JCB International has released an insight paper that reveals a 63% growth in annual sales volume made by Asian card members in Europe between 2017 and 2018, and a 45% global growth in total annual sales volumes in the past four years, now reaching over 130 million card members worldwide.
This news coincides with the release of exclusive JCB research into how European retailers can tap into Asian spending power that is projected to hit $32.6 trillion by 2026.
The research, presented in the whitepaper includes a survey conducted by JCB Card Brand Awareness survey with Rakuten Research of JCB card members from the four Asian territories of China, Taiwan, Thailand and South Korea, and exclusive proprietary spend data based on offline and online spend by some 130 million JCB card members.
According to European retailers that accept the JCB card, on average half of their customers were international, with one merchant stating that 100% of its customers came from outside the EU.
These findings highlight the wider growth potential for European merchants offered by Asian holders of international debit and credit cards. But despite more people travelling across the globe more frequently and foreign purchases increasing, retailers are still unsure of how to utilise this new revenue stream.
The specialist data and insights in this JCB report aim to help European merchants understand the nuances of each market and prepare for an ever-growing visitor segment.
Key spending patterns and behaviours of card members in China, Japan, South Korea, Taiwan
“It will be fascinating to see the changes in Asian purchase behaviour over the next few years as customers’ expectations of their shopping experience change in the light of new payment technology and expanding e-commerce opportunities,” says Mr. Tsuyoshi Notani, Managing Director, JCB International (Europe).
At JCB, we have experienced a growth of 45% in the last four years, and now have a current user base of 130 million card-members worldwide. In response to this increase, we’re looking at technology and behavioural trends that can enhance the merchant and customer experience both right now and in the not too distant future.
Providing a seamless omni-channel customer experience including special offers, is a key factor for growth and generating loyalty with mobile-first customers who are used to very high standard of service.
As the payments ecosystem evolves and innovative payment providers and FinTech businesses further integrate with established corporates, the opportunity for a comprehensive and frictionless payments experience will only strengthen for European merchants.”
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