Please refer to Chinese version.
隨著社交距離措施逐步放寬，中小企面臨的壓力得以紓緩，而他們積極投資推動創新發展亦促進了整體的樂觀前景。根據上述調查，疫情推動了本地中小企革新其商業模式，超過一半受訪企業表示 2021 年的收入中超過一成來自電子商務，是2017 年以來的新高。換言之，將疫情期間的求生意志轉化成創新的動力，可協助中小企往後站穩陣腳並發掘嶄新機遇。
電子商務不但可帶動中小企在本地市場的業務增長，更可以透過跨境貿易拓展海外市場。最近一項調查發現，39% 擁有網上銷售渠道的美國中小企對 2022 年的出口增長充滿信心；反之，單單使用線下渠道的中小企當中只有13% 對出口前景抱持信心。因此，走向全球不再只是一種選擇，而是中小企推動業務增長的主要動力和當務之急。
優化支付流程是提升顧客體驗的最佳方法之一。創新的支付方式包括減少付款過程所需的步驟、提供消費者傾向的支付選項，以及縮短頁面的加載時間等等，務求令支付流程更簡單直接。研究發現，近兩成消費者會因為支付過程冗長而在結賬時選擇放棄購物。幸好，只要作出循序漸進的改變便可協助中小企大幅減低顧客放棄購物的機率，同時提升轉化率。事實上，支付流程中低至 0.1 秒的速度提升已可增加平均8% 的轉化率，以及提升 9% 的訂單價值。
Please refer to Chinese version.
For the better part of the last decade, the world has experienced dramatic changes. These changes have had huge impacts on the way businesses operate. As a result, many organizations have been forced to shift to a digital model. The number of businesses succeeding in digital transformations continues to increase every day.
Digital transformation means using modern technologies to improve business operations, systems, processes and customer experience. The transformation lowers the operating expenses of many firms. The workers’ performance and productivity also increases, boosting the company’s profitability.
For every modern business to enjoy success in the market, it needs to accelerate its digital transformation. Here is an overview of five practical strategies that we have seen to be the top focus for companies in 2022 to help firms speed up their digital transformation efforts.
1. Finding the right technology
Digital transformation is not only about the current software in the company. Finding the right technology is essential for a faster transition. Hiring managed IT services from experience providers is one way of avoiding pitfalls during the transition.
Choosing the right technology to aid digital transition can be challenging at first. There are several tips out there to help managements choose the right technology for their companies’ growth. The main consideration should be the firm’s needs. New technologies should meet all identified needs of the firm. New projects or initiatives should be focused around cloud and mobile strategies and having a customized end user experience. The management should test the technologies first before their implementation. Experimenting with new technologies ensures that digital transformation happens successfully.
2. Helping workers through the transformation
Employees are a crucial part of the whole digital transformation process. The only way of making digital transformation a reality is by not leaving the workers behind. There are ways business management/employers can help employees keep up with digital transitions.
One way is by creating a good transition playbook. The playbook is necessary for changing the workers’ mindsets. Building a good digital transformation playbook starts with incorporating simple changes that the workers can understand easily. Less complicated digital projects get more workers involved in the change.
Another way is by training the workers. Training means first helping the team understand the need for digital transformation. Employee collaboration and good dialogue are also effective ways of helping the workers through the transformation.
3. Adjusting the culture
Digital transformation should be a constant process. We have seen that even in 2022, companies have had challenges with employees being open to adopting new technologies and ways to get work done. This lack of an adaptability culture slows down the whole transition journey. Business management should create a culture that embraces the new digital changes. There are things to consider when adjusting the organizational culture during digital transformations.
One factor of consideration is the learning ability of the workers. The culture should motivate the workers to be continuous learners and promoters of the newly adopted technologies. It’s also important for employers to reassure the workers about the importance of the transformation to the business.
4. Expanding the customer base
One objective of digital transformation is to help a business gain more customers. Digital changes enable many small firms to reach a global audience. The transformations need to focus on boosting the customer experience.
Companies should start by evaluating the needs and expectations of the customers. After need identification, businesses must ensure that the new technologies align with the identified customer needs. The new customer experience should be positive and consistent. Digital transformations must be responsive and easy to use in order to achieve the necessary customer experience.
