Many of our readers have asked about holding parties in green zones where gatherings of up to ten people are allowed.
Second Ramadan during COVID-19 saw uptick in indexed traffic and sales across Southeast Asia
Criteo findings also reveal improvements in air travel in the region
SINGAPORE – Media OutReach – 28 May 2021 – Criteo S.A. (NASDAQ: CRTO), the global technology company powering the world’s marketers with trusted and impactful advertising, today announced their latest research around ecommerce trends observed during Ramadan this year, which took place from 12 April to 12 May.
The second year in a row that Muslims are observing Ramadan under COVID-19 conditions, Criteo’s data revealed an uptick in indexed traffic and sales in Southeast Asia[1], when compared to the baseline[2]. Regional retailers saw a surge on 2 May, with a 26% increase in traffic and 21% increase in sales, respectively.
“As a result of the ongoing COVID-19 restrictions across our region, worshippers had to adjust their observance of the holy month of Ramadan. With social distancing measures deterring gatherings in large groups, consumers are rethinking their buying patterns, regarding areas such as gift giving. It is key that marketers and brands understand these shifts and engage consumers with what they need the most, especially during important observances,” explained Taranjeet Singh, Managing Director, Southeast Asia and India, Criteo.
Fig 1: Indexed values based on average sales from 12 Mar-12 May 2021
However, while the recent Ramadan season saw performance above its baseline, Criteo notes that an underperformance when compared to last year’s Ramadan period. A notable dip was also observed in the final week of the Ramadan period, with sales and traffic dropping below the baseline, may be indicative of consumer’s caution in spending amid the ongoing economic downturn.
Mobile and App purchases continue to rise
When making purchases during Ramadan, Southeast Asian consumers continued to use mobile and app platforms this year.
Specifically, mobile sales saw the largest lift throughout the Ramadan period this year, marking a 107% increase in sales at the end of the Ramadan period on 12 May. App sales also rose by 60%, earlier on 1 May. Meanwhile, desktop sales saw the smallest spike of 40% during the second week of Ramadan period.
Fig 2: Indexed values based on average sales across devices in Southeast Asia from before Ramadan (12 Mar-11 Apr) to Ramadan 2021 (12 Apr – 12 May)
COVID-19’s Impact on Consumer preferences and behaviors during Ramadan
Comparing purchasing patterns during Ramadan pre-COVID, in 2019, and this year, Criteo data revealed that the growth in purchases this year have only been in two categories – Fashion/Luxury, and Mass Merchant[3] products. Criteo also found that the Fashion/Luxury category outperformed Mass Merchants during Ramadan, with a 50% increase from baseline from 23 April to 5 May.
In 2019, however, top product categories were in Health and Beauty, Electronics, Toys and Games as well as Home and Living. The trends observed this year are likely to be due to consumers not being able to commemorate Hari Raya in large social settings or house visitations, as a result of distancing measures.
Fig 3: Indexed values based on average sales by category across Southeast Asia (12 Apr – 12 May 2021)
Another distinct trend observed during Ramadan in previous years was a consistent rise in web traffic and sales for travel players. Before the COVID pandemic, prospective travelers usually searched travel websites during Ramadan, before making their bookings late in the month and after Ramadan, to make trips to celebrate Hari Raya with their family and friends. This was noticeably absent from this year’s data.
Travel plans and optimism continue to rise in Asia
While COVID-19 is expected to continue having an impact on travel plans, Criteo’s latest Travel Data for Q1 2021 has revealed that air travel is expected to improve more quickly in the Americas and Asia Pacific than in EMEA, and with domestic flights recovering faster than international flights.
In fact, according to Criteo’s findings, 86%, 65% and 89% of respondents from Australia, South Korea, and Japan, respectively, say they are likely to make an online booking for domestic travel.
One year after the first outbreak of COVID-19, air bookings remain low at -36% in April 2021. However, this is a 12-point increase from -48% in January 2021. Criteo’s data also found that travel players with a booking app have seen app usage grow especially in APAC, where app sales account for 77% of bookings, followed by mobile at 13% and desktop at 10%.
“For marketers and travel players, it is important to know that the priorities of travelers are two-fold – the ability to fully refund on bookings if travel plans are disrupted, and secondly, that social distancing and the highest levels of sanitation are ensured. According to our survey, travelers said that they are more likely to book travels if bookings are fully refundable and travelers reported the importance of social distancing and sanitation measures amid the ongoing pandemic,” explained Singh.
“Understanding this, travel players can take action by providing consumers with longer-term options, and safer, socially-distanced stays. Also, travel providers should leverage consumer preferences for apps to create an engaging app experience to encourage usage and sales,” he continued.
