Speaker 1: Good morning and welcome to this morning's executive insights by
Speaker 1: media Corp. So this morning's topic is creating winning retail
Speaker 1: strategies for social commerce and I'm joined by some very
Speaker 1: special speakers um experts on this topic. First of all,
Speaker 1: we have,
Speaker 1: I'm Kenneth Tan, the co-founder and CEO of B live Technology,
Speaker 1: a social live streaming platform product that enables brands to
Speaker 1: live stream across all verticals including e-commerce technology, fashion, beauty
Speaker 1: and more. Welcome, Kenneth,
Speaker 1: everybody. Thanks for having me.
Speaker 1: Kenneth is also a Singapore native um and was voted
Speaker 1: Singapore entrepreneur of the year by the computer society in 2021.
Speaker 1: Uh So very happy to have you here today.
Speaker 1: Joining us as well is Suzie Wang. Suzie Wong is
Speaker 1: head of strategic projects and partnerships at media Corp. Susie
Speaker 1: has over 20 years experience in digital marketing, content and commerce.
Speaker 1: She also heads up media Corp's own e-commerce strategy and
Speaker 1: is the founder behind Wonder Wonder Shop is a content
Speaker 1: commerce stream that inspires shoppers of media corps, entertainment and
Speaker 1: social channels
Speaker 1: to store, helping brands to Storify their stories and drive
Speaker 1: conversions on our platform. So great to have you here, Suzie.
Speaker 2: Thanks Lacy Good morning, everyone.
Speaker 1: Good morning. Um And my name is Lacy Ewan. I'm
Speaker 1: the digital commercial lead here at Media Corp and I'm
Speaker 1: here today to help facilitate this conversation on social commerce.
Speaker 1: So before we dive into all the great content that
Speaker 1: we've got for you today, we wanted to take a
Speaker 1: quick audience poll just to understand within the room, the
Speaker 1: experience and exposure that the audience has had to e-commerce
Speaker 1: at this stage.
Speaker 1: So we'll just take a, a few moments to run
Speaker 1: this poll. The question is, has your brand embarked on
Speaker 1: social commerce? Interesting. So 38% of you in the room
Speaker 1: has said yes, you've embarked on social commerce. 31% said no.
Speaker 1: Uh We had 10% planning to do so in the
Speaker 1: next 3 to 6 months and 21%. Not yet
Speaker 1: sure how to go about it. Uh So Kenneth Suzie,
Speaker 1: it's clear we have a, a mixed bag in the room.
Speaker 1: Um So when we go through our content, it will
Speaker 1: be interesting to frame it from this perspective. Understanding, we
Speaker 1: do have some newbies that haven't yet embarked on social
Speaker 1: commerce as well.
Speaker 1: So before we get into the speakers, I just wanted
Speaker 1: to frame the conversation from a commercial standpoint um in
Speaker 1: terms of what we're hearing from brands in terms of
Speaker 1: their concerns. So the first question that we're often getting
Speaker 1: from brands is really how can we balance that short-term
Speaker 1: and long-term investment
Speaker 1: and what they mean by that is, you know, investing
Speaker 1: in the upper funnel brand marketing versus driving conversion and
Speaker 1: social commerce plays an interesting role within this because essentially
Speaker 1: it is content, but it also has a K P
Speaker 1: I of driving conversion. So I'm very keen Kenneth and
Speaker 1: Suzie to, to hear your thoughts on this later on
Speaker 1: as well.
Speaker 1: The, the second question we get when it comes to
Speaker 1: social commerce is really, it's a complex and fragmented ecosystem.
Speaker 1: So how do we know where to funnel our attention
Speaker 1: and our money? And this is particularly important for SME
Speaker 1: S or smaller brands that have limited resources available, knowing
Speaker 1: which channels to choose to get started.
Speaker 1: The third is really harnessing omni channel potential and utilizing
Speaker 1: first party data. So we know some of the obvious
Speaker 1: choices is to go with the big brands and the
Speaker 1: Behemoths like Lazada. But again, they are first party uh
Speaker 1: data holding onto that data. They are walled gardens. So
Speaker 1: what are some of the ways that we can utilize?
Speaker 1: Uh we can utilize social commerce to retain our own
Speaker 1: first party data? And how can we all know also
Speaker 1: harness omni channel?
Speaker 1: Because one of the things that we know from an
Speaker 1: omni channel perspective is the size of an omni channel
Speaker 1: buyers basket tends to be larger the studies by Google
Speaker 1: and Walk show that it's 1.5 to 2.1% larger than
Speaker 1: the average consumer So how can brands get a, a
Speaker 1: bigger piece of their pie and look to diversify their
Speaker 1: social commerce with a omni channel strategy as well.
Speaker 1: So just looking at the the landscape as a whole
Speaker 1: walk and Google did a study over 16 countries and
Speaker 1: they looked at existing and emerging channels for brands across
Speaker 1: S E A when it comes to purchasing on digital.
Speaker 1: So we know that during the pandemic, it really accelerated
Speaker 1: uh digital marketing and it accelerated digital purchasing on e-commerce
Speaker 1: shop attainment, social commerce and more
Speaker 1: so much so that I think it's grown three times
Speaker 1: the size that it was before the pandemic. And there's
Speaker 1: also estimates that by 2024 it's going to overtake that
Speaker 1: of physical stores. So we do know for brands, this
Speaker 1: is something that they should be putting their attention on.
Speaker 1: We do know based on this study that Google and
Speaker 1: Walk has done that they're looking at
Speaker 1: online marketplaces now as traditional e-commerce and things like social
Speaker 1: commerce are really the emerging and scaling markets that we
Speaker 1: need to look at as brands. So I'm curious, moving
Speaker 1: on to the speaker portion, Suzie, can you tell us
Speaker 1: the difference between e-commerce and social commerce and what are
Speaker 1: the things that brands need to consider? So,
Speaker 2: um great that the audience uh looks like I think
Speaker 2: about 50% have not gone into social media. So let,
Speaker 2: let me just start by defining uh what exactly is
Speaker 2: social commerce, right? And uh it, it is a very,
Speaker 2: it is actually a subset of e-commerce, right? Social commerce
Speaker 2: is a subset of e-commerce,
Speaker 2: but it's a very human approach to e-commerce, right? So
Speaker 2: if you are in e-commerce on daily basis, you're dealing
Speaker 2: with things like product listing, you know, category management, search
Speaker 2: recommendation engine, you know, boring stuff, right? I but important
Speaker 2: stuff but they are very, very functional.
Speaker 2: But when it comes to social commerce, right? Frequently the
Speaker 2: words you use uh it's about content, it's about experience,
Speaker 2: it's about storytelling, uh community influence and these are the
Speaker 2: engagement of course, and these are important words and I
Speaker 2: I spend a bit of time to talk about examples
Speaker 2: in a bit but just the the basic definition, right?
Speaker 2: So social commerce is a subset of e-commerce and to
Speaker 2: give a a more uh granularity to it, basically
Speaker 2: the integration of um product discovery, um
Speaker 2: the sorry, the integration of social experiences and ecommerce transaction.
Speaker 2: So basically in the sales funnel, what you really want
Speaker 2: to do is drive consumers down the funnel really quickly, right?