5. Listening to team's feedback
Listening to employees’ feedback helps a business know if the adopted digital transformations are effective. The team members are likely to be correct about the progress of the digital changes. Business owners get to know whether they should change the already adopted transformation strategies or not.
The feedback should reflect the workers’ positivity about new transformations. If the team members report challenges and discomfort, employers should make necessary adjustments.
There are several modern digital transformation trends for keeping businesses relevant to the customers. One of them is cybersecurity, which protects the company’s and customers’ data. Cybersecurity and data protection builds businesses’ reputations, resulting in customer trust. As a result, the technology attracts more customers, expanding the company’s customer base.
5G technology is another digital trend for providing greater bandwidth and internet reliability. Adjusting the company’s culture by adopting more operations that depend on strong internet connectivity accelerates the success of 5G technology.
Another digital trend is business automation, which improves businesses’ competitiveness and customer service. Businesses have to find the right technologies, like data analytics software, email automations and the introduction of virtual conferencing.
Cloud-based solutions are other digital trends for storing and securing data. Employees have to be properly trained and guided on how to back up the company’s and customers’ data in the cloud to prevent hacking and other cyber threats.
Digital banking is the other latest technology for businesses. Tracking of digital payments, online loan applications and other online transactions by the workers aids the success of digital banking. The workers’ feedback about the success of digital banking helps the management know whether the technology is successfully implemented or not.
The success of digital transformation in any organization can take time, but adopting the right strategies to accelerate the whole process is key to saving time. These strategies also help companies maintain their top positions in the market. Find the right technology, help employees through the transformation, embrace the changing culture, focus on enhancing the customer experience and listen to the team's feedback in order to effectively accelerate your company's digital transformation.
Please refer to English version.
Covid-19 delivered catastrophic blows to almost every facet of the business world. While the pandemic became a catalyst of innovation for some organizations, it was a wake-up call for others—especially those with missing or immature digital transformation initiatives.
The pivotal role of digital transformation was underscored further during the first few months of the crisis. Businesses grappling with revenue losses and subsequent layoffs managed to keep afloat with the help of technology. Fast forward to 2022: Digital transformation is still the priority of executives looking to future-proof their businesses. And with technology trends like AI-powered automation and the wider availability of 5G, transformation initiatives are spurred by a slew of different reasons.
Improve Customer Experience And Engagement
We live in an age of digital immediacy. Customers want the best possible experiences offered through digital channels as fast as possible. To meet the rapid rise in customer expectations, forward-thinking businesses looked at digital transformation for solutions.
According to one study, boosting customer experience and engagement remains the top goal driving digital transformation. During the onslaught of the crisis, governments all over the world imposed lockdowns, which increased the demand for online shopping and delivery services.
One report reveals that online retail sales’ share in total retail sales increased from 16% to 19% in 2020. Businesses that were quick to adapt accelerated their digital adoption, leveraging e-commerce, data analytics and automation tools. These digital leaders were able to maintain, if not elevate, customer satisfaction.
So, how can your businesses do the same?
Keep Customers In The Loop
As the future remains uncertain, no one knows when we'll return to "normal"—if we ever will. For this reason, it’s crucial for businesses to think of innovative ways to stay connected with their customers. For example, service businesses may have to implement a skeletal workforce if the government announces restrictions anew, which would require technology to send updates and alerts as a means of managing customer expectations.
Analyze Customer Behavior
There are several insights you can gather from analyzing customer behavior data. By utilizing technology like AI, you can learn a lot about what customers want, how they want it and their bottlenecks. While behavioral analytics takes time and money, it’s usually worth it since it enables data-driven decisions that will elevate the customer experience.
Maximize Operational Efficiency
Operational efficiency should remain a top digital transformation goal. After all, enterprises seeking to increase their profit need to improve efficiency first. When crafting an efficiency improvement plan, decision-makers need to ask the following:
• How can we sieve out relevant information faster and more efficiently?
• How can we transform enterprise data intelligently at scale?
• How can we address technological challenges like simplifying complicated helpdesk processes for quicker resolution of IT issues?
Breaking down data integration, process delays, process automation and data analytics issues makes it easier to identify the right technologies and determine the best route to deployment. Enterprises just need to remember that the path to digital transformation greatly depends on the industry they belong to.
