SINGAPORE - Media OutReach - 6 August 2019 – Adyen, the payments platform of choice for many of the world’s leading
companies, today released new research commissioned from 451 Research, on the
state of the APAC retail industry. By prioritizing frictionless digital
shopping experiences for customers, retailers in the region can realize a
US$250 billion lift in sales. Retailers who choose not to adopt unified
commerce can expect losses of up to US$785 billion dollars.
“Unified commerce is now the competitive edge that retailers must have
in order to succeed in a digitally transformed retail industry. Especially in
Asia-Pacific, customers have high standards for a frictionless shopping
experience. They expect to be able to shop in the way that they prefer.
Anything less than a frictionless experience will result in them abandoning
their purchases”, said Warren Hayashi, President, Adyen, Asia-Pacific.
Consumers are making purchases across multiple
channels.
Of more than 1,000 consumers surveyed across Asia
Pacific, respondents did not indicate an overwhelming preference for shopping
online or in-store. Instead, they are
increasingly making multi-channel
purchases.
The move towards digital transformation in retail experiences has increased
the importance of making frictionless digital shopping experiences a priority
for consumers. However, many companies have been slow to act or are unsure how
to proceed with their digital journeys due to several friction points such as
lack of preferred payment options to out-of-stock. This has resulted in an average loss of about
US$75 billion to US$149 billion within the APAC region.
Consumers value personalized shopping
experiences.
Personalized intelligence is essential to
fostering a positive and memorable shopping experience where customers are more
likely to grow in brand love and loyalty.
Consumers expect to have frictionless check-out processes with their
preferred mode of payment.
Poor shopping experiences cause US$86
billion in initially abandoned sales annually. Consumers want to be able to
shop how and when they want with the payment methods they prefer.
For
more information and for a copy of the report, visit the URL HERE.
About the research
In Q1 2019, 451 Research surveyed 1,211 consumers
aged 18 and above across three strategic business bases in APAC, Australia,
Hong Kong and Singapore, as part of a broader global survey of 5,950 consumers.
Simultaneously a survey with 600 B2C retailers operating in the same countries
was conducted. Like the consumer survey, the APAC retailer survey was part of a
broader global survey that included 2,554 B2C retailers.
Adyen
(AMS: ADYEN) is the payments platform of choice for many of the world’s leading
companies, providing a modern end-to-end infrastructure connecting directly to
Visa, Mastercard, and consumers’ globally preferred payment methods. Adyen
delivers frictionless payments across online, mobile, and in-store channels.
With offices across the world, Adyen serves customers including Facebook, Uber,
Spotify, Singapore Airlines, Cathay Pacific, Grab, Klook, Lorna Jane,
Freelancer.com, Kogan.com and the Cotton On Group.
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