You can find a MINISO almost anywhere on the map of the world.
You know what else you’ll find in their stores? Lots of happy shoppers.
Today, I’ll share how IOT Pay’s mobile solutions helped MINISO achieve its goal to extend its life-loving, fashionable and relaxed lifestyle mission to Chinese travelers and students. In doing so they increased their market reach and revenue.
With a business turnover of USD 2.5 billion in 2018, MINISO is also one of the most geographically diverse businesses. It has opened 3,500 stores since it began in Tokyo in 2013.
Growth continues at the rate of 80-100 stores per month in 80 countries and regions and includes the United States, Russia, Singapore, the United Arab Emirates, Korea, Malaysia, Hong Kong and Macau.
Meanwhile in Canada, MINISO put themselves in the shoes of a specific market – their Chinese customers. They identified barriers to an easy shopping experience at the checkout counter for travelers, students and new immigrants.
They called on IOT Pay’s team to resolve the problems they found – the cultural and monetary system differences that affected their ability to fully reach the Chinese consumer market:
1) The Chinese buyers worry about having foreign credit card transactions declined.
Chinese buyers may miss out on business opportunities and even simple purchases for reasons tied into their different monetary system in China. Factors might include differing EMV standards between Canada and China, insufficient credit limits, or accounts being flagged as security threats and frozen when making payments abroad without alerting their banks in advance. The high foreign card transaction fees and the fear of cards declined or the discomfort of being singled out as a potential security threat makes their shopping experience more worrisome.
2) Chinese consumers prefer paying with the method they use most – the mobile app.
The familiar mobile pay system is used in China to pay for virtually everything. Chinese consumers, therefore, feel that they and their business is welcomed by merchants who offer them Alipay and WeChat Pay. They appreciate the convenience and security.
3) No access to a mobile payment system limits Chinese consumers to cash expenditures.
Carrying large sums of cash from China or the need to find ATMs for frequent and limited withdrawal amounts is never ideal for the buying mood or opportunity.
In consulting with IOT Pay, MINISO Canada chose to keep up with the dramatic changes in China that affect tourist and local residents spending preferences when they are abroad.
In turn, IOT pay helped drive more traffic to their business locations, increase customer engagement, and more importantly, support MINISO’s mission of providing an exceptional customer experience.
To discover how IOT Pay supports you to help your Chinese customers feel more welcome and freer to spend with your business call (604) 283-3268 today. Our local Merchant Relations Consultants will connect with you.
IOT Pay has offices located in Victoria, Vancouver, Edmonton, Calgary and Toronto
Visit our website at www.iotpay.ca
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