Navigating International Growth on Ayden Behind The Figures
Emcee Singapore: In the Ayden podcast episode “Navigating International Growth” on Behind The Figures, hosted by Charmaine, she interviewed experts from innovative businesses in the Asia-Pacific (APAC) region. The guests included Adam Byrnes, Vice President of Product & Growth at Freelancer.com; Coen Tijhof, Senior Vice President of Product & Operations at Adyen; Dione Song, CEO of Love Bonito; and May Lam, Asia Pacific Payments Leader at EY.
They discussed issues revolving around how businesses can expand into new markets while maintaining their unique value proposition.
Charmaine opened the discussion with Dione to talk about Love, Bonito’s gradual expansion beyond its home market of Singapore.
Dione acknowledged that venturing beyond their home market is a common aspiration for ambitious businesses, and it is becoming increasingly feasible. However, she also highlighted the challenges of navigating international waters and emphasized the importance of striking a balance during the process.
She said,”So quite interestingly, we had our international website a couple of years ago, we started seeing a really good audience coming in from markets like Australia and the US, and then realized that, wow, right, I think there is a huge potential in these markets because there is a huge Asian diaspora market, Asian expats. And there aren’t that many brands that are really catering to them. And this gave us even more insights to expand into these markets even further.”
One key topic addressed was the adaptation to the demands of new markets, particularly regarding payment methods. May Lam, as the Asia Pacific Payments Leader at EY, provided insights on this aspect. Businesses need to understand and provide local payment options to cater to the preferences and behaviors of customers in different markets. This adaptation is crucial for gaining customer trust, improving user experience, and driving sales. By accommodating local payment methods, businesses can overcome barriers and enhance their competitiveness in new markets.
On partners who can support businesses, Charmaine asked Coen on how reliable partners can help businesses to avoid pitfalls.
Coen gave you an example, “When I spent five years in the United States, I’m used to the Amazon effect, which is basically next-day delivery or even same-day delivery in a country the size of the US. That is very impressive of what they have built. That same promise in APAC, if you’re ordering from, let’s say, Singapore, but the product has to come from Hong Kong, is a very challenging promise to make. So finding partners that can help you deliver on the promise of “I want to deliver my package within three business days” that is a promise that you have to your clients, if you want that, but it requires finding the right partners because building an infrastructure yourself is quite a big feat. The other part on your technical side is making a really distinct choice whether you want to build everything in-house, or find the right strategic partners that can help you also in delivering that in the different markets is something that is of strategic importance.”
Overall, Charmaine explored the challenges and opportunities of international growth for businesses in the APAC region with the speakers. The session delved into the importance of adapting to new markets by providing local payment methods while remaining faithful to the unique value proposition of each company. The insights shared by the guests aimed to provide guidance to businesses seeking successful expansion beyond their home markets.
To find out more about the trends shaping the retail, restaurant, and hospitality sectors in APAC, check out Ayden Retail Reports here.
Tune in to Season 2 of Ayden podcast, Behind the Figures, today: https://lnkd.in/gi9gCRbh