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nehatiwari454545-blog · 5 years ago

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Top 5-Trends Transforming E-Commerce and Online Retail in 2020

Businesses are looking for new ways to solve the eternal mystery called a customer. They are trying to devise new ways to forge connections with them and to make their brands click. What’s the secret of standing out in the crowd of ‘me-too’ strategies? What are the trends that the brands ar6e missing out on? As we usher in 2020, it is time to find out what they can do to strike a connection with untapped markets and be more customer-centric!

So, don’t wait and scroll down for the lowdown of 5-top trends of online retail and e-commerce for the year 2020!

Amazon Prime spoilt its customers with same-day delivery. As if it weren’t enough, the launch of Amazon Prime Air has started to deliver the packages in thirty minutes or even less! No wonder, the 30-minutes-or-free generation isn’t willing to wait anymore or even for a week to get their products delivered. This recent shift in logistics has prompted customers to expect faster delivery and enhance the convenience of online stores with the immediacy of offline stores. And it shouldn’t come as a surprise that eighty-eight per cent of customers are willing to compensate for faster delivery and shipping. Because it is the only hurdle that stops the online users from buying online especially when time is of the essence.

Same Day Delivery ruled the chart as the e-commerce trend in 2018 and is going to come out in full swing in 2020 with small retail stores leveraging this opportunity to boost their business and strengthen their relationship with customers. According to an Internet Retailer Report for more than nineteen per cent of users, Same Day Delivery and immediate product access is an important criterion.

Often customers abandon their shopping carts when there is an unexpected delay in delivery timings and also cancel their product midst shipping for delayed delivery. However, small startups, mom-and-pop shops and retail customers are going to face a tough competition while keeping up with the unrealistic expectations of immediate delivery and resultant expenses.

Sustainable Fashion

While consumers these days prefer fast delivery, they are no longer identifying with fast fashion. Green consumerism is the buzzword and the biggest catchphrase. The millennial wants to stay on top of fashion without impacting the environment with their purchase decisions. The new-age brands support recycling and practice pre and post-eco-friendly habits. Be it free-range meat, skincare range or organic cotton basics, people prefer responsible brands. On social media as well, customers have been calling out e-commerce giants like Amazon for using too much plastic for packaging and outing brands for their non-greener practices.

Fashion alone contributes to more than eight per cent of greenhouse gases, and if continues to have its way, it will be responsible for more than twenty-five per cent of the global carbon budget across the world by 2050. While fashion waste can go up to 148 million tons by 2030, the ethical fashion and clothing market is gradually expanding its steps and is expected to increase by twenty per cent.

It takes more than 7,000 litres of water to process a pair of jeans. One kilogram cotton takes up to 20,000 litres of water to produce.

…And if the environmental impact of fast fashion wasn’t detrimental enough, seventy-seven per cent of clothing retailers in the UK believed that there could be a likelihood of modern slavery at some stage of supply chains.

If e-commerce businesses, small or big and retail companies want to strike a chord with customers, they have to take the environment seriously and be a responsible brand. While we have a long way to switch to regenerative and renewable closed-loop model, but waking up to the fact that the plastic, footwear or the cosmetics we once used aren’t ending up in an ocean or a landfill, is incredibly satisfying.

See it? Search it!

Often customers shop with set goals in mind. They want a particular handbag, the dress their colleague has or the wardrobe they saw somewhere on an Instagram feed - the visual search enables the spot-on and shop its mindset. Visual search is used by Amazon and several fashion stores to search for similar recommendations and to offer more personal and intimate shopping experience to their users. Yes, ladies and gentlemen, the next trend to watch out for retail and e-commerce industry in 2020 is the Product Recognition AI, which makes visual search possible. Fashion retailers and startups want to improve their customers’ journey and make it incredibly simple. The visual search makes it possible. With it, customers don’t have to scroll through the endless stream of products, care for the brand or style –upload the image and let the magic unroll!

Thanks to visual search AI, the circuitous purchase cycle becomes a lot simpler. As only one in three Google searches lead to a click, the product recognition AI makes life easier for the startups that can at focus their attention to the customers with a target in mind and are not mindlessly browsing. It is more personalised and more powerful.

Just so that you know that visual search isn’t new, countless applications are using it to facilitate customers. We all are aware of Google Lens on Google Shopping that pulls similar products. Macy’s utilises visual search to blur the line between seeing and buying. Customers can upload an image and find similar products on the store. Designers are using it to search for stock images. Synthetic Style Intelligence Agent-SIA also uses AI to find the right accessories to complete their look, doubling up as a virtual shopping assistant.

The Power of Influence

Hype beast found out that influencers are losing their charm on commoners. Some of them are being ousted and called out for scamming (Fyre Festival, remember?) whereas some of them could sell only thirty-six t-shirts despite having over two million followers! Let’s accept it. Our Instagram feeds and lives are oversaturated with inspirational quotes, ad videos of brands with some bit of story in them and them always leading on colourful lives, which we clearly can’t afford. They are selling everything, from vitamins to lifestyle and they are everywhere, be it Instagram, YouTube or TikTok. Researcher and Strategist Alexandra Samuel discovered three groups of social media

· Enthusiasts (Users posting more than five times a week)

· Lurkers (A whopping fifty-two per cent of users posting once a week or even less)

· Dabblers (Users who post two to four times a week)

Lurkers are the hibernating cell of the social media that don’t care much about influencers or their friends. The same goes for dabblers that don’t get “influenced” or draw a conclusion from their friends and family’s purchases. The influencers don’t seem to turn this category on as they make their decision independently.

Does it mean the influencer culture peaked? Do companies need to quit influencer marketing?

Certainly not!

Influencer marketing needs to be adopted brilliantly and smartly. In 2020, businesses would need to understand their customers and broaden their mind towards social media so that the ‘lurkers’ somehow could be included and influenced. The influencers need to work on their CTA to not to look like a complete sell-out and instead work towards ‘nudging’ the customers to make a well thought out decision.

In this year, businesses would like to pay attention to not only the big reach but also their content that can unlock the opportunities for you. Apart from it, social shopping is going to rule the roost. According to a North American e-Commerce agency Absolute,

§ More than eighty per cent of e-commerce shoppers accept that they rely on social media for a shopping decision.

§ Thirty per cent of customers purchase directly through social media channels such as Instagram, Facebook and Pinterest.

§ More than 40 per cent of businesses are utilising social media to gain traction, generate leads and sales.

§ One-in-four businesses are selling through Facebook alone.

One of the interrelated trends in 2020 will be the dominance of mobile sites. Social media sites and e-commerce sites are mainly mobile now. Brands are cashing in on ‘Instagram ability’ and creating visually-driven customer-driven content.

