Dutch fintech Adyen conducted a survey assessing the evolving customer-driven trends that impact businesses worldwide. Their survey included data from over 10,000 businesses and over 40,000 consumers from 23 and 26 markets, including 500 businesses and 1,000 consumers from Malaysia.
Within each market, there were minimum quotas of 100 retail businesses, 50 travel and hospitality businesses, and 50 food and beverage businesses. The results revealed that the revenue of 71 percent of Malaysian businesses across these sectors grew by 20 percent or more in 2021, despite challenges caused by the Covid-19 pandemic and supply chain disruptions.
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The survey, which was sponsored by KPMG, showed that approximately three out of four Malaysian shoppers claim that they shop online primarily for convenience, while physical stores are where they shop for pleasure.
KPMG believes unifying business is key for long-term success. Retailers can create more compelling customer experiences while supporting greater efficiencies and lower costs by connecting back-end systems and data insights. According to a survey conducted in the retail sector, two-thirds of businesses expect physical store revenues to increase next year.
Alvin Gan, Executive Director and Head of Technology Consulting at KPMG Malaysia, believes “technology is here to stay and the focus is on improving them [technologies].”
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Almost 94 percent of businesses plan to invest more in their digital transformations this year, demonstrating the room for growth in digital transformation.
KPMG emphasizes the impact of financial technology on business growth, customer experience, and strategic digitalisation in their yearly report. In spite of this, only 47 percent of businesses recognize the direct connection between customer experience and payments. Moreover, only 28 percent of businesses use payment data to improve customer service.