Digital business gets a boost in Thailand through increased AI
Social networking giant Meta, formerly known as Facebook, is making full use of artificial intelligence (AI) to develop services and elevate growth for Thai businesses this year.
According to Prae Damrongmongkolkul, country director of Meta Thailand, the community on Meta's platform continues to grow, with more than 3.88 billion people worldwide currently using apps within the ecosystem every month, 65 million of them in Thailand.
More than 200 million businesses are also being driven through Facebook, Instagram, Facebook Messenger, and Instagram DM.
Meta's business direction in Thailand for this year emphasises three main strategies that drive business and industries. These are:
1. The growth of video content, especially short videos like Reels.
2. The role of Artificial Intelligence (AI) technology for business in all service dimensions.
3. Creating closer connections and personalised responses to individual needs and one-on-one interactions that create brand intimacy through trends and business messaging.
The so-called Metaverse remains a long-term plan, Prae says, with Meta continuing development in both hardware, such as the introduction of headsets, as well as software that will invest in developing experiences, virtual reality, augmented reality, and related apps. It is expected that this year will see the addition of more than 500 apps, as well as increased investment in AR that will form the foundation of the Metaverse in the future.
Prae added that Reels has grown by leaps and bounds and has become the most popular and widely consumed content type among users. It has transformed into the fastest-growing content type in the Asia-Pacific region and in Thailand.
The 2nd quarter performance report by Meta shows that daily viewership of Reels has surged to 200 billion views per day. The volume of content on Reels being shared on both Facebook and Instagram has more than doubled compared to 2022. In Thailand, people spend over 50% of their time on Meta platforms engaging with video content.
The survey results indicate that over 40% of Thais consider video content as one of the top three media that help them discover and consider various products.
Currently, over 75% of Meta's advertisers have chosen to advertise through Reels, and global revenues from Reels have surpassed US$10 billion, a significant increase from the previous year's US$3 billion.
Research by Meta's Culture Rising program states that discussions about AI technology on Facebook and Instagram have increased by 173% compared to the previous year.
In recent times, advertisers on the Meta platform using at least one type of AI-powered product have seen an over 20% increase in purchase decision-making compared to the previous year.
Meanwhile, the overall cost per acquisition (CPA) has decreased, and the return on advertising spending has increased by more than 32% when utilising the Advantage+ Shopping campaign, as businesses can access efficient AI systems and various automated solutions through Meta Advantage.
Meta emphasises the importance of presenting personalised solutions and engaging in one-on-one interactions through Business Messaging to facilitate convenient communication between business owners and target groups. Currently, over 1 billion people worldwide are connected to various businesses through Meta's messaging app each week.
Data from Boston Consulting Group (BCG) and Meta for 2023 reveals that 78% of Thais exchange messages with businesses at least once a week.
A survey of Thai adults indicates that over 76% express a desire to communicate with businesses in the same manner as they do with friends, family, and colleagues, which involves conversing through messaging.
Research by Forrester Consulting Group and Meta shows that business messaging products yield better results, with a 61% improvement compared to other communication channels, such as sales. Customer purchase values also increase by 22.1% due to business messaging interactions between buyers and sellers.
Tharinat Phatthararangrong, Strategic Manager at Meta Thailand, stated that aside from the mentioned core strategies, Meta also places importance on the Threads messaging app, launched in July this year.
Statistics reveal that within just 5 days of its launch, Threads amassed over 100 million user accounts, making it the fastest-growing app in history, with over 10 million daily global users. Various brands have rapidly established official accounts on Threads.
The Meta team continues to innovate the Threads experience to enhance user engagement, discovery, and customisation to cater to individual preferences.
While the momentum might have decreased slightly since the launch phase, there is still a positive response in Thailand. The company plans to introduce continuous new features aimed at strengthening the community, benefiting users, brands, and advertisers.
Our objective is to create a public square or community space similar to an Instagram public space, fostering positive and creative conversations, said Tharinat.
