Digitally savvy consumers leverage connectivity for everything from entertainment to social sharing to shopping. It has disrupted – and arguably improved upon – many structures for doing such things. It has led to new value creations. It has given consumers increased levels of convenience, simplicity and knowledge. It has altered the competitive landscape. For businesses, staying relevant in the eyes of these consumers has never been harder given the rapid pace of innovation driven by this widespread connectivity.
In particular, Asia Pacific is an emerging region to watch with trends unfolding there reshaping the global digital consumer of tomorrow. Money20/20 will host the inaugural Money20/20 Asia in Singapore, bringing together thought leaders across retail, marketing, data and technology to discuss innovations within connected commerce and shine a light on unique opportunities in the region.
Below are three statistics that showcase Asia Pacific’s influence in the digital era:
51% – Number of global internet users in Asia Pacific
For the first time in 2018, more than half of world’s 3.6 billion internet users will reside in Asia Pacific. In fact, this region accounted for 60% of new users coming online over the 2013-2018 period. These feats are due in large part to the broader population shifts known as the Asian Century, which will see this region emerge as a population powerhouse overall and for the youngest consumers specifically. Already half of the global population under the age of 30 lives in Asia Pacific. Given that the young are often the most open to digital initiatives, companies wishing to win on the global stage must make inroads in order to appeal and convert this important group.
73% – Percentage of digital purchases made on mobile in China
Over the last decade, the smartphone has risen in popularity to become the default screen for browsing and buying. Already consumers in China, Indonesia and Thailand make more purchases through mobile phones than computers. China is the most mobile savvy. As of 2017, 73% of digital purchases were mobile based, according to the latest data from Euromonitor International. Developed markets like Australia, South Korea, the UK and the US are approaching their respective mobile tipping points as consumers opt for the convenience this on-the-go device provides.
90% – Share of mobile proximity payments amassed by China and the US
Proximity payments, or the newfangled way of paying for in-person payments with a device, have been slower to take off than many thought it would. Euromonitor International estimates that China and the US together will account for 90% of mobile-based proximity payments made globally in 2018 across the 50 markets where this research is conducted. In China, players like Alipay and WeChat, which offer consumers a lifestyle-driven app with commerce capabilities, are powering many of these transactions. Increasingly, these apps are moving west as the spending power of its residents grow and the government improves international cooperation allowing consumers to travel to more nations. Chinese residents are expected to take 225 million international trips in 2030, growing at 7.3% compound annual growth rate (CAGR) over 2016-2030, according to Euromonitor International.
Money20/20 Asia will bring together a global network of innovators, disruptors and established industry players to drive a worldwide payments and financial services revolution with a pan-Asian focus. Euromonitor International will conduct a workshop on March 14 at 11 AM focusing on the challenges and opportunities of the next-gen super apps.
WORKSHOP – Rise of the Platforms: How Companies Need to Prepare for Super Apps
A super app is an all-in-one, multi-functional mobile app with the best combining several features, including communication, search, navigation, commerce and payment into a single platform. China’s WeChat, which has nearly 1 billion users, has become the posterchild for this revolution and the example for such a social-led version. Consumers have begun to embrace these one-stop-shop apps because they offer a seamless, integrated, contextualized and efficient experience. In this session, Euromonitor International will facilitate a workshop regarding the challenges and opportunities these potential next-generation operating systems provide commerce players.