Foodpanda in Hong Kong Bringing Greater Mobile Payments Use Forward
Online shopping has great potential; the meteoric rise of Amazon proves as much. When online shopping hits the real world—like in online food retail—some impressive developments emerge. Foodpanda in Hong Kong has seen as much first hand, both for good and ill, and is making some changes accordingly to better improve the online shopping experience using mobile payments.
Mobile retailers aren’t without problems, despite clear advantages like being able to draw in a market from anywhere with an internet connection as well as catastrophically low overhead compared to brick-and-mortar operations. The average cart abandonment rate for online ventures was 77.24 percent, and this back in 2016. Worse, for mobile devices, that number went to 85.65 percent.
Foodpanda, therefore, took mobile payments a step farther and instituted a one-click order policy, which made paying by mobile device much easier. Now, customers can pay for their online food orders by cash or credit card, along with Apple Pay and even PayPal. Perhaps best of all, Foodpanda can now better track customer orders to find out which items are most popular and which can be comfortably phased out.
Foodpanda’s global director of payments and revenue initiatives Orkhan Abdullayev, commented “Through a one-time sign up, return customers are recognized and offered their preferred payment methods. For instance, authorization rates for Apple Pay are maintained at the highest level, enabling transactions made using Apple Pay to be seamless for Foodpanda users. In fact, Apple Pay contributed to an increase in overall collected payments over the three-month period following the launch.”
Generally, as long as the retailer is so big that it can’t readily keep track of what’s bought and sold at a glance, it has a great opportunity with mobile payments. It’s not just a convenient way for customers to buy things—though it is that, and that’s good in its own right—it’s also a great way to build the raw data fodder required for analytics functions, allowing businesses to learn more about what’s selling, what isn’t, and how customers make purchases.
Mobile payments can be part of a larger overall environment, and deliver value at several steps of the operation. Foodpanda has demonstrated as much quite clearly, and it’s far from the only firm around to do so.