How NA-KD are approaching payments amidst rapid scaling
Staying On Top Of Payments is our very own payments series featuring Warren Hayashi, Adyen’s APAC President, alongside some of the top executives in Asia Pacific. In each episode, they will discuss important industry trends, payments developments as well as their strategies to staying ahead.
In this first episode, we chat with Jim Boland, Chief Financial Officer of Singapore’s top online supermarket RedMart. He shares how RedMart is winning customers’ loyalty with its unique LiveUp program.
LiveUp rewards RedMart customers every time they shop, with goodies such as discounts on Lazada and free subscription with Netflix. As more partners get on board, RedMart customers can access even more rewards.
With 1 in 3 orders coming from existing customers, RedMart is certainly winning customer loyalty in the competitive online grocery store business. How does Adyen's unified commerce apply to online-based companies like RedMart? Watch the full episode to find out.
Highlights from the episode:
Warren: “We believe that speaking to our (merchant) customers is really important. And we dedicate account managers to be really sitting alongside with our customers. It stems from this: Adyen knows a lot about payments, global payments. But our merchant customers know their consumers so much better than we do.
To come up with the best solutions, we really need to have that dialogue. Having the best expertise on both sides, to release the best solution – and the most seamless checkout experiences.”
Jim: “We try to provide our customers with the largest selection, the best prices, the best convenience out there. We know they have options in the marketplace so we have to be on top of all these points to win their business."
Jim: “One thing I’ve noticed is that Singaporeans are price-sensitive so that’s an area that we focus a lot at RedMart. The traditional shopping behavior of going down to the corner market or wet market is something that’s highly ingrained. And it’s difficult to get people to change their buying behavior. So, the way we coax them to do that is through creating a loyalty program since those are quite popular in Singapore. Then we give them a lot of benefits when they do that via our partners such as Lazada and Netflix.
Another thing is that they are concerned about their personal data. When shopping online, you have to enter your personal data in to check out so your average consumer is pretty concerned that the data be safe. One of the benefits of partnering with Adyen is that they have a very strong security framework around customers’ personal credit card data.”
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