Singapore-owned Cambodian start-up YouAdMe, plans to launch an innovative mobile app in the Kingdom that will allow consumers to reap rewards upon reviewing products and services, and help advertisers save marketing costs as well.
The mobile app will facilitate buying and selling through word-of-mouth marketing activities by connecting brands and consumers directly through YouAdMe platform, targetted to be launched in the first quarter of this year.
Social media continues to influence consumer behaviour and the advertising industry, and more tech savvy buyers, especially millennia, overwhelmingly rely on powerful communication tools, such as messaging apps to source for latest updates from fashion, food, entertainment to breaking news.
Cambodia is no exception. The proliferation of smart phones and the zeal to experiment with new technologies are driving young Cambodians to depend more on digital platforms for all sorts of information, thus pushing traditional media such as newspapers, magazines and radios into the backburner.
“Young, millennial consumers, in particular, no longer rely on advertisements but increasingly turn to online reviews and social networks’ recommendations to make purchases."
“With more than seven million social media users, the Cambodian market is ready to move into the next level."
“The current youth populace makes up a major percentage of the group that frequent retail stores and have started making more purchasing decisions.
“Tying that into the fact that they use the social media on a daily basis as their main tool of communication, we believe that the market is ready for us to enter this month (January),” YouAdMe CEO and co-founder Bernard T. told The Post.
Socioeconomic indicators are certainly favouring Cambodia too. Besides, enjoying steady economic growth, it has a strong demographic advantage.
On average about 60 per cent of its population are under the age of 30. Besides, rising wages, growing demand for consumer goods, primarily due to rapid urbanisation, and changing lifestyle among the growing middle class are key drivers that could fuel consumer spending in coming years.
As more technology platforms realise these huge potentials, their high penetration rate on social media become a serious tool for digital transformation and innovation of today’s marketplace, said Bernard.
“As the future of brick and mortar businesses change, retail in the 21st century is rapidly evolving to meet the needs of these youths as well."
“Advertisers, especially micro-retail outlets or small and medium enterprises now have a new channel to advertise at a lower cost."
“Small and medium enterprises in Cambodia looking to promote their brand or signature product to the local community, but do not have a huge budget for advertising can benefit greatly from being able to reach out directly to their target audiences.
“Businesses that are looking for an alternative way to complement their marketing in the mainstream media and foreign brands looking to break into the Cambodian marketplace would also find it extremely beneficial to tap into YouAdMe’s widespread use amongst the people on the ground,” he added.
In addition, YouAdMe encourages social media users, mostly the youths, to think how they can better spend their time productively on social media, to become leaders of change, leaders with an opinion, rather than aimlessly scrolling through their endless newsfeed and repeating the same process day after day, said Bernard.
He said being a brand, which has recently ventured into Cambodia, have witnessed first-hand the rapid influx of foreign brands, including local small to medium enterprises looking to enter and enhance the Cambodian market.
Recognising the demand in Cambodia, YouAdMe seeks to position itself as the marketing solution to instantly cater to the needs of startups looking for a voice in the Cambodian marketplace.
The company was the top 10 finalist at the ASEAN SME FinTech Awards, which was held in Singapore last year, and also winner of the ASEAN Pitchfest 2018 in Cambodia.