PETALING JAYA: Local businesses are looking into ways to adapt to the unpredictable expectations of different generations of Malaysian consumers who have emerged from the Covid-19 pandemic.
According to global payments platform Adyen country manager Soon Yean Lee, the different generations of local consumers that have surfaced post-pandemic have unpredictable expectations of their individual shopping experience due to “instant gratification”.
“Nowadays, there’s so much experiences we can go through as a consumer that we’re spoilt for choice. That’s where the trend we’re seeing is, that businesses are also trying to get into the point of (finding solutions to serve) a different generation (of consumers) ... they came out from the pandemic,” he told SunBiz.
He said he would not classify it as revenge spending, but believed that Malaysian consumers are more willing to spend their disposable income “if the experience is right”.
Soon pointed out that as the country transitions to the endemic phase and international travel has picked up, Bank Negara Malaysia (BNM) and other financial regulatory authorities in other countries have made efforts to create seamless cross-border payment systems and foreign card usage by tourists have risen.
On opportunities in Malaysia, Soon said the world is experiencing a digital transformation and a lot of businesses post-pandemic need to continue to stay relevant.
“Online space is here to stay ... brick-and-mortar is also here to stay. There’s no saying which one is going to go away and they both have to coexist because we need to have the convenience.
“Where we come in, the moment businesses embark on the journey of unifying all their solutions. Payments will be one of it as well and that’s where we’re going to fit in nicely,” he said.
In Malaysia, the company is registered as a non-bank merchant acquirer with BNM. With an acquiring licence, Adyen acts as a bank for merchants by helping them accept payments from their customers.
Acquirers must be licensed by local financial regulators and card schemes to relay transactions.
On whether Malaysia has the internet infrastructure to support payment for its clients, Soon noted that the government is working hard towards enabling internet connection for the whole nation.
The Netherlands-based company, which is due to launch its Malaysia Retail Report 2023 in July, shared that it found Malaysian shoppers want more choices in return for their loyalty, with 83% wanting more rewarding experiences.
The study also revealed that post-pandemic Malaysian consumers are more deliberate in their buying – the majority (55%) “will abandon their purchase if they can’t pay how they want”.
In addition, it found that there is a growth of omnichannel retailing and connecting through physical stores.
“Malaysian retailers understand that physical stores need to evolve and become more connected. About 83% believe physical stores are important for brand consideration, even if consumers make a purchase on another channel,” according to the report.
Lastly, its findings revealed that unified commerce is a retail opportunity, with 55% of retailers believing that unified commerce brings more data to inform business decision making, which is an increase of 38% from 2022. Meanwhile, 50% retailers believe that unified commerce helps with inventory management, a rise of 22% from its study last year.
Among Adyen’s regional or global customers are Zalora, Uniqlo, Shein as well as Mandai Wildlife Group (Singapore), Sephora SEA Digital (Hong Kong), Nando’s (Australia and New Zealand), Guzman y Gomez (Singapore), Domino’s Pizza (Europe and Japan).
Source: The Sun Daily
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