Speaker 2: From product discovery all paid to check out very quickly.
Speaker 2: So in social commerce, you can do that very efficiently.
Speaker 2: It's almost like a sales funnel compression, right?
Speaker 2: So that from the point of inspiration to the point
Speaker 2: of checkout, it happens within the social media platform or
Speaker 2: it could be enabled by social media platform, right? So
Speaker 2: you imagine things like content audience engagement, seamless checkout. These
Speaker 2: are key success factors. OK? So with this two uh
Speaker 2: definition of what social commerce is mean.
Speaker 2: OK. So let's you hear a lot about uh discovery commerce, right?
Speaker 2: In the next few slides. So early on, I talked
Speaker 2: about the sales bundle where you you are catching consumers
Speaker 2: at the point of product discovery. Now, we all know
Speaker 2: that there are basically two types of shoppers, right? The
Speaker 2: first uh they know exactly what they want, right? And
Speaker 2: mostly guys, I guess I need to buy some nails, right?
Speaker 2: And you walk into, into a hardware store and you
Speaker 2: buy exactly what you need. But for most of us
Speaker 2: myself included, we we tend to uh prefer browsing, you know,
Speaker 2: getting that inspiration, what to buy. You want to shop around,
Speaker 2: browse around. So this chart basically shows uh that from
Speaker 2: the survey, we know that
Speaker 2: more than 50% of online purchases are actually discovery led, right?
Speaker 2: Versus search land, search lab. It quickly, you kind of
Speaker 2: know what you want and you search specifically for the
Speaker 2: best price or you know where to get it. But
Speaker 2: for the promotions, but discovery la means you want, you
Speaker 2: want to be inspired, right? You want to understand the
Speaker 2: product attributes, you want to be, you want to be delighted,
Speaker 2: right? In shopping. So in the Discovery Lab, shopping uh
Speaker 2: out of the 53%. So which, which channels are the
Speaker 2: most important for discovery lab. No surprises. It's definitely social
Speaker 2: media that takes up social media, short video messaging that
Speaker 2: takes up about uh 62% right? So in short, what
Speaker 2: I'm saying here is we while we're here in this room,
Speaker 2: um
Speaker 2: because the future online retail is really discovery driven and
Speaker 2: social media is indeed the most important driver of discovery, right?
Speaker 2: So definitions and why it matters and what about in
Speaker 2: the local context, right? If you look at this data,
Speaker 2: uh
Speaker 2: users for us, what are the main reasons you use
Speaker 2: social media and out of the top 15, 5 of
Speaker 2: them are related to commerce, right? Things for example, finding
Speaker 2: content 26% finding inspiration for things to do and buy
Speaker 2: is 25% right? So this really is about placing yourself
Speaker 2: your products and services at the point where consumers are
Speaker 2: uh in the discovery phase. All right. So that's the
Speaker 2: local statis statistics we have.
Speaker 2: So what about the opportunities, right? How big is the
Speaker 2: market so globally? Uh we know right now it's roughly
Speaker 2: about $500 billion. Social commerce is worth about 500 billion.
Speaker 2: Now by 2025 it's projected to grow up to 1.2 trillion,
Speaker 2: that's like 2.5 times. So
Speaker 2: um that's huge, right? And in terms of contribution to
Speaker 2: total e-commerce, uh it's taking up about social commerce is
Speaker 2: taking about 10% of all ecom spend
Speaker 2: and definitely is expected to rise about 17% by uh
Speaker 2: 20 sorry, there's a typo there 2025 right? So it's
Speaker 2: three times as fast as ECO. That's something for us
Speaker 2: to know about, about locally uh in Singapore right now.
Speaker 2: Uh in 2020 and uh last year, the entire ECO
Speaker 2: is worth 14 billion US D or sorry uh worth
Speaker 2: nine billion US D and by 2027 is worth 14 billion.
Speaker 2: So imagine if, if so
Speaker 2: commas is about 2030% share, that's huge, about four billion
Speaker 2: are worth as a bucket.
Speaker 1: So, Susie, I think you've beautifully here encap the size
Speaker 1: of the opportunity, right? Um 14 billion is, is obviously
Speaker 1: nothing to be sneezed at and there is definitely an
Speaker 1: opportunity to be had by brands. So I guess the
Speaker 1: the next question that I would naturally have is what
Speaker 1: are some of the channels, the formats that they can
Speaker 1: consider to embark on this journey?
Speaker 1: Yeah. OK. So
Speaker 2: great question and I, I just want to put the,
Speaker 2: so some most of you will be wondering how do
Speaker 2: I start? You know, what exactly do I do with?
Speaker 2: So what do I produce? You know what, what do
Speaker 2: I do on social media? Do I slap on my
Speaker 2: ad right, on social media and hope for the best,
Speaker 2: right? Because it it's clickable right? So far from that,
Speaker 2: uh I'm gonna put them into three buckets first is
Speaker 2: content based and a shop shop videos. Uh Kendle will
Speaker 2: spend quite a bit of time to talk about videos
Speaker 2: in a bit, but just showing you an example of
Speaker 2: what we've done uh on, on the shop.
Speaker 2: So I turn of the song. So basically, we've engaged
Speaker 2: our shopping host, our influencers to do demos and explain us.
Speaker 2: And uh this is a story actually, it's, it's definitely
Speaker 2: clickable to our E store to purchase so you can
Speaker 2: see that. And uh this is example, I asked my
Speaker 2: daughter to, you know, tell me what's what's up right
Speaker 2: on Instagram and
Speaker 1: sorry, just control them.
Speaker 1: Jeez the
Speaker 2: I think it's gone a little bit crazy.
Speaker 2: OK? So in this example on Instagram, you'll see the
Speaker 2: green bar, right? This is what I mean by sales
Speaker 2: final compression at the point of storytelling, you click on
Speaker 2: the um shop button, it brings you to a catalog
Speaker 2: and you can make a purchase immediately, right? So that
Speaker 2: you catch them at the point of inspiration and consideration. So,
Speaker 2: and this is the Tik Tok example. So again, tiktok
Speaker 2: is different in that there's a tiktok shop as well.
Speaker 1: OK. Let me just get my
Speaker 2: OK. So basically the example shows there, there there are
Speaker 2: some shopping moments that you can shop within the platform
Speaker 2: like tiktok shop
Speaker 2: and there are some shopping moments where it needs to
Speaker 2: be clicked to your eto, but it's enabled by the
Speaker 2: social commerce uh by the social media platform right? So
Speaker 2: the link actually brings you to the catalog as seen
Speaker 2: in second example and then it brings you to your
Speaker 2: product page
Speaker 2: now, other than content based, it can be experience based. OK.
Speaker 2: So this example of live commerce, right? And everything has
Speaker 2: happened as it goes as soon, there's no hardly any script,
Speaker 2: just pointers, you know, demos, explainers and boxing. So this
Speaker 2: is a Facebook example. Again, the links are clickable and
Speaker 2: you shop within the platform
Speaker 2: uh shop, meaning is enabled by the platform, right? So
Speaker 2: another example would be that experience would be virtual tryouts, right?