If used intelligently, influencer marketing can be used to harness trusted voices and help customers make an informed decision. Aimed to become a more than $10 billion industry by the end of 2020, the influencer marketing, mobile website and social shopping are going to prove its dominance.

The brands, however, are putting their relationships with influencers under scrutiny. The rise of fake influencers and ‘likes’ no longer being considered as the potential engagement metric, the brands want to leverage nano-influencers, people who have a tightly-knit community as followers.

The other thing to watch out in social space as a booming trend in 2020 is Instagram and Facebook stories that have an engagement of 500 million daily users. Similarly, Instagram trends, polls, interactive stories are also a brilliant way to catch attention and continue to be so. Meanwhile, this New Year also rolls in Instagram business feature, Growth Insights and “Stories about You” to help a business to strengthen their foothold in their domain.

This the feature will be incomplete without the mention of TikTok –the most installed app of year 2019! Once rejected and ridiculed as childish and ‘royal waste of time’, this app now has more than 800 million active users now. The users are spending more than 46 minutes every day on the app, which is important because the videos on this app are only 15-seconds long! And businesses are using this app to reach out to the user base of this platform, which typically consists of 16-24 years old. However, the app’s sixty per cent of users are based in China and this is where it loses its steam. In order to maintain the dominance of its digital footprint, the app needs to wade through Chinese territory.

Voice-based search SEO

You have optimised your website content for SERPs. But it is time to embrace and adopt this new trend in the New Year! The voice search is on the tremendous rise and there were more than one billion voice searches monthly by January 2018 alone. It is estimated that by 2020 more than thirty per cent of website browsing will be conducted with voice, without needing a screen! Similarly, an astonishing sixty-two per cent of individuals have admitted buying products using the voice search capabilities of their smart speakers.

A study discovered that the voice search e-commerce brought in over $1.8 billion in Amazon revenue, which is expected to go up to $40 billion by the year 2022.

The voice-only search allows the users to search through the internet with the voice. One doesn’t need a physical keyboard or have to scroll through several websites on their desktops, mobile devices and tablets. The programs with voice searching capabilities like Microsoft Cortana, Amazon Alexa, Google Assistant and Siri are driving the brands and businesses to make their interfaces voice-search compatible.

Voice SEO is different from traditional SEO. While the latter is about ‘fixing’ the content with keywords, the former is based on ‘what people say while talking to Siri or Google.’ For instance, a user might type “affordable data mining services” on Google whereas her voice search would vary to “affordable data mining services in my city near me” or “where can I find affordable data mining services?”

It is imperative to think about customers, and your sales funnel while optimising your business and its platforms with voice-search capabilities. Voice search often entails long-tail keywords and smart searches conducted by customers, which may vary from a business to another. The website should load quickly to ensure a comprehensive voice search across the internet. The files should be compressed and images should be optimised for search.

More than twenty-two per cent of voice search queries are location-based. This is why the keywords ‘near me’ hold preference and have a higher chance of appearing in the search result.

The Conclusion:

These social media trends will help retailers and e-commerce enthusiasts to level up and establish contact with their customers like never before. From personalisation to interactive visualisation and chatbots, businesses are making every effort to get ahead from their competitors and win this race of ROI, customer engagement and create a strategy that makes them the most-talked-about brand online. Early adopters of commerce strategies have experienced rapid growth and with more than 1.66 billion online players, it seems they were right about hopping on this wagon. Besides these, eCommerce and retail sectors are harnessing data solutions such as data mining, data scrubbing, data appending, data verification, data appending, email appending, data scraping, skip tracing, phone appending, CRM cleaning , Data verification email verification and data analysis for business intelligence and sales forecasting!

The race is on! Where are you? Are you prepared for the exciting future of online retail and e-commerce? Is your business joining the e-commerce revolution or is it going to lag and miss out on the estimated $4.8 trillion e-commerce sales projected worldwide in 2021?

#data mining #data cleaning #skip tracing #data scraping #Datascrubbing #crm data cleansing #b2b lead generation

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paperplateholders-blog · 5 years ago

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Creative Converting Plastic Dinner Plates

paper plate holders Paper Cups and Paper Plates Market research report incorporates the current circumstance and the development estimations of the Paper Cups and Paper Plates industry for approaching years 2019-2028. Paper Cups and Paper Plates market report depicts the advancement of the business by upstream and downstream, industry development, significant associations, likewise contain piece, different division and makes a genuine desire for the improvement business evaluates in a prospect of data. The Paper Cups and Paper Plates factual reviewing report is a guide, which serves present and future specific and money related focal points of the Paper Cups and Paper Plates business to 2028.

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samantawill74 · 3 years ago

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Returnable Plastic Crates Market Size, Share, Trends, Industry Analysis : Research During The Ongoing COVID-19 And Research Methodology By Forecast To 2030

Future Market Insights (FMI) delivers key insights on the global returnable plastic crates (RPC) market in a newly published report. In terms of revenue, the global RPC market is estimated to grow at a CAGR of 5.5% over the forecast period owing to numerous factors about which FMI offers thorough insights and forecasts in this report. RPCs are used for the storage of various fresh products for shipping them from one place to another. These crates are of several types such as stackable, nestable and collapsible and are used based on several end uses and needs.

Request a Sample Report with Table of Contents and Figures: https://www.futuremarketinsights.com/reports/sample/rep-gb-6050

Global Returnable Plastic Crates Market: Segmental Forecast

The global market for RPCs is segmented based on product type, material type, capacity, application and region.

On the basis of product type, the global market for RPCs is segmented into stackable, nestable and collapsible. On the basis of material type, the global RPC market is segmented into HDPE, PP and others. In addition, based on the capacity, the global RPC market is segmented into less than 10 Kg, 10 Kg to 20 Kg, 20 Kg to 35 Kg, 35 Kg to 50 Kg and more than 50 Kg. Furthermore, based on the applications, the global RPC market is segmented into agriculture, grocery distribution, dairy, bakery, seafood, poultry & meat and other manufacturing.

Global Returnable Plastic Crates Market: Comprehensive Regional Insights

This report assesses the trends that drive each market segment across the various assessed regional markets and offers key takeaways that prove substantially useful for potential market entrants in the RPC market.

