Access to internet is no longer a barrier to Sri Lankans. As
per the statistics of Google the internet penetration in Sri Lanka started to
grow steadily from 2007 onward, although the rate of growth has dipped from
2014. Despite the slightly plummeting of
growth rates, the internet penetration in Sri Lanka stands at 69%
The implications for business are challenging with consumers
now being connected more than ever. New technologies and the benefits they
bring are significantly impacting people’s behavior and altering their
lifestyles as a result of digitalization. A large segment of the Sri Lankan
population is quickly adapting to new trends at a phase much higher than
before.
Consumers’ attention is rapidly shifting and new, lucrative
routes towards using digital channels. In this era where opportunities for
‘digital success’ is in abundance, the need to constantly evolve and enable
customer experience using digital channels have become vital for organizations.
However, most of the larger brands in Sri Lanka are yet to
leveraged on the digital opportunities by creating relevance with today’s hyper
connected consumers. Whilst a sense of complacency prevails among the larger
corporates the others are sitting back waiting for the critical mass to gain traction
to get on board.
Only a hand full of young entrepreneurs have ventured into
feeding the hyper connected consumers with startup businesses like anything.lk
(now wow.lk), PickMe, Yamu.lk and Quickiee. Only a hand full of large companies
like CDB has embraced the hyper connected customers. CDB is developing
platforms for the future, including platforms for leasing through vehicle buy
and sell platforms and fund transfer platforms that work on social
applications.
In contrast India has managed to build up this online
marketing culture through its large number of businesses this active market is
facilitated by varying promotional needs to meet the demand of millennial’ s
and hyper connected consumers who seek ease, innovation, comfort and something
extraordinary or unique in the products they purchase.
Indian businesses have recognized the need to create an
online culture that is spreading especially between the age groups of 18 to 30
and is attracting the attention of many Sri Lankan consumers.
One might say that in relation to India, Sri Lanka is a
small market and hence the investment for the retail segments by the large
companies is not lucrative. This myth is broken by the entrant of the global
retail companies such as Ikman.lk and Daraz.lk who are making great inroads and
profitability by accessing even the lower end of the hyper connected customers.
Today Sri Lanka is entering the next stage in hyper
connected consumers, with the older generation of 35 – 45 getting connected to the
internet through multiple media and spending a minimum of 30 minutes a day
connected. In a survey conducted by
Breakthrough Business Intelligence amongst
400 females across SEC A,B &
C in the Western Province suggest that
almost 80% of the respondents were using at least three apps to stay
connected with their loved ones. Over 93% are using Viber followed by 79% and
65% on Facebook and Whats app respectively. More importantly over 80% of the
respondents are willing to pay up to Rs 100 for additional convenience for
services like home delivery.
Businesses today are faced with this new breed of
technologically advanced consumers who are digitally connected to almost
everything in their daily routine. As society’s reliance and usage of digital
technology continues to deepen, businesses which do not have a strategy
targeted at digital and social platforms will only get left behind. A few years
back no business would have ever imagined the fast-changing expectations and
choices that consumers have. But, technology has changed the world, and this is
now the reality. Hence, it is extremely important that companies gear up and
look at creating relevance among this new breed of hyper connected consumers
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