Speaker 2: Uh Snapchat does that very nicely. So you have a
Speaker 2: lady here trying on different handbags, right? To look at
Speaker 2: the colors, right? So basically experience,
Speaker 2: it's about making online shopping fun, right? Online shopping can
Speaker 2: be very un fun. I'm sure some of you agree, right?
Speaker 2: You go through multiple listings and all that. So this
Speaker 2: is the experience is about pulling in your consumers, you know,
Speaker 2: making the experience interesting and engaging for them.
Speaker 2: Now, the final category is network. OK? So I'm sure
Speaker 2: uh so you have bought things from group buys. Uh
Speaker 2: we buy is one that has about 3000 leaders, com
Speaker 2: community leaders and they work with suppliers to sell in bulk, right?
Speaker 2: So what this what this means is uh the community
Speaker 2: can ban
Speaker 2: together and buy things that uh that is according to
Speaker 2: their interest at a special rate. And uh this is
Speaker 2: an organized goodbye, right? And there's also secondhand marketplaces like
Speaker 2: uh Facebook marketplace, right? So the, so three buckets that
Speaker 2: you can consider, right? And um all very different execution.
Speaker 2: OK. So these are the examples now. So I'll just
Speaker 2: talk very briefly, what are the different advantages, right? And
Speaker 2: since most of you are just starting out, well, definitely
Speaker 2: uh it's about growing your audience, right? And when you
Speaker 2: collaborate with creators, uh each of them comes with a
Speaker 2: different uh reach according to their their community base, right? And,
Speaker 2: and it's great also for reaching beyond local market, we
Speaker 2: know many
Speaker 2: successful live streamers now they are uh using their reach
Speaker 2: into other markets to sell products and services as well.
Speaker 2: Uh definitely building a stronger customer relationship. I I I
Speaker 2: know of this example where the eyelash company,
Speaker 2: you know, for everyone that comments, you know, on her,
Speaker 2: so on social commerce post, she reaches out to them
Speaker 2: with a discount code, you know, one by one. When
Speaker 2: she's first starting out, I think that was a great
Speaker 2: example of how with social commerce is no longer a
Speaker 2: faceless customer, right? You can reach out to them directly. Now,
Speaker 2: insights uh I'll just share from a live streaming perspective
Speaker 2: because and do a lot of that is that when
Speaker 2: we um
Speaker 2: do live streaming, right, we do look at the stats
Speaker 2: real time and it's really helpful because you can see
Speaker 2: where the peaks are you at which point do people
Speaker 2: drop off? At which point do people buy? And then
Speaker 2: you um you, you, you tailor your content according to
Speaker 2: the reactions from the, from the customers, right?
Speaker 2: Um And frequently when we see that the the sales
Speaker 2: is not moving, we do things like, hey, you know,
Speaker 2: stocks are limited, you know, it is going, is going
Speaker 2: if you, you need to grab it before it is
Speaker 2: gone and you can see the instant reaction. So it's
Speaker 2: very instant feedback that we get. And of course, with
Speaker 2: the data, you can do personalization and targeting and finally,
Speaker 2: for better conversions. Um
Speaker 2: definitely, I I'm sure everyone heard of how uh in
Speaker 2: China uh the kind of live streaming success they have
Speaker 2: is kind of nuts, right? For, for them, I um
Speaker 2: live streaming conversion can be up to 30%. We've heard
Speaker 2: of how uh they've sold things in one day more
Speaker 2: than you know, what Amazon can do in a uh
Speaker 2: in a month combined for just two influences. So definitely
Speaker 2: better convergence uh getting the insights and growing and engaging audience.
Speaker 2: OK. So um with that,
Speaker 2: OK,
Speaker 2: I just wanna share a little bit about what we
Speaker 2: are doing on uh social commerce. So earlier, I explained
Speaker 2: that it could be enabled by social commerce or um
Speaker 2: within the social commerce platform. So this is the example
Speaker 2: where we have actually enabled our own platform with social
Speaker 2: commerce capabilities right. You see here, what we have done is,
Speaker 2: is a live streaming experience. And
Speaker 2: on me, watch me watch is our O TT platform.
Speaker 2: And at the bottom, there are all these engagement buttons
Speaker 2: that we can trigger for uh
Speaker 2: that you can, you can like you can command, you
Speaker 2: can share it. And then when you trigger button, you
Speaker 2: actually can look at all the various products and services
Speaker 2: you can buy
Speaker 2: instantly, right? You don't have to go to, you know,
Speaker 2: so many different browsers. So you can do it in
Speaker 2: app and uh uh uh in web experience as well. OK.
Speaker 2: So this is our live streaming um
Speaker 2: IP cop on shop now, uh I'll share also very
Speaker 2: quickly some of the key learnings from live commerce that
Speaker 2: we done in. So uh earlier, I shared one of
Speaker 2: the advantages of social commerce is reaching a different target
Speaker 2: audience or spending in the target base. So uh to
Speaker 2: give some background, actually, I'm involved in home shopping business
Speaker 2: as the first business when uh we started off in 2019. Now,
Speaker 2: um
Speaker 2: home shopping audience uh was of a certain age demographic, right?
Speaker 2: So they tend to be about 50 and above. So
Speaker 2: we say how do we reach the 35 to 49
Speaker 2: for example. So we went to live commerce and uh
Speaker 2: we've seen the results where by going to uh live commerce,
Speaker 2: we actually see my car right on me, watch as
Speaker 2: well as Facebook and the audience is actually younger compared
Speaker 2: to the home shopping business. So I'm I'm making a
Speaker 2: point that,
Speaker 2: you know, because social commerce, we have five million users
Speaker 2: in Singapore, right? Your influencers targeting different target audience work
Speaker 2: with them, you know, find your audience, right? The second
Speaker 2: bit is about engagement. So I share about advantages of
Speaker 2: having that close relationship with your customers through social commerce,
Speaker 2: uh through engagement tools, like polls, comments like and share.
Speaker 2: We have seen engagement rate of 35%
Speaker 1: right?
Speaker 2: Which is crazy, right? Compared to uh what you see
Speaker 2: on most social media platforms. And also what's interesting is
Speaker 2: the high time spent on this content? OK. So I
Speaker 2: just want to pause for a minute to explain why
Speaker 2: the time spent at 19 minutes.
Speaker 2: You, you think about it actually is an app, a
Speaker 2: live commerce, right? You're, you're talking about products and services.
Speaker 2: It's actually a very long advertisement. But why is the
Speaker 2: time spent so so huge at 19 minutes is because
Speaker 2: as the name implies that it's not just about stuffing
Speaker 2: the product attributes down the truth, but it's sharing the
Speaker 2: brand attribute, sharing how you can use it, you know
Speaker 2: how you can enrich your life, right? So it's a
Speaker 2: form of what we call shop attainment that really engages
Speaker 2: the audience. OK. Um
Speaker 1: So Suzie, I, I'm hearing a lot of things I'm hearing,
Speaker 1: you need to tailor your strategy on social commerce according
Speaker 1: to your audience, because it could be very different based
Speaker 1: on different demographics as well. Right, I'm hearing um the
Speaker 1: need to build urgency with customers in terms of the
Speaker 1: deals that you have on the table as well.
Speaker 1: Um And obviously the need to, to make sure that
Speaker 1: that content is engaging and not just driving lower final conversion.
