How Bolt unlocked additional revenue with pioneering payments
In April 2017, RedMart chose Adyen to further expand its business model with LiveUp – RedMart’s loyalty program for rewards and savings on services that RedMart shoppers also use such as Netflix, Uber and Lazada.
“We picked Adyen as our partner because its platform gives us the flexibility and technology to roll out certain features and expand our offerings very quickly”, said Jim Boland, CFO of RedMart.
With the largest range of goods among current online supermarket businesses in Singapore and at the most competitive prices, RedMart has taken things up a notch with LiveUp.
Since its launch, RedMart has seen an even greater growth when it comes to its loyal customer base.
Unfazed by other e-grocers’ entrance into the market, it continues to enjoy a high volume transaction quarter on quarter.
More impressively, just in the last quarter, one in three orders are from repeat customers.
The new lifestyle membership program rewards RedMart shoppers with exclusive benefits offered by partner merchants.
To implement this effectively, it needed a payments provider that expands its business model and links LiveUp members to its partners and services – a role for which RedMart handpicked Adyen.
Globally, and in South-east Asia, the demand for digital services is booming.
Digitally savvy, time-starved executives are turning to apps and online marketplaces whether it’s movie streaming, groceries or even cleaning services.
With Singapore’s high Internet penetration rate and spending power, RedMart’s business model is a natural fit.
“Our company’s mission is to give our customers time for the better things in life. We want to create the value proposition through pricing, selection and convenience so customers make it a habit to buy through RedMart.
Considering that online groceries is something that’s growing throughout the region, we aim to give the best of all the three things so customers will keep coming back to us.”
“Adyen’s platform allows us to roll out features that other payment providers cannot provide. More importantly, we are impressed with the team, the productiveness and how easy reporting was for our backend – it’s a good solution for us.”
While many start-ups work towards global acquisition as a goal, RedMart is certainly not resting on its laurels.
Jim Boland added that because the population in the region is vey diverse – with people from all walks of life, coming from countries with so many payment methods – making local payment methods available to customers is vital.
“Now that we are part of a bigger group, we are creating an ecosystem that enhances the loyalty of our customer base and through that there are new types of business transactions. LiveUp is a good example, and Adyen has been able to accommodate our needs without missing a beat.”
“Grocery as a business is a tough one to grow. There’s handling of cold food, fresh goods and fragile items. In a competitive environment, the company that can do that successfully with competitive pricing, speed and reliability of delivery, and selection will be the one that customers come to trust – and loyally go back to shop.”
With online grocery taking just 2% of the grocery market in Singapore, RedMart believes there’s opportunity for growth. And its plan is to not just to give Singapore’s 5.6 million consumers the best experience when it comes to online grocery shopping, but also make every RedMart purchase as rewarding.
Within Singapore where same-day deliveries are already available, RedMart aims to shorten delivery time for every single order.
Regional and global expansions are certainly in the pipeline, and we're excited to power the grocery store of tomorrow with seamless payments and truly amazing rewards.
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