Asian consumers have high expectations for omnichannel shopping experiences whether online or in-store. What does that mean for bankers? Here are eight observations.
On average, 90 percent of Asian consumers were likely to combine different channels (mobile, app, in-store or desktop) to shop for their items, with the main reason for doing so was to compare prices.
«As e-commerce growth continues to grow rapidly in the Asia Pacific region, businesses need to ensure that they are delivering the right experiences that cater to their customers’ needs, or risk losing them,» said Jeffry Ho, Regional Managing Director, Asia Pacific, Wirecard. «A true omnichannel payments/management system can help deliver that.»
Wirecard's global study saw nearly 1,000 in Asia surveyed across markets such as Hong Kong, Malaysia and Singapore. Other countries which were studied included Brazil, Germany, the U.K. and the U.S. Here are eight key obersations.
1. Black Friday vs Singles Day
Black Friday is the single most significant shopping event internationally, but Singles Day hold most interest in South East Asia. 39 percent of respondents say they planned to shop on Black Friday.
2. Singles Day More Popular in Asia
Shopping on Singles Day is a more popular activity in Hong Kong (13 percent), Malaysia (23 percent) and Singapore (20 percent), as compared to the rest of the world (7 percent)
3. Fashion and Beauty Items Rule the Day
Asia Pacific consumers are the most fashion-conscious where majority of them – Hong Kong (62 percent), Malaysia (71 percent) and Singapore (67 percent) – choose to spend their money on clothes and accessories; followed by beauty products.
4. Big Spenders Live in Hong Kong
Hong Kong shoppers showed the highest willingness to spend – 19 percent would spend more than $500 compared to global consumers (13 percent)
5. Integrated Shoppers Emerging
Consumers in Asia Pacific are some of the most ‹integrated› shoppers – most likely to use a variety of channels in purchase. Over two thirds of consumers (68 percent) expect to make their purchases either via a desktop, mobile app or mobile site.
However, established markets like Hong Kong (21 percent) and Singapore (20 percent) see a significant population who prefer to go to physical retail outlets to make purchases. The top reason for using a variety of channels was to compare prices with over half of consumers (51 percent) – highest in Malaysia (62 percent), followed by Singapore (53 percent)
6. Technology is King in Asia
Asians are the most technology advanced shoppers in the world – with a strong desire to see new technology in their shopping experience. The majority of the consumers in the Asia Pacific – Hong Kong (52 percent), Malaysia (67 percent) and Singapore (51 percent) – are looking to new mobile payment technology to improve their buying experience.
7. Shopping In-Store Still Popular in Hong Kong
Shopping in-store is still somewhat popular amongst Hong Kong (21 percent) and Singapore (20 percent) shoppers compared to most of the other markets except Brazil (20 percent) and the USA (22 percent). Malaysians (44 percent) showed the strongest desire to pay with their local currency
8. Most Price Conscious Consumers
Singaporeans are the most price conscious in the world, where price was the most important thing when shopping online (63 percent), and when buying in-store (67 percent). Boxing Day was the most likely day Hong Kong shoppers would spend the most on (33 percent).
The Wirecard International Holiday Shopping Report 2018 is based on the results of an independent, anonymous survey conducted by Wirecard from October and November 2018. Total sample size was 3,193 consumers over the age of 18 in Brazil, Germany, Hong Kong, Malaysia, Singapore, the U.K. and the U.S.
