No one can predict the future. But imagine if you knew how your customers are evolving, and how digital payments are going to impact your revenue. Wouldn’t these insights be useful in shaping your business strategy for 2020?
Well, guess what? We’ve just released the 2020 Retail Trends whitepaper for Malaysia and Singapore! The free whitepapers are packed with actionable insights into trends that are shaping the country’s cashless scene — and its impact across various sectors including food and beverage, retail, beauty and wellness, and more.
Cashless payments are rising rapidly. Customer loyalty is the new competitive edge. Data insights are gaining importance among merchants. These are just some of the retail trends that are making waves this year. Read on to discover the top 3 retail trends you should know in 2020.
Customer loyalty is generating more than 50% of sales in F&B
Getting new customers is great but keeping them coming back to your outlet is even better. From the 2020 Retail Trends whitepaper, we discovered that cashback has been proven to retain loyal customers. But there’s more to it — we observed that customers tend to spend more with Cashback, increasing their overall transaction value. Talk about a win-win situation!
Beauty & wellness merchants sold more to new customers - up to 80% sales
Leading spa centers and beauty saloons have found their marketing ROI sweet spot — through FaveDeals. By showcasing their best deals to Fave users online, merchants are able to tap into a wider realm of potential customers, and let’s face it: who doesn’t love a good bargain?
98% of merchants are using data to make smarter decisions
Everyone uses data to make decisions. But as a business person, how quickly can you make sense of all those receipts and numbers? Modern day merchants are two steps ahead. Around 1 in 3 merchants are using data insights to see patterns in their customer spending habits and boost revenue during off-peak hours.