Using Digital Technology To Reach Emerging Customers
Technology has certainly changed the way that consumers access products and services. Before, a person has to physically visit a Bangkok hotel in Sukhumvit to book a room. Now, making reservations can be done from across the world with just a few clicks on the laptop or mobile phone. Half of the human race is literally using mobile technology.
Mobile technology has allowed people and businesses to connect easily. According to the International Finance Corporation, more than two billion low and middle-income individuals have access to mobile phones but they do not really use it for mobile banking. Digital technology is changing the way that people access financial services. Digital technology makes it easy and more cost effective for financial services to reach consumers.
In addition to reaching consumers more easily, digital technology helps in understanding the needs of consumers so that more tailored products can be offered at a cost they can afford. According to research made by World Health Organization, the biggest reason why people are reverting to poverty is the lack of insurance protection particularly for health and disability.
Thailand has a population of more than 70 million and insurance penetration remains low. Since market demand is increasing, Thailand’s Syn Mung Kong Insurance (SMK) is taking advantage of the opportunity by using technology to drive growth in the low customer base. SMK has shifted its focus to offering auto insurance online to generate customers who are new to the technology.
Demographics in emerging markets are currently changing. Emerging consumers are moving into the middle class who have increased purchasing power to be able to afford products and services. However, since companies have not targeted them, they remain under served. Given how large this demographic is, potential business volume is certainly significant. Through digital technology, reaching these consumers has never been easier.
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