• Myles Dawson, UK Country Manager at Adyen


• 16.02.2018 10:30 am
undisclosed

With Chinese New Year just around the corner the power of the Chinese shopper should not be underestimated. According to a McKinsey report, Chinese consumers are responsible for up to half of all luxury brand sales worldwide. In 2017 alone, Chinese consumers shopping for products outside of China spent an estimated average of $473.26 each, representing 4.2% of the total retail e-commerce market.

 In addition, 55% of China’s online shoppers buy UK goods, spending on average £104 a month, with around two-thirds of Chinese millennials preferring Western to Asian brands.

 Retailers should capitalise on the spending habits of Chinese consumers here in the UK. With many consumers taking the holiday season as the opportunity to purchase gifts for loved ones back home in China and abroad, being able to offer a diverse range of payment options is vital to being able to support this important customer. Delivering a seamless payments experience is crucial for businesses wanting to avoid being overlooked.

 With smartphones conducting the lives of Chinese shoppers, enabling them to pay using familiar regional methods will provide an experience that will not only build on retailer’s profits, but keep the shoppers spending in-store or online.

 WeChat Pay, AliPay and China Union Pay are the three largest payment platforms used by Chinese consumers. By enabling retailers to diversify their payment options, Adyen is helping to unlock the huge potential in the Chinese consumer. Not only through in-store point of sale solutions but offering multiple online payment platforms means that no customer is left being unable to pay through their preferred channel.