Speaker 1: So I, I think that's been very clear. I might
Speaker 1: just stop because we have a few questions coming in.
Speaker 1: Um And I might just ask you this question that
Speaker 1: came in from the panel and, and Kenneth feel free
Speaker 1: to jump in as well if you have something to say.
Speaker 1: But
Speaker 1: the question came and it said any advice on how
Speaker 1: we differentiate ourselves from competitors that are already on social
Speaker 1: commerce platforms,
Speaker 2: differentiate from competitors? Hm
Speaker 2: OK. So um
Speaker 2: at the heart of social commerce is the ification of products.
Speaker 2: Like how do you Storify your products? Right? And we
Speaker 2: see on social media, uh a lot of demos like,
Speaker 2: you know, I use this, this is what happened, you know, it,
Speaker 2: it kind of became a template and I agree that
Speaker 2: sometimes it's hard to stand up from the clutter, right?
Speaker 2: So I, I encourage you to be really creative because
Speaker 2: on social media, there's really not much rules, you know,
Speaker 2: and uh I've seen like live streaming, you know, some
Speaker 2: people do it very differently. I, I recently saw a
Speaker 2: live stream they unbox their luxury good and they throw
Speaker 2: it like very dramatically, right? It's just for dramatic effect
Speaker 2: and I thought, you know, it caught my attention, right?
Speaker 2: So I'll encourage you whether it's live streaming or social post,
Speaker 2: don't seek perfection, right?
Speaker 2: Just do it, just start somewhere because at the end
Speaker 2: of the day, your brand story, right? You you you're
Speaker 2: confident of your products and services, you can uh you
Speaker 2: can work with different influencers, you can work with internal
Speaker 2: brand advocates, right? It doesn't always have to be engaging influencers,
Speaker 2: for example. So, so what I'm trying to say is
Speaker 2: that be creative about it for, for us, uh you know,
Speaker 2: that, that seems to be a template for live streaming
Speaker 2: out there. So we ask ourselves to really follow exactly
Speaker 2: what they're doing, right? We we, we don't have to.
Speaker 2: So the beauty of live streaming is it gives you
Speaker 2: instant data, you can try something this week, try something
Speaker 2: next week and see what it takes, which, which caters
Speaker 2: to your audience.
Speaker 1: Yeah. Hm. Interesting. So, experimentation, I guess consistency in terms
Speaker 1: of making sure that you're continually trying new things. Um
Speaker 1: And the other one that you mentioned was really, I
Speaker 1: think you drove, drove home the idea of stor application
Speaker 1: and how important that was for the brand. So that's
Speaker 1: very interesting.
Speaker 1: Yes, I'm gonna jump in a bit as well, reinforcing
Speaker 1: Susie's point on the brand story. I would actually look
Speaker 1: at boiling down your brand and the product. The first principles.
Speaker 1: Looking at what kind of essence is your brand story complicated?
Speaker 1: For example, if you are marketing a tea product, right,
Speaker 1: selling English breakfast tea or selling a Wellness product, you
Speaker 1: don't want to look at tea lovers, you want to
Speaker 1: look at the beneficiaries,
Speaker 1: uh the people who drink your time, for example, in
Speaker 1: the wellness space, they might be influencers who are really
Speaker 1: much really very much focused on increasing their mental capacity
Speaker 1: in terms of awareness. In terms of uh mental shortness,
Speaker 1: there might be people who engage in activities that are
Speaker 1: very similar mobile, right? So you really kind of target
Speaker 1: this and aim to forge a very strong following there.
Speaker 1: It might be just 100 100 advocates and no, it
Speaker 1: doesn't matter because this
Speaker 1: this first advocates and this person will spread the message
Speaker 1: across the group and it's so much easier to catch
Speaker 1: by such targeted news, right? So in a sense, boil
Speaker 1: it down the first principles. What does your brand communicate?
Speaker 1: Who do they speak to? And don't look at the
Speaker 1: the general category three levels, cutlery levels doesn't matter. We're
Speaker 1: not going to stand up from such a and go
Speaker 1: deep and go first and go public.
Speaker 1: Hm, that's a great point. So in terms of, you know,
Speaker 1: not needing to worry about reaching the masses or millions,
Speaker 1: but really focusing on the quality of your audience. Yeah,
Speaker 1: great Mo moving on, Suzie.
Speaker 2: So um
Speaker 2: I mentioned
Speaker 2: how we started off with the home shopping as a business, right?
Speaker 2: As a media first entrance into content, commerce with the
Speaker 2: home shopping business. And uh very quickly, we realized that,
Speaker 2: you know,
Speaker 2: a stor of products is so important because um we,
Speaker 2: we did a revamp of the, of the content for
Speaker 2: home shopping, right? And we took over from our partner
Speaker 2: and we we because previous version was done in Malaysia
Speaker 2: and it wasn't repurposed for the local market.
Speaker 2: So we put in our media called Special Sauce on it, right?
Speaker 2: We put in our celebrities, we put in uh our
Speaker 2: content in production infrastructure, right? And then we, we just
Speaker 2: pivoted to uh a format that really sticks with the audience.
Speaker 2: So with that, we realized that storytelling is so
Speaker 2: important and then went to live streaming, right? Live streaming
Speaker 2: is a little bit different from home shopping in that
Speaker 2: it's very instantaneous, it's life, right? And like what uh is,
Speaker 2: is really under communicating, communicating your brand attributes and product
Speaker 2: attributes and very important is uh
Speaker 2: always tell the customers what is the problem you're trying
Speaker 2: to solve in their life, right? When, when you approach,
Speaker 2: you don't start going on, you know how wonderful your
Speaker 2: product is, is they really addressing the problem that you're
Speaker 2: trying to fix in our life, right? So that's shopping inspiration.
Speaker 2: So OK, let me quickly just take you through. So
Speaker 2: for us, we see more cars on new watch as
Speaker 2: well as Facebook. But then we ask ourselves, how do
Speaker 2: we maximize the content? Right. So we actually look at
Speaker 2: beyond live stream. What we have done is we have
Speaker 2: uh
Speaker 2: edited the, the, the live streams into uh social commerce shorts,
Speaker 2: short videos that are clip shop, right? That's one, of course,
Speaker 2: we cannot forget F T A, right? So in this case,
Speaker 2: we've edited and we've put it on air as in
Speaker 2: our TV channels and put a scannable code there, right?
Speaker 2: A QR code and it's worked really well. People are
Speaker 2: actually scanning the TV screen. Thanks to, you know, what
Speaker 2: we went through with trace together, right?
Speaker 2: Uh E newsletter and well as well as shop article.
Speaker 2: So really uh it's not just about live stream. So
Speaker 2: I encourage all of you where you say, oh you know, just,
Speaker 2: just put everything in livestream, think about what you can
Speaker 2: do with the content, the storytelling that you have already
Speaker 2: done on live stream and how it expands uh across
Speaker 2: uh content formats. And in terms of the on channel
Speaker 2: sales approach, uh don't forget that other than driving to
Speaker 2: your own E store, your product pages
Speaker 2: uh that there's also the network based uh uh social
Speaker 2: commerce that I've mentioned. So we do group buys. And
Speaker 2: what's interesting is the people buying, group buys are actually
Speaker 2: the the products that didn't quite work sometimes right through
Speaker 2: live stream actually work on group buy very well. So
Speaker 2: it's just different audience as well.
