Adyen’s latest research shows creating immersive multi-channel consumer experiences has a huge impact on loyalty, near- and long-term revenue for APAC retailers
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.
Warren Hayashi, President, Adyen, Asia-Pacific
"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
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
of consumers prefer to shop in a physical store, while 29% prefer digital
of consumers made a purchase as a direct result of a
retailer offering a cross-channel buying option in the past six months.
- APAC retailers are continuing to expect more than a third of sales to be
online within three years, up from roughly a fourth today.
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
Personalized intelligence is essential to
fostering a positive and memorable shopping experience where customers are more
likely to grow in brand love and loyalty.
- 48% of consumers use social media to shop; while only 20% of consumers make
purchases on social media. This shows that there is opportunity for retailers
to leverage social touchpoints to convert shoppers into buyers.
- Three in five shoppers made at least
one additional purchase due to a personalized offer they received in the past
six months. Personalized shopping experiences exert a positive influence over
customer purchasing behavior.
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.
- One in two shoppers have been unable to use their preferred payment
method with a retailer in-store, prompting them to abandon their purchase
- One in two shoppers abandon a purchase at the payment stage due to
lengthy payment forms that require manual data entry which are the biggest
contributor to online checkout friction.
- 60% of consumers in Singapore and Hong Kong in particular, showed an
above average amount of online purchase abandonment due to lack of preferred
more information and for a copy of the report, visit the URL HERE.
Notes to editors
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.
(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.