Unlocking cross-border business opportunities should start by optimizing domestic logistics and strategies in addressing legacy processes and technology. By adopting such an approach, businesses can witness a higher rate of growth than the average.
As today’s fast pace trade environment is only picking up of speed, the demand for efficiency in everything business related – especially transactions – has never been higher. Everything needs to be done as fast and accurately as possible, and it is exactly where technology kicks in as today’s essential tool. The latter has allowed for infrastructures like mobile payments to exist. As we are increasingly realizing how this fast payment method can be extremely practical on a day to day basis, the focus has shifted to making the technology more accessible. For instance, Microsoft’s business tool Kaizala will soon come with an array of novel facilities amongst which mobile payment was surely highly anticipated by an already expanding clientele.
Consumers are increasingly moving their shopping online, forcing businesses and retailers to meet service and efficiency challenges across multiple channels. That calls for a new approach to the supply chain. Omnichannel is one of the top strategies currently adopted to respond to this consumer demand. If five years ago it was a pretty unfamiliar concept, today, it is considered as a powerful marketing tool, defining how customers and businesses can interact with each other in the most seamless manner. Being a cross-channel model, it is embraced by multiple businesses aiming at enhancing customer service and business performance simultaneously.
More and more people are becoming convinced of the convenience of mobile payment apps compared to the traditional debit cards or cash transactions. However, with most of the apps serving also as social platforms, there may be a risk of privacy issues as unwanted and personal data can be published for others to view.
Driving a seamless and rewarding retail customer experience today includes offering a flawless purchase experience. This can be achieved through mobile wallets that have already gone mainstream for consumers. The trend is being consolidated as many merchants are equally playing the game by offering various services and modes of payment related to the mobile wallet. In this vein, e-commerce and mobile transactions are absorbing a bigger and bigger part of the expenditure of consumers, and retailers who have not adopted the mobile wallet should seriously consider integrating this powerful tool into their business strategy to stay competitive.
Mobile payment services have been rolled out to taxi drivers and passengers in Hong Kong. The worries about not having enough change or having to carry a large amount of cash are apparently a past issue now. To achieve this milestone towards a cashless society, MasterCard partnered with HKTaxi, a local taxi-hailing app, to offer this innovative payment system for taxi drivers and passengers. On a parallel note, Alipay and WeChat Pay HK have also jumped into the taxi market, making an aggressive marketing to grab their share. All are ferociously competing to lure thousands of taxi drivers and passengers in the city.
Mobile payment is gaining traction at a consistent rate. The report “Global Mobile Payment Methods: Second Half 2017” reveals that one-third of worldwide Internet-connected shoppers have recourse to mobile payment methods for various purchases. Chinese nationals have imposed themselves as the driving force of the mobile payment penetration, with over 500 million citizens making payments through mobile devices.
Chinese tourists are increasingly traveling to various countries including the United States. Used to convenient mobile payment platforms at home, they expect the same user-friendly service abroad. The Chinese mobile payment platform Alipay decided to tap into this market and it now prides itself in partnering with over 4 million U.S. merchants.
Over the years, we have seen how smartphones and their applications have gained momentum. As smartphones are becoming an indispensable part of consumers’ lifestyles, mobile payment systems are bound to replace cards and cash. No wonder it is widely believed that in the near future we may no longer carry cash or cards in our pockets.
A number of prominent innovations this year are expected to set cruising speed of the e-commerce sector. These fresh shifts should define the consumer lifecycle and enhance conversion rate and customer engagement. In this light, several industries based on e-commerce should have a bright future in 2018 and beyond. The new trends are also predicted to give a considerable boost to the e-commerce industry, making it surpass $4 trillion in terms of global sales by 2020, according to research by eMarketer.