Legacy System Modernization
Out of fear of falling behind the competition, many businesses with legacy systems are learning to let go. Modernizing old systems, after all, provides several incredible benefits to business efficiency, such as:
• Accessing data in real time
• Addressing customer concerns quickly
• Identifying and resolving issues faster
• Ensuring compliance
• Boosting data security
It’s worth noting that, in the modern enterprise, speed is key. Utilizing technology, such as automation tools and cloud solutions, helps teams move faster through the digital transformation road map and toward becoming more efficient.
Reinforce Cybersecurity And Data Privacy
As more people rely on the internet and virtual platforms, it has become increasingly imperative for enterprises to strengthen their digital security. Compromised security can bring devastating consequences to a business's reputation and revenue. Unfortunately for some businesses, they had to learn the hard way. According to a 2021 report by Sophos, the proliferation of ransomware attacks costs mid-sized organizations an average of $170,404.
Fortunately, there are ways to heighten cybersecurity and data privacy in today’s highly digital world. Proactive cybersecurity practices, like continuous security validation, can help businesses prevent cyberattacks before a breach actually occurs.
While it’s vital to protect data from external threats, insider threats also remain one of the biggest security issues, meaning enterprises must remember to look into their own backyard, too. Leveraging technology to moderate information access will be pivotal in reinforcing cybersecurity and data privacy.
Introduce New Products And Services
The pandemic emphasized that businesses have to think creatively to stay afloat amid unprecedented circumstances. To some, it was a precursor to new offerings that will help maintain a positive cash flow.
For instance, service industry businesses like gyms had to close their brick-and-mortar branches to prevent the spread of the disease. We’ve seen fitness trainers offer classes at home with the help of technology to cope and continue earning.
Such use cases highlight the importance of pursuing digital transformation. Nowadays, businesses are placing additional effort into innovating solutions to become more future-ready amid uncertain times.
The pandemic tested business resiliency, and we’ve seen that the common denominator in enterprises that survived is digital transformation. Organizations across all industries need to seriously consider their next transformation steps in order to cope with unexpected challenges today and in the future.
Please refer to English version.
Please refer to Chinese version.
根據金融服務支付服務商 FIS（NYSE: FIS）發布的最新調查報告顯示， 信用卡或簽賬卡在今年仍然是港人的首選網上購物支付方式，佔電子商務總交易額的43%。然而，至 2025 年，電子錢包將會取代信用卡或簽賬卡，成為香港領先的電子商務支付方式。
Worldpay from FIS 香港支付服務發言人蘇鈞濠表示，傳統和新興支付方式的競爭，使香港的支付方式日趨多元化。在疫情下，本港消費者渴望獲得方便、快捷的購物體驗，對電子支付的整體需求持續上升。 政府去年發放電子消費券亦加快了電子支付在港的應用。儘管如此，信用卡的地位仍然屹立不倒，作為電子錢包充值的主要資金來源之一，信用卡將繼續滲透市場。展望未來，商家需要力求創新，並與領先技術供應商合作以滿足現代消費者多元化的需求。
在香港電子商務支付趨勢方面，報告指，香港電子商務市場預計在 2021 年至 2025 年間增長 46%，市場價值高達 312 億美元。而按總交易額計算，2021 年首選電子商務支付方式最多是佔43%的信用卡或簽賬卡，緊接是佔33%的電子錢包，第三位是佔11%的銀行轉賬。報告又預計至 2025 年，電子錢包將取代信用卡或簽賬卡，成為香港首選的網上購物支付方式，佔電子商務總交易額的 40%，而信用卡則佔 37%。除此之外，先買後付在本地的接受程度將會愈來愈高，至 2025 年，先買後付將成為增長最快的網上購物支付方式，其複合年均增長率達到 59%，預計其增長速度將力壓其他支付方式。
在香港店內消費銷售點支付趨勢方面，報告顯示，2021 年現金使用略見回彈後，預計於 2022年重新下跌，至 2025 年僅佔店內消費總交易額的 7%。 而在 2021 年，信用卡或簽賬卡付款仍然是香港人於店內消費的首選，佔總交易額的55%，此趨勢將保持到 2025 年，預計佔總交易額的 50%。與此同時，手機錢包將成為香港增長最快的店內消費支付方式，預計手機錢包將於 2025 年佔總交易額 36%，其複合年均增長率達到 16%。
Please refer to Chinese version.
