APAC retailers look to the connected retail future

Businesses in APAC have been investing in digital technologies over the last year to remain competitive in an accelerating world, with one in four connecting their payments systems to other parts of their organisation to drive efficiencies, according to a report by fintech platform Adyen.

Why it matters

The future of retail is connected and businesses that enable connectivity across systems and channels will be in the best position to capitalise on consumer demand for seamless cross-channel experiences.

Key insights

• 61% of APAC consumers now expect from retailers the same cross-channel flexibility that they enjoyed during the pandemic.
• 59% of consumers believe retailers utilised technology well to make their products available during the pandemic.
• 47% of APAC businesses with connected payments systems feel their business is now in a better position overall.
• 70% of businesses that offer a unified, seamless experience across online and offline channels grew by 20% or more.
• 93% of APAC merchants plan to invest in backend connectivity to improve operations and break down silos in backend processes.

Background

The Adyen Retail Report 2022 interviewed over 10,000 merchants from 23 markets, including over 2,500 from APAC, to learn about their concerns, aspirations, strategies and investments for 2022 and beyond. It also surveyed 40,000 consumers from 26 markets, including over 9,000 from APAC, to understand how they feel about the state of retail.

Key quote

“As the consumer mindset shifts from convenience to shopping for pleasure again, anticipating what they want will help businesses come out on top. In the past two years we’ve seen this take the shape of click-and-collect, social commerce and an unprecedented level of channel-switching” – Warren Hayashi, President, APAC, Adyen.