The North America RPC market includes a country-level analysis for the U.S. and Canada. The Canada RPC market is expected to grow at a CAGR of 5.7% over the forecast period. The Latin America RPC market includes a country-level analysis for Brazil, Mexico, Argentina and the rest of Latin America. The Mexico RPC market is expected to grow at a CAGR of 6.8% over the forecast period. The Western Europe RPC market includes a country-level analysis for Germany, Italy, U.K., France, Spain, Benelux and the rest of Europe. Germany and Italy account for a significant market share in the Western Europe RPC market. The Eastern Europe RPC market includes a country-level analysis for Russia, Poland, Ukraine and the rest of Eastern Europe. The Poland RPC market is expected to grow at a CAGR of 5.6% over the forecast period. The Asia Pacific excluding Japan RPC market includes a country-level analysis for China, India, ASEAN, Australia & New Zealand and the rest of APEJ. The APEJ RPC market is the most lucrative geographic region, wherein India and China are poised to exhibit lucrative growth during the forecast period. The Middle East and Africa (MEA) RPC market includes a country-level analysis for GCC, South Africa, North Africa and the rest of MEA. The Japan RPC market is expected to grow at a CAGR of 5.4% over the forecast period.

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This report also discusses individual strategies followed by some of the leading companies operating in the global returnable plastic crates market in terms of enhancing their product portfolio, creating new marketing techniques as well as mergers and acquisitions. The competitive landscape included in the report provides a dashboard view as well as company share to report audiences. Key players operating in the global RPC market include Brambles; Myers Industries, Inc.; Supreme Industries Limited; Schoeller Allibert; DS Smith Plc; Dynawest Ltd; Rehrig Pacific Company; TranPak, Inc.; RPP Containers and Ravensbourn Limited.

More from Packaging Market Intelligence:

Bubble Wrap Packaging Market Segmentation By Product - Limited Grade Bubble Wraps, General Grade Bubble Wraps, High Grade Bubble Wraps, Temperature Controlled Bubble Wraps, Others; End Use - Personal care and cosmetics, Healthcare, Homecare, Automotive and Allied Industries, Electrical & Electronics, e-Commerce, Shipping & Logistics, Food & Beverages; Material - Polyethylene (PE), Polyamide (PA), Polyethylene Terephthalate (PET): https://www.futuremarketinsights.com/reports/bubble-wrap-packaging-market

Tissue Paper Converting Machines Market By System: Toilet Rolls Lines- Consumer Market, Away From Home Market; Kitchen Rolls Lines- Consumer Market, Away From Home Market; Tissue Fold Lines- Consumer Market, Away From Home Market; Paper Napkin Lines, Standalone System: https://www.futuremarketinsights.com/reports/tissue-paper-converting-machines-market

Disposable Plates Market Segmentation By Product Type - Plastic Plates(Foam, PP, PET, PE, PLA, PHA), Aluminium, Paper(Laminated, Non Laminated), Others; By Design - Compartment, Plain; By Sales Channel - B2B(Food service Outlets, Educational Institutes, Corporate Offices, Healthcare Facilities), B2C(Online , Supermarket, Hypermarket, Convenience Stores, Mom & Pop Stores): https://www.futuremarketinsights.com/reports/disposable-plates-market

About Us

Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.

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brainmassfinance · 4 years ago

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How Selling Water Can Make You China’s Richest Person

China briefly had a new richest person last week. He wasn’t at the helm of a tech giant, hadn’t developed a vaccine for Covid-19, and hadn’t saved the planet with an environmental innovation – quite the opposite, he founded a company most famous for selling hundreds of billions of plastic bottles of water.

Zhong Shanshan is the founder and majority-owner of Hangzhou-based Nongfu Spring, which had a sparkling IPO in Hong Kong on 9 September, seeing his net worth climb to almost $59 billion for a spell. Nongfu Spring is China’s largest bottled water producer and a top-3 producer of bottled tea and juice, with profit margins more than double China’s industry average at 21%.

In most cities in China, you would be hard pressed to walk into a supermarket, convenience store, mom & pop retailer or corporate office without seeing Nongfu’s red labels in the chiller or shelves. That can be attributable to much of the success of Nongfu – they have incredible distribution networks which provides consumers with assurance that they’ll be able find their beverages almost anywhere they are. For many Chinese, memories of contaminated and counterfeited bottled water in recent years means that they are more likely to take the safe bet with a brand they recognise. Although there are thousands of bottled water brands in China, only a small handful of those have national coverage – and as with many categories in China – consumers are more likely to trust the biggest brands for safety.

Some would argue that Nongfu doesn’t quite deserve its trusted reputation. Back in 2011, the toxic chemical phenol leaked into the Xin’an River in Zhejiang in what is considered one of the worst water pollution disasters in China over the last decade. Nongfu Spring’s unique selling proposition is that its water is ‘natural’ as opposed to filtered tap water, yet that natural source happened to be the Xin’an River. Then again in 2013, Nongfu’s quality was labelled “worse than tap water,” with looser criteria than the national tap water standards for a number of factors including arsenic and cadmium. Nevertheless, Nongfu Spring bottles continued to be sold everywhere, highlighting the value of effective crisis management and the often-short memories of China’s hardened consumers as we’ve seen with the many geopolitical spats.

In addition to its near-universal China presence and ‘natural’ source, Nongfu Spring’s success can be attributed to smart placement. Back in 2016, when many Chinese were basking in pride that a tier-2 city, Hangzhou, was hosting the G20 Leaders’ Communiqué, Nongfu Spring was the official water of the summit. For less than $0.30, consumers too could be sipping the water presumed to be consumed by President Xi, Obama, Abe, Merkel, Modi, May, Putin, Trudeau and Turnbull, among others. Nongfu also read China’s fledging hip hop culture trend, appealing to the lucrative youth segment, shelling out ¥120 million ($18 million) to be the title sponsor of the first season of Rap of China in 2017 while incorporating some clever integrated marketing. In addition, Nongfu jumped on China’s nascent corporate social responsibility early, giving a small portion from each sale to poor areas.

Nongfu has delivered on basic China trends that other FMCG brands have missed. It recognised that some Chinese consumers prefer products that meet their specific needs rather than generic, and branded water for segments such as toddlers and students. It has tapped into China’s premiumisation trend producing high-end glass bottles following 50 drafts and 300 designs, and is controversially building its first factory outside of China in the tiny New Zealand settlement of Otakiri to export premium pure New Zealand water. As a beneficiary of China’s health trend, it has aligned its natural and healthy positioning by engaging a pricey documentary team to shoot a National Geographicesque ‘mini film’, generating much buzz in the market. Nongfu was also one of the early adopters of plant-based alternatives, launching China’s first mainstream plant-based yoghurt in March last year.

Like many brands in China, Nongfu Spring hasn’t always had a smooth run, but it has read the trends and ensured it did the basics well. You’d be surprised at how many brands don’t. Get in touch with China Skinny to ensure that you’re not one of them!

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nickgerlich · 5 years ago

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Falling Flat

A few days ago, the Boston Globe printed 16 pages of death notices, testimony to just how severe the COVID-19 outbreak has been. It is a scene being mirrored in New York City and other large metropolitan areas hit hard by the disease.