Speaker 1: OK. So just, just, just to rehash that. So I'm
Speaker 1: understanding correctly, you're saying that brands that wanna do social commerce,
Speaker 1: they can basically do their live streaming and they can
Speaker 1: recreate the content, cut it up in different ways, make
Speaker 1: sure that it goes on, you know, television o tt
Speaker 1: different platforms extend the life of that content beyond the,
Speaker 1: the live stream itself.
Speaker 1: Yes. Exactly. Right. So, so in that sense, I guess
Speaker 1: it would also be saving money on content production because
Speaker 1: they can just take one piece and carve it across
Speaker 1: many different platforms as well.
Speaker 2: Yeah, exactly. Uh So that's, that's something for all of
Speaker 2: us to think about. And uh I would advise and
Speaker 2: encourage everyone at the point of producing a live stream,
Speaker 2: start thinking of the other funnels, right? And then you
Speaker 2: preplan your uh live streaming production in a way that
Speaker 2: you know, OK, you, that's the end point you want
Speaker 2: to get, for example, you need a short video and
Speaker 2: you need close up shots. So ahead of time during
Speaker 2: the live streaming, you plan it so that at the
Speaker 2: end you have those shots to actually edit,
Speaker 2: right? So plan with the any. Yeah, interesting.
Speaker 1: And anything to add to that canon. Yeah. So really
Speaker 1: very focused on uh what Susie mentioned about maximizing, amplifying
Speaker 1: your a single piece of content livestream commerce. Is great
Speaker 1: for doing that. Right? Because you have many, many moments
Speaker 1: that you can save them and we've seen our customers,
Speaker 1: which I'll talk about much more later. We're very successful
Speaker 1: in producing a single live stream. And then, you know,
Speaker 1: really reaching out to a lot of people who didn't
Speaker 1: manage to catch a live stream
Speaker 1: after that. Right. A lot of conversions, right? 50% we
Speaker 1: have actually recorded almost 50% of engagement and conversions come
Speaker 1: after the live stream. So don't think that you know,
Speaker 1: a single live stream is young, you know, uh if
Speaker 1: it succeeds, you are successful, it feels you it doesn't
Speaker 1: mean that a single content can be make or break, right?
Speaker 1: Make sure that we require. I think that's uh 11
Speaker 1: kind of,
Speaker 1: all right. So lay if you have no other questions,
Speaker 1: can I move on to the the awesome, so kind
Speaker 1: of kind of really focus on video, right? And I
Speaker 1: want to explain a bit more why video for social
Speaker 1: promise is the future and we think it is the
Speaker 1: present as well, right?
Speaker 1: OK. Very quickly talking a bit about we are a
Speaker 1: video solutions provider that has been fortunate enough to work
Speaker 1: with some of the largest brands and platforms in the world, right?
Speaker 1: We have worked with our brands like video, of course
Speaker 1: Grab uh in Indonesia, which is the which is the
Speaker 1: largest social commerce platform in Indonesia. We have got 70
Speaker 1: million users in Japan, which has 100 million users and
Speaker 1: even in Africa
Speaker 1: and the largest e-commerce platforms in the African group to
Speaker 1: broadcast live video and shop, shop videos with their audience. Yeah.
Speaker 1: And you know, this has really hit me quite a
Speaker 1: bit right. The way we interact, even the way we're
Speaker 1: communicating right now is no longer the same we four
Speaker 1: years ago, no one would have thought that we would
Speaker 1: have 60 people in the webinar. But everybody will think
Speaker 1: that this will be done offline and purely offline. But
Speaker 1: the truth is the way we interact has changed for
Speaker 1: and the world now is a swappable media generation, right?
Speaker 1: When I talk about swappable media, I talk about tiktok
Speaker 1: but not only tiktok, I talk about Facebook views, I
Speaker 1: talk about Instagram views and shots. I talk about youtube
Speaker 1: shots and I talk about even Netflix in America has
Speaker 1: released their own short video section, right? So everybody is
Speaker 1: obsessed about consuming video and this is really,
Speaker 1: you know, uh enhanced by the statistic that 82% of
Speaker 1: internet usage last year, 82% are staggering, 82% were spent
Speaker 1: online videos. This was still something you need to do,
Speaker 1: right on top of you.
Speaker 1: If you talk about video being the primary mode of communication,
Speaker 1: you would then have to talk about video first commerce, right?
Speaker 1: Which is what Susie, you know, very previous but kind
Speaker 1: of zoom in a little bit on to what the
Speaker 1: future perhaps can hold for video first commerce in China, right?
Speaker 1: 470 billion last year was student life shopping sales to
Speaker 1: give you a bit of a you know, benchmark on grounding, right?
Speaker 1: Life promise in China makes up about 30% of total
Speaker 1: GMB e-commerce, GMB in China. Whereas for the rest of
Speaker 1: the world, it's a mere 1 to 2%. So there's
Speaker 1: a lot of room to grow. And the people who
Speaker 1: on this webinar, I think all of you are top
Speaker 1: leaders in attendance, webinar would be kind of spark that
Speaker 1: life promise might be something that you are investing in
Speaker 1: the future. And I
Speaker 1: would wholeheartedly encourage you to buy your deep into this
Speaker 1: because we think that life form can potentially contribute even 10%
Speaker 1: in every single country that is a huge amount. And
Speaker 1: if you are first over here, you know, this is
Speaker 1: you're gonna build guard rails and moats that are very
Speaker 1: difficult for comp to cross. Yeah.
Speaker 1: All right. Talking a bit about the macro, right? Zooming
Speaker 1: out a bit.
Speaker 1: If you look at the timelines for from 20 to 2011,
Speaker 1: all the way to 2022 you look, you see many
Speaker 1: large platforms like Twitch Taobao, Facebook, Zara Shopping Amazon introducing
Speaker 1: their proprietary live commerce streaming solutions and tapping on the
Speaker 1: live coms to drive sales and convergence engagement. I want
Speaker 1: to bring your attention to two outliers here. And to me, obviously,
Speaker 1: the they are huge, the video space off line
Speaker 1: what they're doing this year and beyond, they are really
Speaker 1: diving deep in the right form that all of us
Speaker 1: here and doubling down on the fact that this generation
Speaker 1: is video first media and they want to bring this
Speaker 1: audience to uh to focus on their brands as well.
Speaker 1: So beyond this year, we see many more other brands
Speaker 1: not necessarily owning platforms, adopting directed commerce strategies, video first
Speaker 1: commerce strategies,
Speaker 1: Kenneth, I might just jump in here because it's a
Speaker 1: very interesting scale that you just shared in terms of,
Speaker 1: you know, looking at the behemoths of tiktok twitch, you know,
Speaker 1: all the brands that are obviously utilizing social commerce in
Speaker 1: a big way.
Speaker 1: Um You might be getting into this in, in your
Speaker 1: latest slides, but I think there's a few questions in
Speaker 1: the chat in terms of social commerce and how it
Speaker 1: reaches audience directly through these channels and social platforms. But
Speaker 1: how does this impact the collection of data and info?