Ensuring successful customer engagements amid the continuing pandemic
With restrictions starting to ease, many customers in the region are able to access both in-store and online retail options, while adhering to social distancing measures.
Consumers are expected to continue alternating between online and in-store experiences throughout their shopping journey. It is key that marketers keep in mind the following strategies to see continued success with customer engagements:
- Strengthen your omni-channel strategy: this will be key for marketers and brands to deliver seamless offline to online experiences. Ultimately, to build customer loyalty and drive long-term growth by driving customer lifetime value.
- Develop meaningful promotions and ad messaging: While consumers remain price sensitive during this time, brands should prioritize connecting to the heart. For example, during observances like Ramadan, brands are encouraged to focus less on promoting the price, and more on the meaning of the season. This can play an important role in whether consumers notice or respond to the ad or not.
- Target the right audience or reconnect with consumers who have purchased in the past: By syncing CRM data, marketers should engage customers who previously have shopped with them, and provide them with personalized, relevant ads to compel purchases. Taking Ramadan as an example, shoppers are likely to be looking for things that help them observe Ramadan. Before Ramadan, purchases in groceries, décor, and home goods are expected to rise, while gift purchases could happen as the holiday progresses[4].
Methodology for Ramadan data
Criteo identified these trends through the analysis of over 557 million retail shopping transactions across desktop, smartphones, and tablets from 116 major advertisers in Malaysia and Indonesia.
Methodology for Travel data
Criteo identified these trends through the analysis of survey data from 11,161 respondents across 9 countries – Australia, France, Germany, Italy, Japan, South Korea, Spain, United Kingdom and United States as well as organic data from 815 Travel Players who partner with Criteo in over 20 countries, accounting for $1.6B annual bookings (220 million bookings in the US).
[1] Criteo data. Indexed Daily Sales, 2021 compared to average in the last 14 days of March 2021. Same set of retailers with stable sales tracking during the period of 2020 and 2021.
[2] Criteo took the baseline for data to be the last 14 days of March
[3] Refers to large retailers that sell across all categories
[4] Reference – Criteo’s 5 Things to Know About Ramadan Marketing Campaigns in 2020 https://www.criteo.com/blog/5-things-to-know-about-ramadan-marketing-campaigns-in-2020/
About Criteo:
Criteo (NASDAQ: CRTO) is the global technology company powering the world’s marketers with trusted and impactful advertising. 2,500 Criteo team members partner with over 20,000 customers and thousands of publishers around the globe to deliver effective advertising across all channels, by applying advanced machine learning to unparalleled data sets. Criteo empowers companies of all sizes with the technology they need to better know and serve their customers. For more information, please visit www.criteo.com.
#Criteo
High Five for Lanson Place in the 2021 Tripadvisor Travellers’ Choice Award
HONG KONG SAR – Media OutReach – 27 May 2021 – Lanson Place Personal Hotels and Residences (Lanson Place) is proud to announce that five of its hotels and serviced residences have been recognised as winners of 2021 Tripadvisor Traveller’s Choice Award. Lanson Place Causeway Bay, Hong Kong, was particularly recognised as Best of the Best Award Winner for being among the best in China based on exceptional traveller reviews.
2021 Best of the Best Award (for winners ranking among the top 1% listings on Tripadvisor):
- Lanson Place Causeway Bay, Hong Kong (2021 Top 25 Hotels in China)
2021 Traveller’s Choice Award (for winners ranking among the top 10% listings on Tripadvisor):
- Lanson Place Causeway Bay, Hong Kong
- Two MacDonnell Road, Hong Kong
- Lanson Place Waterfront Suites, Hong Kong
- Lanson Place Bukit Ceylon, Kuala Lumpur
- Lanson Place Winsland, Singapore
Travellers’ Choice Award (formerly Certificate of Excellence) recognises businesses that earn consistently great traveller reviews over the past 12 months on Tripadvisor, reflecting the top 10 % listings worldwide. Travellers’ Choice Best of the Best awards are the highest honour Tripadvisor bestows, and are the only travel industry awards based on millions of reviews and opinions from travellers around the world, These awards take into account the quality, quantity and recency of reviews and opinions submitted by travellers and celebrate businesses that consistently deliver superlative experiences to travellers around the globe thereby earning great traveller reviews on Tripadvisor over the last 12 months.
Mr. Michael Hobson, Chief Executive Officer of Lanson Place, said “We are thrilled to have received such great recognition. I am proud of the commitment and dedication our teams have shown in continuing to deliver exceptional guest experiences during such a challenging year.”
