Ayden podcast: Unlocking the Potential of Platforms
Emcee Singapore: Charmaine hosted an Ayden podcast titled “Unlocking the Potential of Platforms”, together with experts from businesses in the Asia-Pacific (APAC) region on platforms create opportunities for small and medium-sized businesses to offer new services and access frictionless payment solutions.
In this episode, Charmaine kicked off the discussion on changes driven by platform businessses dominating ecommerce landscape. The early platforms started off as simple marketplaces, but the sector has evolved, and platforms are unlocking consumer demand in surprising ways. While some are creating new modes of working altogether, like those being built for gig economies, others are transforming traditional industries such as insurance, legal, and business as a service.
Charmaine also discussed how customers innovate in some was more than businesses with the usage.
When it comes to embedded payments, Romy Sandison, Adyen’s Product Marketing Lead, for embedded payments and finance said, “So before platforms, it was quite difficult for small businesses, entrepreneurs, or individual sellers to really gain access to the latest and greatest payments technology. This was often reserved for your big enterprise businesses, think of Nike or H&M, that usually have high processing volumes, have, you know, these big payment teams, and just generally have a lot of resources to invest in that type of payments experience. So now that platforms exist, they’ve essentially democratized access to great payments technology, and have allowed these groups of users or individual sellers, entrepreneurs, and small businesses, to be able to provide the same type of great payments experience for themselves.”
Adam Byrnes, Vice President of Product and Growth added, “Amazon built a trillion dollar business providing a one-stop shop for consumers to purchase a massive range of goods, executing the selection, purchase, and delivery experience end to end. And it’s our view that a similar company should exist in the services space, for if it can be done for goods, why not services? So we help our customers by providing our clients with a huge range of global talent across an enormous range of skill sets all in one place, and providing an increasingly end to end hiring experience including things like collaboration tools, and so on, and so forth.”
Josh Bell, Principal at quick service and casual dining chain, Guzman y Gomez in Singapore, says that when it comes to customers of quick service restaurants or QSRs, the payments process is crucial. These customers, he points out, want a painless and seamless experience.
Emcee Singapore Charmaine said. “So while it’s not easy to get a platform up and running, the more users you attract, the better a platform performs. Naturally, to get the most possible users, platform businesses need to be able to attract people from all over the world.”
For Adam Byrnes, platform businesses should seek to be international from day one. Platform businesses are all about scale, the earlier you start trying to reach that critical mass, the better. And if you sort of cut yourself off to only one segment unnecessarily, then you’re really just hindering your efforts to reach scale.
Adam said. “You need to deeply understand your customers in the other markets, identify their barriers to commerce, you know, is it currency? Is it language? Is it local payment methods? What are the things that are stopping them from transacting and systematically eliminating those barriers. I would say that generally since payments are ubiquitous in ecommerce, payments tend to be a major barrier that requires early attention for a platform or marketplace business.”
To emcee Singapore Charmaine’s point that customer expectations can change in unexpected ways, Adam said, “The biggest influence on consumer expectations, in my opinion, has really been the rise of mobile phones as the dominant method of accessing the internet and all the changes that’s kind of brought along with it.”
Ayden’s Romy said, “So we want to be able to pay online, we want to be able to pay in stores, maybe we also want to be able to pay on our mobile, or even on a link via a chatbot. There’s growing demand from consumers to have these incredible payment experiences.”
On the huge potential of embedded finance in solving financial pain point for users, Sophie said, “The future is already here. I mean, I guess you have seen Amazon, Google, or Amazon Fresh, the supermarket where you enter and you get everything you want and you don’t queue and you get out and you have paid.”
Charmaine concluded the podcast stating, “The growth journey of every platform business may be different, but together they are revolutionizing the world of ecommerce in Asia Pacific and beyond. Whether they are a marketplace that connects buyers and sellers or an on demand platform that links gig economy workers with customers, for platforms to be successful, they need to quickly gain a critical mass of buyers and sellers, constantly upgrade their services to respond to users’ changing demands, and offer seamless payments experiences.”
Listen to the latest episode of our podcast, Behind the Figures, today: https://adyen.com/landing/online/apac/behind-the-figures-podcast-2023-01/Episode-7