Speaker 1: And
Speaker 1: I think this goes back to my initial question in
Speaker 1: the intro about the power of first party data if
Speaker 1: we continue to feed these these beasts and we're not
Speaker 1: getting that first party, how can we ensure that we're
Speaker 1: having that relationship, longevity with our customers as well and
Speaker 1: being able to utilize that
Speaker 1: a great question. The
Speaker 1: so look, we don't intend to go head to head
Speaker 1: against the behemoths. What we want to do is leverage
Speaker 1: on the group trends, but yet have a funnel to
Speaker 1: slowly collect first party data. So to give you an example,
Speaker 1: I'll probably give you an example of a successful use
Speaker 1: case first. And then what are the cons of just
Speaker 1: relying on the social media platform like tiktok? Right? So
Speaker 1: of course, all of our customers in Turkey, a brand
Speaker 1: in Turkey, they actually consistently did some of cast live
Speaker 1: streams on Facebook on Instagram
Speaker 1: and their own website, right? They did it, they did
Speaker 1: it over the span of one year. And the intention
Speaker 1: there was to migrate the Facebook live viewers and Instagram
Speaker 1: live viewers slowly but surely to their own website. And
Speaker 1: they have succeeded. They've done this phenomenally. Well, they've uh
Speaker 1: actually migrated close to 70% of their viewers to their
Speaker 1: own website and collected
Speaker 1: first party data which means they know what their names are.
Speaker 1: They know perhaps their credit card details, sorry, maybe not that,
Speaker 1: but they know exactly which transactions happen at which part
Speaker 1: of point and whether it's through a credit card or
Speaker 1: whether it's through a traditional source of a payment
Speaker 1: and additionally as well, they know exactly how to target
Speaker 1: them with addresses. This is very incredibly powerful, right? So
Speaker 1: that's a success case. What is maybe I'm just going
Speaker 1: to finish up with the detriment of purely having your
Speaker 1: brand on tiktok or Facebook or Instagram.
Speaker 1: But if you are selling, let's say a shoe, right?
Speaker 1: Uh they're selling a shoe and you advertise on tiktok or,
Speaker 1: you know, a really great ad on the shoe and
Speaker 1: someone taps on the commercial advertisement and they purchase
Speaker 1: the next moment when they strike the next video or
Speaker 1: the next three or four videos, they will see an
Speaker 1: advertisement for your competitors product, another issue, right? So, I mean,
Speaker 1: you can't blame the platforms, right? And really they want
Speaker 1: to incentivize viewership and conversions, but that's what you get,
Speaker 1: you will enter people fun of spending more and more
Speaker 1: money to stand out.
Speaker 1: Interesting. So I guess it's important for brands to think
Speaker 1: about how they can, like you mentioned, diversify and not
Speaker 1: be overly reliant on on one player to be working
Speaker 1: on their own strategy. Does that include in like incorporating
Speaker 1: macro K O L s to perhaps drive their their
Speaker 1: own live streams to, I guess, create shortcuts to build
Speaker 1: those audiences?
Speaker 1: I'm sorry, could you repeat that again? I just meant
Speaker 1: um if, if for example, like you mentioned um the
Speaker 1: the client that was looking to do their own live streams,
Speaker 1: you suggest that they incorporate, you know, macro K O
Speaker 1: L s big K O L s to head up
Speaker 1: those live streams to help bring in those audiences faster.
Speaker 1: No, not really. I will see those as a one
Speaker 1: off and I would be really, I will really keep
Speaker 1: in mind that uh a macro influencer, youtube or Instagram
Speaker 1: might not be the best and best. In fact, most
Speaker 1: of our success, our customer success case have been with
Speaker 1: micro influencers and sometimes even some of their staff for employees, right?
Speaker 1: So we
Speaker 1: um really a successful business in China, even where large
Speaker 1: cosmetic brands turn to their over the comp sales stock
Speaker 1: to do live streams, to demonstrate their cosmetics. And they
Speaker 1: really have seen great success and they are starts and
Speaker 1: employees become
Speaker 1: many ambassadors and K O L so you can start small.
Speaker 1: You don't spend the whole time. Yeah. And
Speaker 2: if I may join one of our more more successful
Speaker 2: live stream, we invited the founder of the, the bra
Speaker 2: that we
Speaker 2: selling, right? It's a very millennial brand and she came
Speaker 2: and she explained the product so well. You know, she
Speaker 2: was able to demo it so well because she's so
Speaker 2: passionate about it and it actually drove a lot of sales,
Speaker 2: but it's just her being brave enough to put herself
Speaker 2: out there, right?
Speaker 1: Something to think about.
Speaker 1: Thanks Suzie. Sorry Ken. I, you, you wanna continue? Ok, thanks.
Speaker 1: All great questions guys. Please keep them coming.
Speaker 1: All right. So here you go. I mean first party data,
Speaker 1: we spoken so much about it, right? But I'm gonna
Speaker 1: talk about what you know, this opportunity is direct to consumer.
Speaker 1: It's a big, big, big thing in the, in the
Speaker 1: US and in India, in Southeast Asia. We reliant, we
Speaker 1: are relying on the large e-commerce platforms, nothing wrong about it.
Speaker 1: But we do see, you know, a monopoly player like
Speaker 1: the Amazon player. And then um you know,
Speaker 1: so you're like, hopefully, hopefully, like you, like you come
Speaker 1: in and democratize, democratize the ability to collect data, democratize
Speaker 1: the ability to broadcast video and have viewership on your,
Speaker 1: on your own websites and apps, right? So that's all.
Speaker 1: So moving on, if we're talking a bit about, you know,
Speaker 1: if a business
Speaker 1: as video marketing strategies, which I think many of them
Speaker 1: do I remember due to the right, we are reliant
Speaker 1: on these platforms, right? Depending on where you and as
Speaker 1: you mentioned correctly and all this as well, right? You
Speaker 1: will lose the ownership, you might potentially lose margins as
Speaker 1: well depending on where you end up selling to, importantly,
Speaker 1: you lose customer loyalty, right? Use your customers will see
Speaker 1: multiple of the competitors in a single section of browsing
Speaker 1: and it's really difficult to build it yourself, right? Because
Speaker 1: uh you know, I don't think it's a very easy
Speaker 1: thing to build a whole live streaming platform. So, so
Speaker 1: that's why the life comes in, right? A couple of
Speaker 1: use cases that are going to show with us on
Speaker 1: the left is the um marketplace, the largest marketplace in
Speaker 1: Turkey Chen, there are 40 million money users. What you
Speaker 1: see on the left is a live stream
Speaker 1: and very much like what Susie has demonstrated that they
Speaker 1: have actually cut up the live streams in short videos
Speaker 1: and posted it on their platforms after the live stream
Speaker 1: is done as well. So really, really successful and the
Speaker 1: they're using the micro influencers, they don't have millions and
Speaker 1: millions of followers. They are ambassadors of campuses, the ambassadors
Speaker 1: of uh you know, thought leadership groups. That's right.