AlipayHK、WeChat PayHK 歡迎措施 未知詳情
WeChat Pay HK也聲明支持政府再次推出消費券計劃，將共同提振疫情下經濟復甦和電子支付發展，但須待政府相關部門公布。
AlipayHK、WeChat Pay HK近期已宣布，分別從2月、1月起豁免中小商戶全部交易手續費。八達通此前稱，2021年申請使用商用版八達通App的中小商戶，八達通將會延長豁免轉賬費用直至2022年6月底；新商戶則由其開戶的月份起獲豁免6個月銀行轉賬費用。
Please refer to Chinese version.
趨勢一，感應支付興起；即便許多商務場景在過去幾年已轉往線上，人們仍會在實體通路消費。全球超過七成的實體交易皆為感應支付，超過70個國家與地區的感應支付滲透率高於五成。Visa最新「消費者支付態度調查3.0」顯示，感應支付在台灣和香港最受消費者愛用，在台灣有超過五成消費者表示愛用，包含感應式卡片及感應式行動支付。Visa預期這個趨勢將持續成長，因社交距離等防疫規定，消費者仍有零接觸、感應交易的需求。同時商家部署也已十分完善，超過 75% 的線下交易皆發生在支援零接觸交易的店家。
如同 B2B 支付消費化、金融機構推出符合消費者對數位資產興趣的服務、及從消費者需求衍生的先買後付等前幾項趨勢，開放銀行同樣強調「聚焦消費者需求」，讓消費者再次掌握資訊與決策權，最終目標是讓消費者的金融生活更可靠、安全、簡單，並讓金融科技新創一同參與共創。
[Industry News (Repost)]
Digital payment technology has made it possible for anyone with a smart device to conduct transactions easily and securely, both in person and online. Both companies and consumers are embracing digital payments as a fast, reliable and contactless way to exchange money, but there are still innovations and improvements to be made.
If your business is considering adopting digital payment methods, it’s important to understand where they’re currently at and how they can be made more effective. Below, 13 Forbes Technology Council members offer insights on optimizing this popular transaction technology.
1. Be Open To New Technologies
Digital payment methods are positioned to be a major influence on the economic prosperity of many third-world and first-world countries, impacting everything from remittances to transferring funds via cryptocurrency backed by blockchain technology. Already, countries such as Ukraine, El Salvador and others have adopted Bitcoin as legal tender, signifying the growing adoption of this new technology. - Marc Fischer, Dogtown Media LLC
2. Provide Incentives For Use
Digital payments are highly platform-dependent, often not supported by merchants’ point of sale systems and expensive in comparison to cash. For more mainstream adoption, the value must be delivered to consumers (resulting in better purchasing power); this would drive the merchant’s or platform’s interest in supporting digital payments. Techniques similar to credit card “cash back” incentives could be applied to the merchant or P2P platforms. - Chitra Sivanandam, Reinventing Geospatial, Inc. (RGi)
3. Cater To Those With Disabilities
Digital payment methods for people with disabilities fail at checkout. Online shopping carts rarely function smoothly (if at all) for people using screen readers. The complexity of the process is often a critical issue for people with cognitive and mobility impairments. Simplifying the checkout process would eliminate these challenges faced by so many and bring another billion consumers online. - Lionel Wolberger, UserWay Inc.
