Positioning for Online Demand
Singapore, the bustling financial hub of Southeast Asia, is abuzz with the promise of expansion as Stripe, the financial infrastructure platform for businesses, reveals its latest product innovations at Stripe Tour Singapore 2023. This inaugural user event in Southeast Asia is set to revolutionize e-commerce in the region, offering businesses of all sizes the tools to tap into the burgeoning demand for online goods and services.
Singapore Leads Global Consumer Trends
A recent Stripe report on global digital trade shows that Singaporeans are at the forefront of the digital shopping revolution. A staggering 84% of Singapore consumers are open to purchasing physical products online, while an impressive 74% are willing to buy digital services through the web. These numbers significantly outstrip the global average, which stands at 68%. It’s clear that the digital economy in Southeast Asia is rapidly evolving, and Stripe is positioned to support its growth.
Providing Seamless Checkouts for Southeast Asian Consumers
Southeast Asian consumers have come to expect a seamless online shopping experience. Yet, Stripe’s research indicates that many leading e-commerce sites still fall short of providing a smooth and efficient checkout process, leading to abandoned carts and lost revenue.
Streamlining the Checkout Process
Stripe Tour Singapore introduces Stripe’s optimized checkout suite, offering businesses the means to provide their customers with an effortless checkout experience without the need for extensive development and maintenance. Recent enhancements to the suite include access to over 100 payment methods and an A/B testing tool for identifying the most effective payment options. Additionally, businesses can seamlessly integrate Link, Stripe’s accelerated checkout feature that auto-fills saved payment details, ensuring customers complete their transactions faster. The transition to the optimized checkout suite has demonstrated remarkable results, with businesses seeing a significant 10.5% increase in revenue.
Bridging the Gap Between Online and Offline Commerce
Stripe also presents a range of innovative solutions that bridge the gap between online and offline commerce. Among these is the Stripe Reader S700, the company’s latest point-of-sale device, set to launch in 23 countries, including Singapore.
Paving the Way for Global Expansion
Recent research by Stripe reveals that a staggering 84% of Singaporean businesses are planning to expand into new countries within the next two years. However, the journey toward global expansion is often hindered by cumbersome manual back-office processes that fail to scale with the complexity of international growth. According to Stripe’s study of finance leaders, 65% of financial executives in Singapore believe that expansion into new markets is hampered by potential disruptions to their existing financial systems.
Streamlining Global Expansion
In response, Stripe is expanding its revenue and finance automation product suite, designed to facilitate rapid business growth by automating revenue and finance workflows. New features include enhanced support for Stripe Tax in 10 countries, including Vietnam, Malaysia, Indonesia, Thailand, and Singapore.
“Sarita Singh, regional head and managing director for Southeast Asia, India, and Greater China at Stripe, noted, ‘Southeast Asia’s rapidly expanding and dynamic digital economy holds tremendous global potential. The ingenuity and entrepreneurship emerging from this region will continue to have a global impact.'”
Digital Commerce in Southeast Asia
Singapore – Stripe, a financial infrastructure platform, has unveiled its latest product innovations at Stripe Tour Singapore. These innovations are poised to redefine e-commerce in Southeast Asia, aligning businesses with the surging demand for online goods and services in the region.
Singapore’s Leading Role in Online Shopping
A recent Stripe report reveals that Singapore is at the forefront of digital shopping trends. A remarkable 84% of Singaporean consumers are open to purchasing physical products online, while a significant 74% are eager to buy digital services online. These statistics surpass the global average of 68%, highlighting the vibrant digital economy in Southeast Asia and Stripe’s support for its growth.
Seamless Checkout Experiences
Stripe’s research highlights Southeast Asian consumers’ expectations for a smooth digital commerce experience. To meet these expectations, Stripe Tour Singapore introduces an enhanced optimized checkout suite. This suite empowers businesses to provide their customers with a simplified checkout process, eliminating the need for them to develop and maintain it.
Recent additions include enabling access to more than 100 payment methods and incorporating an A/B testing tool to pinpoint the most efficient payment methods. Businesses can also seamlessly integrate Link, Stripe’s accelerated checkout experience that automatically fills in saved payment details, resulting in quicker transactions. The adoption of the optimized checkout suite boosted businesses’ revenue by 10.5%.
Bridging Online and Offline Commerce
Stripe’s innovations extend to unifying online and offline commerce. This includes the introduction of Stripe Reader S700, a new point-of-sale device available in 23 countries, including Singapore.
Preparing for Global Growth
Stripe’s recent research indicates that 84% of Singaporean businesses plan to expand into new countries over the next two years. However, manual back-office processes often impede this progress. According to a Stripe study of finance leaders, 65% of finance executives in Singapore believe that entering new markets is hindered by potential disruptions to their existing financial systems.
Streamlining Global Expansion
In response to these challenges, Stripe is expanding its revenue and finance automation product suite, facilitating rapid business growth by automating revenue and finance workflows. New features include broader support for Stripe Tax in 10 countries, including Singapore.
“The Stripe Tour Singapore event promises to be a landmark occasion in the evolution of Southeast Asia’s digital economy,”
said Sarita Singh, regional head and managing director for Southeast Asia, India, and Greater China at Stripe.