The analog to all of this is what will be an equally lengthy obituary section listing the deaths of American businesses. Mom and pop diners will be hit hardest, followed by other service sectors and small retailers. And while America’s largest corporations will likely survive in the long-run, if only by virtue of shear size and stockholder monies, even they are having the wind taken out of their sails.

Like Coca Cola, whose sales have slumped 25% thus far in April. That’s a lot of soda losing its fizz.

It’s not like we quit drinking sodas. We can still buy them at the grocery. It’s just that Coca Cola has effectively lost nearly all of its institutional sales through restaurants, and to some extent, sales through convenience stores. We’re eating at home; we’re not driving; we don’t need gas. Therefore, we don’t need to stop at Toot ‘N Totum as much as we once did.

You know, with all of this “missing” consumption going on across the land, from soft drinks to beer to restaurant food, you would think we’d all come out of this pandemic about 30 pounds lighter, but I have my doubts. Something about being a Netflix Cowboy, I think.

Coca Cola is about as red-white-and-you as companies come. It is as American as baseball, hot dogs, and apple pie. It has been a staple since 1886, when it had its humble beginnings. Its logo is as recognizable in China, Saudi Arabia, and South Africa as it is here, and surpassed perhaps only by that of McDonald’s. It’s hard to beat the marketing success of this brand.

But when you lose a big chunk of your normal distribution, anything can happen, and it has sent Coke into its own free fall. Its stock cratered more than 35% in March, and although it has recovered a little, the current $45 a share is nowhere near as bubbly as $61 was in late February.

While there is little risk that Coca Cola will go out of business, I must say that I think its arch rival, Pepsi, has done a better job insulating itself with a more diverse portfolio, including snack foods, Quaker Oats, juices, and even a 50% stake in hummus maker Sabra. It’s not perfect, because nothing is, but they have spread themselves out a little better.

In contrast, Coke is concentrated in a variety of beverages, from waters to juices. As long as it is non-alcoholic liquid, they have a presence. Pepsi decided to include many things that go in our mouths, including a nice array of complementary products.

One day this will all be in the rear view mirror, but for now, it’s a tough slog for many, including the biggest companies in the world. Profitability is one thing, but staying out of the death notices is quite another, and certainly more important.

Dr “Have A Coke And A Smile” Gerlich

Audio Blog

#marketing #CocaCola #Coke #coronavirus #COVID-19

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georgecmatthews · 5 years ago

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The Future of E-Commerce and Retail Will Be Written in China

We believe China is ground zero for the future of retail and the West will learn from and adapt the experiments that are already moving to scale in the East.

Consider Alibaba, the Chinese Internet giant whose wide-ranging businesses span e-commerce, offline retail, fintech, online video, maps and browsers, and artificial intelligence. By end of its latest fiscal year (March 2019), Alibaba’s business model appeared to have reached peak fruition, as the company took pole position as the world’s largest e-commerce platform with a GMV (gross merchandise value) of over US$850 billion (a factor of well over 2x Amazon, which moved some $300 billion of goods in calendar year 2018), but was also third in digital advertising, just behind Google and Facebook. What could possibly change?

Experiments in retail

A lot has been changing at Alibaba in the past two years, above and beyond the headline GMV metric. Alibaba’s experiments in what it calls “new retail” have gained a scale and urgency scarcely imagined a year ago. Over 1.3 million of China’s 6 million mom and pop stores have signed up for the company’s Lingshoutong initiative.1 Lingshoutong refits the shops, supplies them directly using Alibaba’s logistics channel, aggregates offline and online data, and extracts a monthly commitment of throughput in return.

Additionally, Alibaba’s high-tech food/grocery retail store concept, known as Hema, is expanding quickly. Figure 1. These outlets serve as walk-in restaurants, food and grocery purchase points, and warehouses for online delivery (within 30 minutes in a three-kilometer radius)–all at the same time. There are now 170 Hema stores in operation (as of September 2019), with two being added each week. Already, Hemastores in operation for over 18 months are reporting revenues of 50,000 renminbi per square meter, up to five times what traditional offline stores can generate. Sixty percent of Hema’s sales are through the online delivery channel, making the stores far more productive, for far more hours of the day, than pure offline stores.2

Figure 1: Hema’s footprint is expanding rapidly

Sources: Alibaba quarterly disclosures.

Unsurprisingly, China seems uniquely ready to adopt the Hema concept. Organized channels for groceries are currently underdeveloped compared to those in the United States, where over 90% of groceries already pass through established super/hypermarkets. In China, wet markets, the Asian equivalent of farmers markets that sell fresh meat and produce, still account for more than 70% of the country’s grocery sector. This signifies the boundless potential for Hema as it keeps on driving the new retail experience involving online and offline integration. Figure 2.

Figure 2: How China shops for food versus the United States

Source: Alibaba presentations, 2018 Investor Day, Sep 17-18, 2018.

There is more. Alibaba’s online shopping Taobao platform is no longer content with making ad-based recommendations, which were driven by keyword bidding by merchants. Recommendation feeds driven by consumer opinions have gained priority, as have sharing, short-form videos, and live streams. Taobao claims a 58% improvement in conversions when users view short-form videos. Additionally, gross merchandise value (GMV) driven by live streaming rose nearly four times in the past year.3

Ambitions are also rising at the recently acquired Ele.me, an online food delivery platform. Not content with its over 200 million user base, Ele.me is now eyeing the nearly 800 million e-commerce user base of Taobao and Tmall, another Alibaba e-commerce platform, and the 900 million users of Alipay, Alibaba’s digital payments platform, to substantially expand its reach.4

Retail space owned by Intime Retail–now a part of Alibaba–is being used for experimental “Tmall pop-up stores,” which allows consumers to walk in, sample inventory, access a large apparel collection on giant touchscreens within the store, pay with Alipay, and choose self-pickup or home delivery. Alibaba also has a furniture store that uses augmented and virtual reality to show consumers how an item will look in their homes. And retail stores owned by Sun Art Retail, in which Alibaba has a 31% stake, are dedicating space to products directly sourced from Tmall. These products can be sampled with an eye to the online purchasing habits of people in the immediate vicinity of the store–tastes the offline store may not have been aware of before, but known to Alibaba via its ecommerce operations. Greasing the wheels of this transformation is a planned logistics investment of $15 billion over five years.5

The need for a retail transformation

Is there a method to this cornucopia of initiatives? Alibaba’s new long-term target to transition from working with 10 million small and medium enterprises (SMEs) to 10 million profitable SMEs provides a clue.6 As e-commerce penetration rises to nearly 20% in China,7 the existing silos of offline and online retail raise vital questions: Are brands and merchants more profitable, or less, as e-commerce grows larger? Does Alibaba’s rising “take rate”–the percentage of GMV that flows into revenues–come at the expense of its merchants’ profitability, or is everyone truly better off–do merchants enjoy better profitability even as Alibaba raises its own monetization?