Speaker 1: Moving on to the use case grab. So if you
Speaker 1: open up the Grab app in Thailand and Malaysia and
Speaker 1: Malaysia are still doing the test, you will see the
Speaker 1: live stream grab life as power by the life and
Speaker 1: using Grab life. It's very interesting, right? They managed to
Speaker 1: deliver food directly from the live stream. You can order
Speaker 1: K F C or Pizza Hut directly from the live
Speaker 1: stream and have it delivered to your. Yeah. So uh
Speaker 1: Susie mentioned that already and you know, one shop has
Speaker 1: been one of the examples of how big content
Speaker 1: actually uh can actually really reinforce the grand attributes and
Speaker 1: you have a lot of uh organizations happen too,
Speaker 1: right? Data ownership. So
Speaker 1: I think lately when you mentioned first study data changi
Speaker 1: airport group, but they are very, very much aware of
Speaker 1: the importance of this. And the problem is when they
Speaker 1: started live streaming on Facebook, they would have customers, but
Speaker 1: they didn't know who the customers were after the live
Speaker 1: stream ended and they were very much reliant on multiple
Speaker 1: live streams every single day. Which became really expensive, really
Speaker 1: practicing to produce,
Speaker 1: to make, make sure. And I'm sure that the same
Speaker 1: customers come in and build warranty. Right. So that's not
Speaker 1: what we want to bring the viewers into the Changi
Speaker 1: Airport app on the Sun City website. And that's what
Speaker 1: they did successfully with our channel solutions.
Speaker 1: All right. So we talked a bit about the um
Speaker 1: micro trends and how the world is shifting towards video
Speaker 1: first commerce. But I want to show you something. I
Speaker 1: mean some really exciting new discoveries we have been fortunate
Speaker 1: enough to engage with.
Speaker 1: Yeah. So firstly graph right, diving a little bit deeper
Speaker 1: into grab life. What you see on the stream are
Speaker 1: influencers who are speaking about their love for pizza or
Speaker 1: K F C and you can interact with them by
Speaker 1: your comments, which is pretty traditional. But here I like
Speaker 1: to pause here and show you this,
Speaker 1: these stickers, right? These stickers are virtual gifts, right? And
Speaker 1: they can be sent by expanding grab points, right? So
Speaker 1: when you send, when you send the virtual gifts, grab
Speaker 1: points are removed to the balance. And as a company
Speaker 1: is a great, you know, this this all this ends
Speaker 1: on the balance sheet works. And we have redeemed almost
Speaker 1: $500,000 worth of grab points
Speaker 1: just by virtue of virtual. Yeah. So for delivery, virtual
Speaker 1: new frontiers for for live streaming, you lost so many
Speaker 1: shopping shop.
Speaker 1: Next, we have seen organizations use live stream to do
Speaker 1: uh char charitable events and charity events. Yeah. So for example,
Speaker 1: Hyper Life charity event and they raised almost $200,000 and
Speaker 1: they live stream. So people would actually scan a code
Speaker 1: and donate live, right? They could uh kind of request
Speaker 1: for their favorite song. It was a third time as performance, right?
Speaker 1: They could request for their favorite song directly on the
Speaker 1: live stream as well. Yeah.
Speaker 1: So I'm sure a lot of you guys are
Speaker 1: familiar with this uh particular live stream. MP MD who
Speaker 1: write down speech. So what life has done here was
Speaker 1: to analyze this live stream in real time and text
Speaker 1: sentiments to every single comment that was produced positive, negative
Speaker 1: and usual. So this might seem a bit a bit compulsive.
Speaker 1: Why do you need this content for a live stream
Speaker 1: on this in a political context? You probably can say
Speaker 1: that you might be used to determine who uh
Speaker 1: promoters detractors or neutral observers. But if you look at
Speaker 1: it this way, you can actually
Speaker 1: kind of applied to commerce context by saying certain things.
Speaker 1: So yeah, I knew you were really interested in on
Speaker 1: this uh topic. I wanna put, no, I to be honest,
Speaker 1: I was just thinking about the, the emojis and comments
Speaker 1: that would have shown up in this particular one about
Speaker 1: Prime Minister's pink shirt because I think this is a
Speaker 1: viral one which
Speaker 1: Yeah. Yeah. His pink shirt, I'm sure he got sold
Speaker 1: out in many places after after that happened. So for example,
Speaker 1: um kind of zooming into your pink shirt comment, right?
Speaker 1: Let's say if someone like uh kind of ask, hey,
Speaker 1: do you have this pink shirt in a open color
Speaker 1: like a red in size L? Right? So we can
Speaker 1: deduce now via the comments and sentiments. Three things about you.
Speaker 1: You like the color red you probably like and probably
Speaker 1: a size,
Speaker 1: right? So then we bucket you into a persona, you
Speaker 1: might be a house husband, you might be a executive,
Speaker 1: you might be a student, whatever. And we tag it
Speaker 1: the persona to your transaction data. And now we can
Speaker 1: recommend you um suitable products for your purchase in the
Speaker 1: future because we have the first party data, right? So
Speaker 1: that's super powerful sent analysis for. But one of the
Speaker 1: front of that.
Speaker 1: All right. So
Speaker 1: Suzie touched a bit about a R and S virtual Trion.
Speaker 1: What you see here is the possibility of going to
Speaker 1: do a live stream without even appearing a screen. And
Speaker 1: this is in incredible popular in the in Japan where
Speaker 1: you have youtubers, uh virtual tubers where you know, animate
Speaker 1: characters appear on the screen and the the live viewers
Speaker 1: and no one knows who are
Speaker 1: the sound, you know exactly like what and you know,
Speaker 1: super interesting to, to see this happening. You might, there
Speaker 1: might be a very uh you might not even need
Speaker 1: a real person to create a live stream, but it
Speaker 1: brings me to my next point.
Speaker 1: So I'm gonna, I'm gonna just shut up a lot
Speaker 1: and let you guys listen to this. Hello Retail Executive Summit.
Speaker 1: I'm speaking on behalf of Kenneth Tan from be live.
Speaker 1: I am not a real person. This is the future
Speaker 1: of live video. You don't even need a real person
Speaker 1: to live stream.
Speaker 1: All right. So I'm, I'm sure no one wants to
Speaker 1: see my ugly face more than live stream. And next
Speaker 1: time I'm doing this, I'm going to do this by
Speaker 1: a virtual streamer. Yeah, this is incredible. As, as a
Speaker 1: company we currently no credit for for this video. I just, right.
Speaker 1: But we have seen many, many companies from Korea. They
Speaker 1: have managed to replace their entire live stream repertoire with
Speaker 1: virtual streamers, right? So this is, this is uh gonna
Speaker 1: be exciting.
Speaker 1: Um Of course, it doesn't mean that there's no need
Speaker 1: for real human interactions. But what this means is because
Speaker 1: livestream content is so difficult to produce to find the
Speaker 1: right post is really quite right if you manage to
Speaker 1: find a post that, you know, uh symbolizes a brand
Speaker 1: efficiently and really well,
Speaker 1: virtual streamers can be alternative forms of that direction. Hm So,
Speaker 1: so Kenneth, this is obviously quite exciting for brands. But my,
Speaker 1: my question for you is because there's so much talk
Speaker 1: around A I around fraud around trust. Um Do you
Speaker 1: think that's gonna be an obstacle for consumers purchasing? Uh
Speaker 1: Is it, is this gonna take some time to really
Speaker 1: kick off in terms of people building trust with virtual streamers?