4. Expand The Types Of Transactions
I believe digital payments should start expanding to more complex transactions that include financing and insurance. For example, rather than have customers simply pay for a product, merchants could offer a loan or spread the payments over a longer period. Furthermore, digital payments should be embedded in more devices—your kitchen or office appliances could order supplies for themselves. - Eliron Ekstein, Ravin AI Limited
5. Implement Identity Management And Encryption
It’s essential to ensure the security of customer data in each and every transaction. As more payments are transacted digitally, organizations will face improved attacker techniques, no matter the physical location of the customer. To make it more difficult for hackers to access customer payment data, implementing identity management and encryption is vitally important on every payment transaction, big or small. - Todd Moore, Thales Group
6. Create A Faster User Experience
Digital B2B payments have an astounding potential to save businesses money and improve efficiency and cash flow. Frictionless onboarding for businesses and immediate access to funds via virtual cards and mobile wallets will make digital payments easier and drive greater adoption. It’s not just about simplifying the transaction; it’s also about creating a fast, easy and secure user experience. - Derek White, Galileo Financial Technologies
7. Include Digital Payment Services In Social Platforms
Digital payments are revolutionizing consumer behavior and improving the consumer experience. One such way is the integration of digital payments in chat applications such as WhatsApp, WeChat and Snapchat as well as in social media platforms such as Instagram. One of the largest retailers in India is offering its services and products via WhatsApp, and payments are made using digital methods. - Vasudevan Sundarababu, Pactera Edge
8. Integrate The Payment Value Chain
Digital payments can be much cheaper, faster and easier if a company can vertically integrate all stakeholders in a payment’s value chain. Instead of having separate merchant acquirers, networks, issuers, fraud engines and so on, a single company could merge them all and create rails of its own. This could give back interchange to merchants, provide greater rewards to customers, increase authority and reduce fraud. - Roy Andrew Ng, Bond
9. Support Global Standardization
Global interoperability and standardization are key in digital payments, especially across borders. They would reduce friction and increase the ease of transactions and commercial relationships. They would also create flexibility in the workforce and supply chain. In the end, commerce would be significantly more efficient and streamlined. - Olga V. Mack, Parley Pro
10. Add Additional Layers Of Security
Digital payments are incredibly convenient and have become critical to the economy over the past two years. But they open consumers up to potential privacy and security risks. With the introduction of features such as credit card masking, which creates temporary, single-use credit card numbers, consumers can continue to reap the benefits of digital payments with dramatically reduced risk. - Hari Ravichandran, Aura™
11. Combine The Checkout And Buying Experience
Digital payments can be made more effective by embedding the checkout experience on the same page as the buying experience. Do not redirect the consumer to another payment or checkout page after they’ve selected the product(s) or service(s) they want to purchase; instead, allow payment transactions to take place on the same page. Fewer clicks and redirects equal higher conversions. - Steven Khuong, Curacubby
12. Decentralize Payments
Detach the reader from the pin pad. It should be possible to pay anywhere in a venue without the need for a full-fledged pin pad. Imagine restaurants with readers at each table or movie theaters with one at each chair. This would allow for immediate payment and decision-making beyond the POS. Cash wraps continue to plague the forward momentum of retailers. Decentralizing payments will be key! - Tom Roberto, Core Technology Solutions
13. Incorporate Biometric Authentication
One way digital payments might be made more effective is by incorporating biometric authentication. This would mean that, in order to make a payment, the consumer would need to scan their fingerprint or use some other form of biometric identification. This would add an extra layer of security to the transaction and help to ensure that only the authorized user is able to make a payment. - John Giordani, NCHENG LLP
Please refer to English version.
[Industry News (Repost)]
- The 6th edition of Visa’s Global Back to Business study finds that 73% of small businesses surveyed1 said accepting new forms of digital payments is fundamental to growth in 2022
- 59% of small businesses surveyed said they already are, or plan to, use only digital payments within the next two years – largely in step with 41% of consumers surveyed who said the same
- 90% of small businesses surveyed with an online presence said they attributed pandemic survival to increased efforts to sell online
SAN FRANCISCO--(BUSINESS WIRE)--Jan. 12, 2022-- As Visa (NYSE: V) continues toward its goal of digitally-enabling 50 million small and micro businesses (SMBs), a new research study released today – the “Visa Global Back to Business Study – 2022 SMB Outlook” – found that 90% of surveyed SMBs said they are optimistic about the future of their businesses, the highest level of optimism in Visa Global Back to Business studies to-date. While wiping down groceries and quarantining mail might be bygones of an earlier pandemic era, some changes – such as increased use of digital payments – are here to stay: 82% of SMBs surveyed said they will accept digital options in 2022 and nearly half (46%) of consumers surveyed2 expect to use digital payments more often in 2022, with just 4% saying they will use them less.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220112005380/en/
“Payments are no longer about simply completing a sale. It’s about creating a simple and secure experience that reflects one’s brand across channels and provides utility to both the business and its customer,” said Jeni Mundy, Global Head Merchant Sales & Acquiring, Visa. “The digital capabilities that small businesses built up during the pandemic – from contactless to e-commerce – helped them pivot and survive and, by continuing to build on this foundation, can now help them find new growth and thrive.”