These questions create a fundamental need to transform the way retail works. Analysis suggests that between 2011 and 2016, when e-commerce grew dramatically in China, selling, general, and administrative (SG&A) costs rose significantly for several retail categories as they tried to keep up. Figure 3. Specifically, consumer appliances saw their SG&A costs rise 340 basis points, apparel saw a near 500 basis point rise, and personal care spent 80 basis points more.8 These rising costs reflect the parallel universes that exist today: offline retail channels, demand management, space planning, supply chains, and consumer analytics have little in common with e-commerce. Increasingly, brands and merchants seem to be running two businesses for the same product, which unsurprisingly leads to cost inflation.

Exhibit 3: Across categories, SG&A costs have risen with sales

Source: Bernstein Research, as of 12/16. SG&A refers to sale, general, and administrative costs.

The true promise of omnichannel retail, or new retail, is a more profitable merchant. The future economics of giant e-commerce platforms will likely emerge from this promise, and the hope that these platforms will not simply maintain their share of a shrinking pie, but maintain or increase their share of an expanding one. Not content to be appropriators or gatekeepers of consumer demand, these platforms increasingly aim to help fundamentally change the way consumers shop.

Points of friction are likely

Not all will be smooth, of course. The real world possesses far more points of friction than online businesses traditionally encounter. Offline or omnichannel initiatives address a target market that is five times larger than online retail, but one-fifth as profitable, or even less so in the initial years after they’re introduced.9 Even as the strategic rationale for ongoing initiatives is inescapable, reported profitability is likely to head downward and stay volatile. Indeed, fundamental questions linger. What shall we consider GMV in an omnichannel world? Will walking into a Hema store be considered “offline,” while ordering the same food via the app be considered “online”?

Elsewhere, the expectations of consumers and merchants will remain fluid, exposing new threats and opportunities. Consider Pinduoduo (PDD). Founded in 2015, PDD has grown quickly to become China’s third largest e-commerce platform and has attracted 430 million annual active buyers to its unique model of social commerce, a group-buying model that weaponizes social networks such as Tencent’s WeChat to propagate offers. PDD’s rise offers inescapable proof that there are still unmet consumer needs, despite everything we have already seen in China. And merchants need more too–more analytics, higher returns on their ad spends, and more handholding with their supply chain and IT systems. There are companies seeking to address these needs: Meituan, for example, is not just China’s largest food delivery and restaurant booking platform, it also provides restaurant management software that is helping to cement its lead. Elsewhere, ByteDance–the owner of the vital Douyin short-video platform in China (known as Tik Tok internationally) does not seem contend with entertainment alone and the firm is rapidly moving into shopping. As of now, its short-video content synchronizes into shopping opportunities into Alibaba, JD and others, but it may expand its own marketplace too, if industry chatter is to be believed.

And thus, to the future of retail. What drives shopping? Needs, of course, but also habits, impulses and, increasingly, fun. Shoppers seek convenience, price, and experience, but also identity and social connection. In the future, will it really matter where we notice a product, where we try it, pay for it, or how it is delivered to us? These ideas are not new, but as e-commerce platforms and offline retail move into each other’s turf, they have acquired an immediacy not seen before. Theory is moving into financial forecasts, and extant silos of thought are beginning to be challenged–just earlier, and faster, in China.

Footnotes

Source: Alibaba presentations, 2019 Investor Day, Sep, 2019.

Source: Alibaba quarterly disclosures.

Source: Alibaba company reports.

Source: China’s National Bureau of Statistics, 2017 penetration had reached the high teens.

Source: Bernstein analysis.

Note: Assuming a 5% offline retail profitability at scale.

Important Information

Blog header image: d3sign / Getty

An investment in emerging market countries carries greater risks compared to more developed economies.

The risks of investing in securities of foreign issuers, including emerging market issuers, can include fluctuations in foreign currencies, political and economic instability, and foreign taxation issues.

The mention of specific companies, industries, sectors or countries does not constitute a recommendation on behalf of Invesco.

from Expert Investment Views: Invesco Blog https://www.blog.invesco.us.com/the-future-of-e-commerce-and-retail-will-be-written-in-china/

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researchreportinsight · 5 years ago

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Convenience Foods Market - Global Industry Outlook, Demand, Key Manufacturers and 2023 Forecast

31 December 2019 - Global Convenience Foods Market is anticipated to witness an exponential growth in the forecast period. Convenience food, also known as “Tertiary Processed Food”, is commercially prepared and frequently through processing to improve ease of consumption. Such food is typically prepared to eat without further preparation.

The factors that propel the growth of the convenience foods market include busy lifestyles and ageing population, technological innovation, rising disposable income, increasing demand for freshly prepared food, emerging economies, changing eating habitat, high demand of packaged ready-to-eat snacks such as bakery products, potato fries and meat products, and rapid development of the foodservice industry.

View Full Report with TOC @ https://www.millioninsights.com/industry-reports/convenience-foods-market

On the other hand, there are factors that may hamper the growth of the market including lack of appropriate storage and logistics is a threat to the chilled and frozen category of convenience foods in emerging countries, and strict rules and regulations on manufacturing and labelling of convenience foods in both emerging and established nations. Convenience food market is anticipated to expand at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe.

Market could be explored by type, product type, distribution channel and geography. Market could be explored by type as frozen foods, canned foods, ready-to-eat snacks, chilled foods, meals, and others.

Based on product type, the market could span candy; beverages (juices, soft drinks and milk; fruits and vegetables, nuts, in preserved or fresh states); processed meats and cheeses; and canned products (pasta dishes and soups), chips, pizza, cookies and pretzels. The market could be explored based on distribution channel as convenience stores, supermarkets and hypermarkets, mom-and-pop shops, departmental stores and others.

North America accounted for the major share of the convenience foods industry in 2017 and will continue to lead in the forecast period. The factors that could be attributed to the growth include declining trend towards at-home cooking and away-from-home dining and increasing demand for ready-to-eat meals/meal solutions that can be prepared in two-step cooking. North America is followed by Asia-Pacific region. Some of the key players that fuel the growth of the convenience foods market comprise Cargill, Amy's Kitchen, Inc., Incorporated, General Mills, Inc., ConAgra Foods, Inc., Tyson Foods, Inc., Kraft Foods Group Inc, and Mondelz International, Inc.

ConAgra Foods launched 23 new varieties of quality desserts and meals in P.F. Chang's and Bertolli brands to improve consumers' at-home dining experience with suitability. Furthermore, consumers are looking for meals with foraged, hyper-local constituents with different flavors and blends such as nettles, mushrooms, blackberries, rose hips, truffles, seaweeds, etc. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.