Speaker 1: Yeah, I think it's important to tag your campaigns to
Speaker 1: a reputable brand if you do intend to use virtual streamers,
Speaker 1: but that's putting on a regulatory corporate head, right? If
Speaker 1: I were to put on my entrepreneur, ha I would
Speaker 1: say this is a huge opportunity for smaller brands you
Speaker 1: really go in because it's purely due to the fact
Speaker 1: that there are no regulatory measures put in place, right?
Speaker 1: You might do you want to black sheep you don't buy, right?
Speaker 1: I mean, the is there, please
Speaker 1: research more and you know, it is really exciting for
Speaker 1: a net observer to look at a virtual streamer and
Speaker 1: they might just, you know, kind of find out more
Speaker 1: about your brand if you use this well enough. So
Speaker 1: I do think it's fortunate.
Speaker 1: OK.
Speaker 1: All right. So I'm gonna end this slide by talking
Speaker 1: about
Speaker 1: power of video first social commerce, first and foremost, it
Speaker 1: drives conversations and these conversations eventually lead to engagement which
Speaker 1: eventually conversions as well. So video first social commerce, please
Speaker 1: um check it out, you know, don't, don't take on
Speaker 1: a observer standpoint just as Suzy mentioned, take action, right?
Speaker 1: Let's create a small campaign, you know, few 100 buck
Speaker 1: 1000 bucks give a shot surprised at that.
Speaker 1: Thank Thank you, Kenna. Thank you, Suzie. I think there's,
Speaker 1: there's a lot of great content there and, um, I've
Speaker 1: been watching as we've been going through, there's been, uh,
Speaker 1: quite a lot of questions showing up in the Q
Speaker 1: and A I, I'm not sure that we will have
Speaker 1: time to go through all of them.
Speaker 1: Um, but I'm going to pick out a couple, uh,
Speaker 1: and I will direct them to both you Kenneth and Susie.
Speaker 1: So as we discussed earlier with the poll, we saw
Speaker 1: that there was a lot of brands that hadn't tried e-commerce. First,
Speaker 1: one of the questions was
Speaker 1: an organic search for a particular brand is low unless
Speaker 1: consumers are already aware of the brand, product or services,
Speaker 1: how can new brands take advantage of social commerce to
Speaker 1: build awareness? Should they even be looking at social commerce
Speaker 1: as a market strategy?
Speaker 2: Um I can address that very quickly. I actually because
Speaker 2: the research shows that people are actually very open to
Speaker 2: new brands and new uh stores. I, I think it
Speaker 2: says up to one third are open to buy from
Speaker 2: brands or e stores that they've not even heard of. So,
Speaker 2: uh I early on I said uh purchases, whether it's
Speaker 2: Discovery lab or search lab, right?
Speaker 2: If you think about it, search lab frequently, you already
Speaker 2: kind of know, you know, the brands and uh that
Speaker 2: you wanna look for, right? You know, X Y Z brand,
Speaker 2: you know, and then you look for options. Uh you,
Speaker 2: you kind of really narrow it down. But discovery lab
Speaker 2: commerce is surprising users with something that they didn't know
Speaker 2: you think about it, right? So if you are new brand, actually,
Speaker 2: I I would encourage you to really embrace uh social
Speaker 2: commerce instead of fighting it out there
Speaker 2: with the search words and all that, right? I think
Speaker 2: it's worth a battle to create content because at the
Speaker 2: heart of the matter is can you create the content?
Speaker 2: Can you create that experience? Can you find the network? Right?
Speaker 2: The three categories I spoke about, right? So start somewhere.
Speaker 2: And um the beauty of social commerce is actually the
Speaker 2: content is not expensive to create. There's so much tools,
Speaker 2: the card, you do your videos, your filters and all that, right?
Speaker 2: So much support, right? So content creation tools are there
Speaker 2: driving down the funnel? The tools are there too because
Speaker 2: the platform is enabling you to click through, right? You
Speaker 2: know there's a banner there that clicks the catalog catalog
Speaker 2: leads to your product page, right? You just need your
Speaker 2: um
Speaker 2: to do it at the back end to to set
Speaker 2: it up properly. So that the transaction from point of
Speaker 2: inspiration to check out is all very simplest, right? So
Speaker 2: I I would say that even if you are a
Speaker 2: known brand uh embrace it because I, I think it's
Speaker 2: a much uh much more uh OK, I feel there's
Speaker 2: there's a chance that if you do the content right?
Speaker 2: You're very authentic about your brand attributes, the offer you're
Speaker 2: making it will resonate.
Speaker 1: Yeah. Hm.
Speaker 1: Thank you. Thank you, Suzie. Uh I think we have
Speaker 1: time for one more question before we have to go
Speaker 1: and hopefully we'll be able to come back on some
Speaker 1: of the questions via email later. Um I'm going to
Speaker 1: address this one because there was a few, a few
Speaker 1: people that mentioned it, it was a question on rampant
Speaker 1: discounting when it comes to social commerce and how do
Speaker 1: we avoid? Um I guess a race to the bottom
Speaker 1: when it comes to pricing Kenneth, I might address this
Speaker 1: one to you.
Speaker 1: Yeah. So um
Speaker 1: I commented about first principles on the brand's essence, right?
Speaker 1: You only need to raise the bottom when you intentionally
Speaker 1: targeting a group of users that come in for discounts, right? So,
Speaker 1: in fact, for most of our customers, uh we see
Speaker 1: loyal, really loyal viewers who come in not because they
Speaker 1: want the sp but because they are really interested in
Speaker 1: understanding more about the product and the ambassadors to talk
Speaker 1: about the product, right? So the ambassadors are really important.
Speaker 1: Um the streamers and the people who are always the
Speaker 1: first comments, right? So a lot of times when you
Speaker 1: look at social problems, you look at the streamers, but
Speaker 1: you also need to be aware about the people who
Speaker 1: comment the most, the people who stay on the stream
Speaker 1: the most try and engage them a bit more, right?
Speaker 1: Because then you will have a group of super super
Speaker 1: angels who will kind of kind of come to every
Speaker 1: single stream and help you defend the product. And when
Speaker 1: people catch that kind of enthusiasm in the live stream,
Speaker 1: that's the power of life on social, right? You can
Speaker 1: catch even the comments, right? They will be infected and
Speaker 1: then you can have a really strong following and, uh,
Speaker 1: you know, I think it sounds quite, I, yeah, I know.
Speaker 1: It sounds eventually nothing both have to be spent
Speaker 1: but where you spend a buck dollars, I think, focus
Speaker 1: on getting the right customers. Mm. Thank you, Kenneth. I
Speaker 1: think that's really interesting. It goes back to even traditional social,
Speaker 1: you know, 10 engaged users are better than 100 viewers
Speaker 1: as well.
Speaker 1: Yeah. Thank you. I, I think that's all we have
Speaker 1: time for today, but it's been a very interesting and
Speaker 1: enlightening conversation. I just want to thank Kenneth for joining
Speaker 1: us from being live, um, and Susie as well. Uh,
Speaker 1: I wish everyone, uh, a fantastic day ahead. Thank you
Speaker 1: very much.