Retail and payments in 2020 and beyond: An Asia Pacific overview
Easy access to global retailers and cross-border options have taken power away from brands and placed it in the hands of consumers.
This isn’t just a trend we will see in 2018, but a direction that is and will become more apparent in retail, travel and many other industries.
Warren shares that while Europe and America continue to be vital markets for international retail brands, Asia Pacific will be a strategic stronghold for businesses expanding to Asia.
In 2018, we expect to see brands wooing consumers even more aggressively.
Brands, big and small, whether local or international, will have to listen more closely to their customers.
This is led mostly by a global retail landscape that has become very competitive, and businesses want to pay more attention to their shoppers to stay top of mind.
Consumers are no longer restricted to shopping locally; likewise, retailers need not stick to selling within their countries.
Globally, especially in Asia Pacific, cross-border trade will continue to flourish.
Payments tell us a lot about customers such as the ways they prefer to pay, whether it’s by debit or credit, or whether a purchase was made via installments. They are a reflection of our cultures, preferences and habits.
Identifying customers via their payments gives us more information than traditional loyalty programs – which only a segment of customers sign up for – making payments the ideal loyalty program.
From retail businesses to ride-hailing companies, we expect to see a lot of mobile wallets starting up in Southeast Asia. But wallets are really a big consumer play and this growth adds another dimension to the rush for the consumer.
GrabPay allows its customers to not only pay for a car or taxi ride, but also make seamless cashless payments at food stalls that typically only accept cash payments – that is, before GrabPay was launched.
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