According to this year’s study, which surveyed small business owners and consumers in nine markets – Brazil, Canada, Germany, Hong Kong, Ireland, Russia, Singapore, United Arab Emirates and United States – the consensus outlook for 2022 is one of optimism and intent to digitize even more:
The Path Forward in 2022 for SMBs
- 2022 Ushers in Optimism and Confidence: Building on the 90% of SMBs surveyed who are optimistic about their future, 54% viewed the last year as an opportunity and report their business is doing well heading into the new year, up from 46% who said the same during summer 2021.3
- Going Long on Digital Payments – Even Crypto: An overwhelming 82% of SMBs surveyed said they plan to accept some form of digital option in 2022 and 73% see accepting new forms of payments as fundamental to their business growth. Of those surveyed, 24% said they plan to accept digital currencies such as the cryptocurrency Bitcoin.
- E-commerce Buoyed Businesses: Of small businesses surveyed with an online presence, 90% agreed their survival through the pandemic was due to increased efforts to sell via e-commerce, and reported that, on average, over half of their revenue (52%) came from online channels in the last three months.
- Leaving the Change: A majority of SMB respondents expect their business to shift to relying exclusively on digital payments in the future. While 64% of survey respondents anticipate being able to make this shift within 10 years, 41% say it could be within the next two years—and 18% are cashless already.
Consumers Set the Tone in 2022
- Accelerating Toward a Digital Future: More than half of consumers surveyed (53%) responded they expect to shift to being cashless within the next 10 years, 25% said it will happen in the next two years and 16% are already using only digital payments. The top benefits for relying more on digital payments amongst surveyed consumers were easier online shopping (47%), followed by less risk of robbery (38%) and convenience (37%).
- Abandoned Shopping Carts In-Real-Life (IRL): The failure to offer digital payment is frequently a dealbreaker – 41% of consumers surveyed said they have abandoned a purchase in a physical store because digital payments were not accepted, and younger shoppers are even more likely to do so. Gen Z (59%) and Millennials (55%) have not bought something because there was no way to pay digitally, significantly more than Gen X (38%) or Boomers (19%).
- Consumers Embrace the Global Marketplace: As small businesses look to reach more customers online, 50% plan to increase cross-border sales in 2022. On average, 68% of consumers responded they are comfortable buying items or services from a business in another country or territory. Of those who are not completely comfortable, 57% cited that fraud protection typically offered by their credit or debit card provider, such as Visa's Zero Liability Policy, makes them more comfortable with international commerce.
Digitally-Enabling 50 Million Small Businesses
Since the start of the pandemic, Visa has launched a variety of community-based programs to help more small businesses accept digital payments and gain greater access to the digital economy. As part of this ongoing commitment, Visa today also announced it has helped to digitally-enable 24.8 million SMBs worldwide, or 50% of the multi-year goal it set in 2020 to digitize 50 million SMBs.
Throughout 2022, Visa will continue to provide resources that support small businesses, such as the $1 million Grants for Growth program announced earlier this week with Uber and Local Initiatives Support Corporation (LISC). Through Grants for Growth, 100 merchants will receive grants of $10,000, disaster recovery and resiliency guides from Uber and LISC, and placement in the Uber Eats app. Grants for Growth will be supported and managed by LISC and focuses on local Uber Eats restaurants in 10 cities: Atlanta, Boston Chicago, Detroit, Los Angeles, Miami, New York/New Jersey, Philadelphia, San Francisco Bay Area and Washington D.C. For more information on how to apply for Grants for Growth, please visit lisc.org/uber.
More information on the programs Visa has made available to small and micro businesses can also be found on the Visa Small Business Hub and the Visa Small Business COVID-19 support site.
Methodology: Visa Back to Business Study
The Visa Back to Business Study was conducted by Wakefield Research in December 2021 and surveyed 2,250 small business owners with 100 employees or fewer in Brazil, Canada, Germany, Hong Kong, Ireland, Russia, Singapore, United Arab Emirates and United States. The consumer section surveyed 1,000 adults ages 18+ in the United States, and 500 adults ages 18+ in Brazil, Canada, Germany, Hong Kong, Ireland, Russia, Singapore and United Arab Emirates.
Please refer to English version.