Market Segment:

Geographically, this report is segmented into several key Regions, with production, consumption, revenue (million USD), market share and growth rate of Convenience Foods in these regions, from 2012 to 2023 (forecast), covering

• North America (United States, Canada and Mexico)

• Europe (Germany, France, UK, Russia and Italy)

• Asia-Pacific (China, Japan, Korea, India and Southeast Asia)

• South America (Brazil, Argentina, Columbia)

• Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

Global Convenience Foods market competition by top manufacturers, with production, price, revenue (value) and market share for each manufacturer; the top players including

• Amy's Kitchen

• Cargill

• Incorporated

• ConAgra Foods

• General Mills

• Tyson Foods

• Mondelez International

• Kraft Foods Group

Request Sample Copy of This Report @ https://www.millioninsights.com/industry-reports/convenience-foods-market/request-sample

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businesspointnews · 5 years ago

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Baby Food Market by Type (Milk Formula, Dried Baby Food, Prepared Baby Food), by Distribution Channel (Supermarkets/Hypermarkets, Pharmacies, Mom & Pop Stores, Convenience Stores, Specialized Stores, Online, Department Stores), by Age (Below 6 Months, 6-12 Months, 13-24 Months, Above 24 Months), by Geography (U.S., Canada, U.K., Germany, France, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, UAE, Saudi Arabia, Turkey, South Africa, Nigeria, Brazil, Mexico, Argentina) – Global Market Size, Share, Development, Growth and Demand Forecast, 2014–2024

#Baby Food Market #Baby Food Market Report #Baby Food Market Companies #Baby Food Market outlook

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marketfuturereports · 5 years ago

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Convenience Foods Market Analysis and Growth Forecast by Regions and Applications to 2023

20th September 2019 – Global Convenience Foods Market is anticipated to witness an exponential growth in the forecast period. Convenience food, also known as “Tertiary Processed Food”, is commercially prepared and frequently through processing to improve ease of consumption. Such food is typically prepared to eat without further preparation.

Access Convenience Foods Market Report with TOC

Top Manufacturers Covered in this Report:

• Amy's Kitchen

• Cargill

• Incorporated

• ConAgra Foods

• General Mills

• Tyson Foods

• Mondelez International

• Kraft Foods Group

Request a Sample Copy of Convenience Foods Market Report

• North America (United States, Canada and Mexico)

• Europe (Germany, France, UK, Russia and Italy)

• Asia-Pacific (China, Japan, Korea, India and Southeast Asia)

• South America (Brazil, Argentina, Columbia)

• Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

#Convenience Foods Market #Food

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medicalnewstoday · 5 years ago

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High Protein Snacks Market research to Reflect Steady Growth Rate by 2028

High Protein Snacks: Market outlook

The growing health and wellness trend has created strong demand for functional and fortified food and beverages significantly over the past years. The high protein snacks are protein fortified snacking options which have potential functional benefits for consumers. The high protein snacks are derived from animal-based or plant-based protein sources and made into on-the-go snacks to cater the consumers need for a round-the-clock snacking option.

Growing Snacking Trend and Increasing Consumer Demand for Healthy Protein Rich Diet is Paving the Path for High Protein Snacks

Snowballing urbanization and industrialization have resulted in the busy and hectic lifestyles of consumers. This hectic lifestyle has given rise to new eating habits that are unlike the normal three-square-meals eaten at the family table. Consumers are spinning towards round-the-clock snacking every time hunger strikes. However, consumers are also becoming more thoughtful about their snacking choices. They are opting for healthier snacks containing nutritious and natural ingredients, free-from claims and labels that are beneficial to their health and wellness. Thus, the consumers are turning towards protein fortified high protein snacks to mitigate their hunger. Healthy snacking is a growing food trend. Today, an ever-increasing number of snack bases are made with nuts, fruits, vegetables, beans, seeds, or combinations, to provide more protein and fiber to consumers, and offer healthy high protein snacks to the consumers. Besides, the consumers are preferring higher protein snacks as they fulfill the basic nutrition needs of the body, provides energy, cuts down the excesses fats and cholesterol, and also keeps individual satiated for longer.

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Global High Protein Snacks: Market Segmentation

On the basis of product type, the global high protein snacks market has been segmented as-

Protein Bars and Balls

Processed Meat Snacks (Jerky, Sticks and Bars)

Chips, Crisps, & Pretzels

Breakfast Cereals (Protein Flakes & Granola)

Bakery Products

Others

On the basis of nature, the global high protein snacks market has been segmented as-

Conventional high protein snacks

Organic high protein snacks

On the basis of source, the global high protein snacks market has been segmented as-

Animal Based high protein snacks

Plant Based high protein snacks

On the basis of distribution channel, the global high protein snacks market has been segmented as-

Store-based Retailing

Hypermarkets/Supermarkets

Convenience Stores

Mom And Pop Stores

Discount Stores

Food & Drink Specialty Stores

Independent Small Groceries

Other

Online retailing

On the basis of region, the global high protein snacks market has been segmented as-

North America

Latin America

Europe

Asia Pacific

Oceania

Japan

Middle East & Africa

Global High Protein Snacks: Key Players

Some of the major players of high protein snacks market include: Vitaco health Australia Pty Ltd., Small Planet Foods, Inc., Quest Nutrition LLC, The WhiteWave Foods Company, Clif Bar & Company, Powerful Men LLC, Kellogg Co., Buff Bake, YouBar Manufacturing Company, General Mills, Inc., Premier Nutrition Corporation, Naturell Inc., Bakery Barn, Inc., Bounce Foods ltd., Good Full Stop Ltd., Kashi Company, Hormel Foods Corporation, PowerBar, Inc., Iovate Health Sciences Inc., and TruFoodMfg Company

Key Takeaways: High Protein Snacks

In 2018, Optimum Nutrition, a sports nutrition brand launched two high protein snacks namely ON Peanut Butter Chocolate protein and ON Protein Almonds cake bites in U.S to target health and wellness conscious demographics of the country.

In 2018, Quest Nutrition, launched Protein Chips based on Tortilla Style. The savory snacks feature at least nine times the protein of normal chips, and nearly 75 % lower net carbs, according to the company.

In 2016, Mars launched two protein bars under its Mars and Snickers brands in the UK, to cater the growing demand for high protein snack bars from the consumers.

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Opportunities for Participants of High Protein Snacks Market:

Regions like North America and Western Europe are anticipated to have an increasing demand for high protein snacks due to increasing health and wellness conscious population and growing snacking trend among the consumers. Protein fortified food industry in North America and Europe is witnessing bolstering demand which is providing new growth opportunity for the high protein snacks market in the region. Besides, Asia Pacific is expected to have a growing market for high protein snacks. This can be attributed to raising awareness amongst consumers regarding nutritious and high protein content products, and increasing per capita expenditure on food and beverages in countries such as China, India, and ASEAN.

