What a year it has been. We are finally closing in 2022. What has it been like for you and your ventures? Did you manage to reach your goals? Or you managed to gather resources to jumpstart your life in 2023? Whatever your reasons in life for 2022, I bet it was worth it. For 365 days, you would have grown in one way or another and prove that you could achieve things the way you want it.
From the business point of view, businesses in Malaysia were seen recovering pretty well from the stagnant caused by the pandemic. It was not as flourishing as before COVID, but it worked out well for most Malaysian businesses. The government assistance played a big part in boosting the economy, whether for consumers or businesses alike.
So, What will 2023 be like?
The Year 2023
For businesses to flourish, it has to keep their consumers in mind. Without a doubt, consumerism has escalated into demanding for their rights as they become more aware of what they want. Consumers today will search high and low for the best prices and money’s worth of product or services. They are becoming more aware of transparency and accountability of companies offering products and services. Consumers are also bold enough to leave reviews if they like or hate a product. Reviews are all the rage these days, but be mature and wise not to challenge consumers with artificial reviews.
Consumers today are willing to try, as long as promises are kept. Then again, brand loyalty may fade as consumers will think things over before making a purchase. This is one of the reasons why brands, companies, manufacturers need to constantly view the economy for spending trends among consumers. The more brands are responsive towards consumers’ needs, the more likely consumers will stay with a brand.
Digital Decision, Physical Consumer
While there are still impulse buyers out there, digital hypnosis is here to stay. People are more engaged in consuming digitally than physically. If eating and drinking can be digitalised, the first nations to do it will be Malaysia. We are heavily promoting eateries and food all year round, regardless of economic situation. Looking back two years ago, we suddenly turned to google for recipes of our favourite foods we usually get for dinner, lunch or any makan-makan gathering. Who knew, we became our own chef at home.
Hence, any brands and businesses, especially the micro and small entrepreneurs who are onboard the food and beverage industry, must be on social media or any digital platforms to be found by customers. If the budget allows it, have related celebrities to endorse products or services. The post pandemic era has opened up an opportunity of self-health and wellness among consumers. Though we had a market of traditional supplements in specific communities, the pandemic has spawned many more health-conscious consumers who are looking for value for money, value for time stress-relievers for themselves and their family members. Again, their decision will be greatly influenced by their digital lives.
Future of Brand Development & Packaging Design
If you look at the consumer trends, nothing seems to change much. Their decision is mainly based on digital reviews and promotions. But then again, building a brand to influence that buying decision must take into account the following factors:
Original or home-grown brands
Our fellow Malaysians are more likely to support a local brand that promises like the big responsible brands. Promises can come in different ways. From the retail storefront to the discounts offered and especially customer service. If they are proud of their product or services, they would say it out loud.
Legit Online and Offline
With plenty of dubious sellers these days, more consumers are really taking the time to complete their research for brands and products. Even if its local, somewhat Malaysian consumers would feel comfortable knowing that the product is available to be seen, touch, smell, experience first hand, similar to the promises made online.
Fun, Durable & Reusable
Most of the time, packages are thrown away after its original use. Being a nation of container keeping, most consumers don’t mind paying more, if they get to use the containers again and again. Though on the business perspective, this may increase production costs, think of ways to also reduce carbon emissions and get that green tax where applicable. It would be nice if a local brand could come up with fun and collectible designs to start a movement. Who knows, what can your customers do for you in return.
Minimalistic Yet Fully-Functional
There are people who are always going for minimalism, and minimalistic packaging is becoming popular. Brands opting for minimalistic designs, are often seen as transparent brands and accountable company. Then again, with packaging minimalistic must deploy full functional features intend to protect contents, suited to the use of the product.
As a one-stop design centre for Malaysian entrepreneurs, we are ever ready to take on challenges of 2023, so that your business can take flight through the wonderful world of design and brand development. DDEC wishes everyone to grow their businesses and expand further with design as part of your business solution for the year 2023 and beyond. Follow us on Instagram, Facebook and YouTube, ddecmalaysia for more insights and drop by www.ddec.my for more information of our services.
Sekiranya anda berhasrat untuk berniaga, namun tiada idea untuk berniaga apa, kami boleh menyarankan pelbagai produk atau perkhidmatan yang sesuai dengan bajet anda. Untuk maklumat lanjut, layari www.ddec.my/perkhidmatan dan ikuti kami di media sosial Facebook, Instagram dan saluran YouTube, ddecmalaysia.