period:
1. INVEST IN DIGITAL READINESS
In the era of the New Normal, embracing digital technologies is paramount for businesses to effectively connect with and engage customers. Utilizing online platforms and e-commerce solutions enables businesses to broaden their reach and elevate customer experiences. This encompasses the development of user-friendly websites, mobile apps, and social media campaigns tailored to consumer preferences. However, given the rising senior population, merely having a user-friendly website or mobile app may not suffice—it must be exceptionally easy to navigate.
2. FOCUS ON HEALTH AND WELLNESS
As the population ages and concerns about health escalate due to the COVID pandemic, there is a heightened demand for products and services that prioritize health and wellness. Businesses have the opportunity to seize upon this trend by incorporating health and wellness offerings into their core operations or as new avenues for growth. Moreover, businesses can enhance their offerings by harnessing the power of AI and big data to provide customized solutions, such as personalized nutritional supplements, healthcare services, or fitness programs.
3. PRIORITIZE CUSTOMER-CENTRICITY
The world undergoes rapid and extensive changes. Distinguishing themselves in a competitive market, businesses can tailor products and services to meet the specific needs and preferences of older consumers. This often requires a deeper comprehension of customer behaviors, which may include novel phenomena such as workcation by younger generations or reluctance towards digital banking of the older population due to scam fears. By understanding the distinctive challenges and desires of consumers, businesses can cultivate meaningful and long-lasting relationships.
4. INVEST IN INTERNAL EDUCATION AND TRAINING
As technology and artificial intelligence continue to reshape the workforce, businesses that fail to equip their employees with AI skills will fall behind. Investing in education and training programs is paramount. Providing employees with new skills not only prepares them for the changing job market but also underscores a commitment to their development, thereby improving retention.
5. BE MORE SUSTAINABLE
Addressing environmental concerns is becoming increasingly significant for both Thai and global consumers. Businesses should prioritize Environmental, Social, and Governance (ESG) initiatives. This may involve minimizing their carbon footprint through the adoption of eco-friendly materials, implementing energy-efficient procedures, and contributing to local communities. Aligning with consumer values enables businesses to appeal to environmentally conscious customers and bolster their brand reputation.
6. FOSTER AGILE MINDSET
The swift emergence of new technologies and waves of change demands businesses to adjust promptly. Over the past year, we've witnessed the proliferation of generative AI in various applications, such as text, image, and video generation, posing potential disruption threats across numerous industries. Cultivating a culture of agility within your organization is imperative for thriving in this ever-evolving business landscape.
As Thailand transitions into the new normal and grapples with the challenges of an aging society, success hinges on the ability of businesses to embrace change and innovation.
By prioritizing digital readiness, health and wellness initiatives, customer-centricity, employee education, sustainability practices, and fostering an agile mindset, businesses can navigate through this transformative era. It's through proactive adaptation and strategic foresight that organizations can continue to innovate and meet the evolving needs of consumers while maintaining their competitiveness and relevance in the dynamic Thai market.
Reference: MultiPrime’s Analysis
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