Manufacturers are trying to make products more nutritious, following the protein trend in food. Consumer awareness regarding better ways to pull off weight loss, anti-aging, and other health-related issues through the consumption of naturally sourced protein is compelling many manufacturers to offer high protein snacks with health benefits. Innovations in high protein snacks are expanding the consumer base even from the health-conscious community. Other trends such as the demand for organic and naturally sourced ingredients are also trending in the snacks industry resulting in the growing demand for organic high protein snacks. Manufacturers are well aware of the altering consumer trend and growing preference towards plant-based products and healthier lifestyle, and hence, are trying to update their inventories with more and more plant-based high protein snacks.

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The high protein snacks market report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the high protein snacks market, including but not limited to: product type, nature, source, distribution channel, and regional markets.

About Us:

Research Report Insights (RRI) is a leading market intelligence and consulting firm. We deliver a host of services including custom research reports, syndicated research reports, and consulting services which are personalised in nature. RRI delivers a complete packaged solution to clients; this combines current market intelligence, technology inputs, statistical anecdotes, valuable growth insights, 360-degree view of the competitive framework, and anticipated market trends.

Our research services cover global as well as regional emerging markets such as BRICS, GCC, and ASEAN. Our offerings cover a broad spectrum of verticals which include Oil and Gas, Chemicals, Materials, Energy, Technology, Automotive, and Retail. The operating model of RRI blends cross-disciplinary research experience to deploy insightful, in-depth, and actionable research.

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#High Protein Snacks Trends #High Protein Snacks Market Forecast #High Protein Snacks Market 2028 #Global High Protein Snacks Market

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ajjpatil · 5 years ago

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Pocket Lighters Market 2019- Global Industry Details by Overview, Size, Top Manufacturers, Trends, Demand, Overview, Forecast to 2025

Pocket Lighters Market By Product Type (Electronic Cigarette Lighter and Flint Cigarette Lighter), Material Type (Metal and Plastic) and Sales Channel (Online Retailers, Mom & Pop Stores, Departmental Stores, Convenience Stores, Modern Trade and Other Sales Channels) - Global Industry Analysis And Forecast To 2025

Industry Outlook

The pocket lighter is the convenient gadget utilized for creating fire, and to torch off the assortment of ignitable materials, for example, cigarettes, gas stoves, candles, fireworks or cigars. It comprises of the metal or plastic compartment loaded up with the combustible liquid or the pressurized fluid gas, the methods for start to create the fire, and some arrangement for stifling the fire. On the other hand, the lighter may be controlled by electricity, utilizing the heating element or electric arc to torch off the objective. Therefore, the Pocket Lighters Market is anticipated to expand and has tremendous scope during the forecast period. The global Pocket Lighters Market anticipated to flourish in the future by growing at a significantly higher CAGR.

Get Full Report: https://www.crystalmarketresearch.com/report/pocket-lighters-market

Drivers & Restrains

The factors driving the market are; increasing utilization of these lighters as they are easy to handle, increasing utilization of these lighters by various individuals in different situations of disaster where it proves lifesaving, increasing attractiveness & some other advanced features by the manufacturers and various other factors. The restraining factors are the increasing incidences of the risks of health and some other factors.

Regional Insights

On a global front, the Pocket Lighters Market covers North America (United States, Canada and Mexico), Europe (Germany, UK, France, Russia, Italy, Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific), South America (Brazil, Argentina, Columbia, Rest of South America) and Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA).

Pocket Lighters Market, By Region

· North America

o U.S.

o Canada

o Mexico

· Europe

o Germany

o UK

o France

o Russia

o Italy

o Rest of Europe

· Asia-Pacific

o China

o Japan

o South Korea

o India

o Southeast Asia

o Rest of Asia-Pacific

· South America

o Brazil

o Argentina

o Columbia

o Rest of South America

· Middle East and Africa

o Saudi Arabia

o UAE

o Egypt

o Nigeria

o South Africa

o Rest of MEA

Competitive Analysis

The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and market share of the overall industry.

Deko Industrial

Tokai Corporation

Cixi Xinyuan Cigarette Lighter

Clipper

Hefeng Industry

Swedishmatch

Wansf

Ningbo Xinhai

Zhuoye Lighter

Benxi Fenghe Lighter

Baide International

Focus

Some of the key questions answered by the report are:

What was the market size in 2014 and forecast from 2015 to 2025?

What will be the industry market growth from 2015 to 2025?

What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?

What are the major segments leading the market growth and why?

Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?

About Crystal Market Research: Crystal offers one stop solution for market research, business intelligence, and consulting services to help clients make more informed decisions. It provides both syndicated as well as customized research studies for its customers spread across the globe. The company offers market intelligence reports across a broad range of industries including healthcare, chemicals & materials, technology, automotive, and energy.

Judy S 304 South Jones Blvd, Suite 1896, Las Vegas NV 89107, United States Toll Free: +1-888-213-4282 Email: [email protected]

#Magnesium Phosphate Market Magnesium Phosphate Industry Pocket Lighters MarketShares

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yourpooja123-blog · 6 years ago

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Dairy Whiteners Market : Present Scenario and the Growth Prospects with Forecast 2016 – 2024

The world’s total milk production was estimated to be about 770 million tons in 2013. Dairy whiteners, alternatively known as milk powder, are extensively used as a substitute for milk, largely in tea and coffee. They are also used in other food products such as hot chocolate, puddings, soups, and sauces. Whole milk powder (WMP) and skim milk powder (SMP) available in the market account for nearly 50% share of dairy products and dairy whiteners worldwide. Dairy whiteners are products with fat content greater than that of SMP and lesser than WMP.

The global dairy whiteners market is likely to be driven by increasing consumption of tea and coffee around the world. As compared to milk, dairy whiteners offer certain benefits such as convenience, portability, and longer shelf-life, which fuel the global dairy whiteners market.

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Low preference of some consumers to dairy whiteners over conventional milk and milk products, due to rising awareness about health, may hinder the growth of the dairy whiteners market. However, the growing industry for infant formula is likely to offer an impelling opportunity for growth of the global dairy whiteners market during the forecast period. Dairy whiteners are widely used in the manufacture of infant formula. Therefore, rise in the demand for infant formula is likely to eventually augment the demand for dairy whiteners during the forecast period. Factors such as increase in birth rates and decrease in mortality rates, which result in growth in the infant population around the world, are projected to propel the global dairy whiteners market. The global dairy whiteners market can be segmented on the basis of distribution channels and geographies. Types of distribution channels include convenience stores, supermarkets and hypermarkets, and food and drinks specialists. Growth of the organized sector coupled with change in consumer preference from traditional mom–and-pop stores to supermarkets and hypermarkets has resulted in dominance of this segment on the global dairy whiteners market.

Based on geography, the global dairy whiteners market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, Asia Pacific constitutes the leading market share, followed by North America. Several factors such as rising population, speedy urbanization, and presence of substantial amount of tea drinkers, especially in countries such as China and India, lead to growth of the dairy whiteners market in Asia Pacific. North America holds the second-largest share in the global dairy whiteners market. This is primarily attributable to large population of coffee drinkers in the region. Although the U.S. is the second-largest producer of milk in the world, the demand for milk and dairy whiteners in the country is higher than their supply.

Additionally, dairy whiteners are convenient to use, as they are easier to store as compared to milk. This factor is expected to considerably augment the global dairy whiteners market.

The dairy whiteners market has both regional and global players. In order to remain competitive in the market, companies are investing substantial amounts of their revenue into research and development activities. This is due to the dynamic as well as competitive nature of the market. One of such innovations is the introduction of flavors in dairy whiteners. Flavors such as chocolate and strawberry have gained prominence since their launch, which took place a few years ago.

Some of the major players operating in the global dairy whiteners market include Nestlé, Fonterra, Danone, FrieslandCampina, Amul, and Lactalis. Other notable companies are Arla Foods, Dean Foods, Muller, Dairy Farmers of America, Schreiber Foods, Mother Dairy, Sodiaal, Land O’ Lakes, Mengniu, Morinaga Milk Industry, Saputo, Yili Group, and Kraft Heinz.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

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awesomecolorfulcollectorwombat · 6 years ago

Text

Digital payment firms fight for Hong Kong market

New Post has been published on http://edsocme.com/digital-payment-firms-fight-for-hong-kong-market/

Digital payment firms fight for Hong Kong market

HONG KONG (Reuters) – Hong Kong’s shopping districts are well known for their fierce competition. Now, a new battleground is forming as digital payments firms fight for retailers and shoppers.

FILE PHOTO: Signs accepting WeChat Pay and AliPay are displayed at a shop in Singapore May 22, 2018. Picture taken May 22, 2018. REUTERS/Edgar Su/File Photo

Chinese tech giants like Tencent and Alibaba are bringing their payment platforms to a city that has long thrived on cash and credit cards, putting them into competition with the likes of Google, Apple and Samsung, as well as local players like HSBC.

“Hong Kong is probably a little behind other places when it comes to digital payments, so we are seeing a rush to establish a first mover advantage,” said Fergus Gordon, who leads Accenture’s Asia-Pacific banking practice.

The city has become an important testing ground for Tencent’s WeChat Pay, and Alibaba’s Alipay, dominant rivals in mainland China, as they look to establish themselves overseas.

AlipayHK, a joint venture between Ant Financial , Alibaba’s payments arm, and the Hong Kong conglomerate CK Hutchison, says the number of its users have jumped 50 percent to 1.5 million since March.

WeChat Pay does not disclose its user numbers in Hong Kong.

Visa says that as of last April, one in 10 Visa payments in Hong Kong were made using ApplePay, SamsungPay or GooglePay, doubling from a year earlier. HSBC said in July that it reached one million users for its peer-to-peer payments app PayMe.

Hong Kong has been slow to embrace mobile payments partly because of the ubiquity of Octopus, a once ground-breaking stored-value card that is accepted by 22,000 businesses like convenience stores and small restaurants, and is widely used on public transport.

Despite the growth of mobile payments, current spending habits will be hard to change.

A Hong Kong Productivity Council survey published in July found that the most widely used mobile payment methods were Alipay and WeChat Pay, but they were used by just 22 percent and 19 percent of respondents respectively.

For a graphic on Popularity of payment methods in Hong Kong, see – tmsnrt.rs/2vKj9wJ

For a graphic on Hong Kong payment habits, see – tmsnrt.rs/2PbDR0j

However, 97 percent of respondents said they used Octopus cards.

Lack of familiarity and worries about data leakage were the most common reasons given for not adopting the new mobile payment systems.

Octopus cards were first launched in 1997. Twenty years later, there were 34.4 million cards in circulation – almost 5 per Hong Kong resident, according to the company.

But even Octopus is feeling the heat from competition. Net profit fell by one-third in 2017 to HK$272 million ($34.66 million).

However, Sunny Cheung, Octopus’ chief executive, told Reuters that the numbers were a one off, since the company had been spending heavily, particularly on technology and cybersecurity.

He added that the company still had an edge over the newcomers, particularly with small businesses long used to Octopus payments. “Acceptance is key, especially in the ‘mom and pop’ shops.”

An AlipayHK spokeswoman said the company was trying to attract users by offering special discounts.

“At the same time, we are seeking cooperation with various merchants to increase the penetration of AlipayHK to change consumers’ habits little by little,” she said.

BATTLEGROUND

Merchant cooperation is hard to get right though, due to the differing tastes of consumers.

Edward Ho, who owns a shop selling luxury bags in Hong Kong’s teeming Causeway Bay shopping district, signed up for Alipay last year but gave up on it after customers showed little interest.

“Unless these systems are as popular as Octopus, I won’t consider them,” Ho said.

However, James Lam, who runs the watch shop next door, installed Alipay after one visitor from mainland China would only buy a timepiece using Alipay or WeChat Pay. Lam now encourages local customers to use the digital wallets too.

As well as consumer demand, other new initiatives are attracting market interest.

This month, MTR Corp is inviting tenders to create a new QR code-based payments system for traveling on the city’s subway system. In September, the central bank plans to roll out a faster payment system that will allow for real-time processing.

Visa has said it will bid for the MTR tender, and market insiders expect Alipay and WeChat Pay to also participate.

Cheung declined to comment on Octopus’ plans for the tender. Tencent did not respond to a request for comment, and AlipayHK said that e-payment on public transport is something that the company “is actively working on”.

While the mobile payments companies will be looking to supplant Octopus’ dominant position in the public transport system, ultimately their aim, analysts say, will be to create a wider network of services, which could range from food delivery and ride hailing, to financial services and lending. “It is difficult to make money from payments, but they can be the glue that ties together an ecosystem of services,” said James Lloyd, Asia Pacific fintech lead at EY. “The company that succeeds in Hong Kong will be the one that learns this lesson.”

($1 = 7.8487 Hong Kong dollars)

Reporting by Alun John, Holly Chik and Trista Shi; Editing by Jennifer Hughes and Philip McClellan

Our Standards:The Thomson Reuters Trust Principles.

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lazilysillyprince · 6 years ago