About Lanson Place Hospitality Management Limited
Lanson Place is a wholly owned subsidiary of Wing Tai Properties Limited (Wing Tai), a publicly listed company in Hong Kong (HKEx stock code: 369). Wing Tai currently manages 9 properties (in which Wing Tai has equity in three) under the Lanson Place brand, comprising luxury Personal Hotels and Residences in Hong Kong, Shanghai, Chengdu, Kuala Lumpur and Singapore, as well as two upcoming properties in Manila and Melbourne (to be opened in 2022 and 2023 respectively).
Lanson Place provides comfortable, personal sanctuaries for extended stay guests at central locations in major global cities. Infused by a family-like service tradition, Lanson Place creates warm and sheltered places with a club-like feel where communities form and bond. Guests can enjoy a home-away-from-home experience.
The Group aims to grow the Lanson Place brand across the Asia-Pacific region and continues to explore both investment and management opportunities in major gateway cities.
#LansonPlace
MSIG Launches Two New Critical Illness Products
Additional Options to Provide Better Choice, Accessibility and Affordability for Customers
KUALA LUMPUR, MALAYSIA – Media OutReach – 27 May 2021 – MSIG Insurance (Malaysia) Bhd (“MSIG Malaysia”) has launched two new critical illness insurance products. These are EZ Plus Critical Care which covers most prevalent critical illnesses; cancer, stroke, heart attack and kidney failure; and Cancer Care 365 which is focused specifically on cancers. Both of MSIG’s new critical illness products provide policyholders with a lump sum payment for any of the covered critical illnesses, at the early and/or critical stage of the illness.
While most Malaysians are familiar with conventional medical insurance products and plans (typically the ones which provide a medical card), critical illness insurance is designed to provide an extra blanket of financial protection in the unfortunate event of them being diagnosed with a critical illness.
MSIG is launching both products to provide very targeted, very affordable, critical illness insurance which can be accessed by more Malaysians. Consumer awareness of the costs of healthcare have risen recently and many people who may not previously have considered critical illness cover now understand the need to do so. Likewise, others, who may already have existing coverage, can see the value in extending or ‘topping up’ their critical illness coverage by adding MSIG’s affordable plans to provide additional financial protection for themselves and their families.
MSIG’s EZ Plus Critical Care product offers a lump sum payout of up to RM200,000 along with a variety of other benefits including recuperative, supplementary medicine and travel allowances if the policyholder is diagnosed with a covered illness. There is also an additional no claim bonus which provides a 10% per annum increase in the initial sum insured for every no-claim-year up to 5 years. To provide customers with greater flexibility and ensure affordability, EZ Plus Critical Care gives customers two options of plan with differing benefits and costs.
The Cancer Care 365 insurance product has been designed to specifically address the concerns of people worried about the risk of developing cancer. The product offers a lump sum payout of up to RM250,000, which can be increased by an additional 50% in the event of the policyholder developing a gender-related cancer. The product also provides other benefits which include payment of allowances for recuperation, supplementary medicine, purchase of mobile data and compensation for surviving parent(s) in the event of death as a result of a cancer. The Cancer Care product provides customers with three plan options which enables them to choose the level of coverage and cost which they are most comfortable with.
While conventional medical insurance covers the cost of treatment and medication when people are hospitalised, critical illness insurance can provide the extra financial support to enable people to get back on their feet quickly. The lump sum payout can help cover any big expenses such as additional nursing and therapy costs, which they may have incurred beyond their medical policy, as well as helping people cope with potential disruptions to their work and income. This can help minimise financial and lifestyle stress for both them and their loved ones, which can also contribute positively to their recovery.
Mr Chua Seck Guan, CEO of MSIG Malaysia, said, “As we all know, the cost of treating critical illnesses is getting more expensive every year and the impact that it makes on people’s lives is growing ever larger. Unfortunately, critical illness can affect any of us when we least expect it and are completely unprepared. As an insurer who cares, we want more Malaysians to have access to extra financial support which will give them the confidence they need to seek treatment earlier (which ensures a better chance of recovery) and also helps them cope with the unexpected changes in lifestyle that can arise from a critical illness.”
He continued, “These two new critical illness products were developed by MSIG with our policyholders in mind. We felt that there was some space in the market to provide Malaysians with better access and affordability when it comes to critical illness cover, particularly as there is more awareness of its importance right now. We wanted to create new products that encourage more Malaysians to protect themselves and take advantage of this type of additional coverage. Choosing the right product is not always easy, so we wanted to bring more affordable and flexible options to the Malaysian market.”
Interested parties can contact a MSIG Insurance Adviser or visit the following product pages on www.msig.com.my for more information.
- MSIG EZ Plus Critical Care – https://www.msig.com.my/personal-insurance/products/ez-plus-critical-care/
- MSIG Cancer Care 365 – https://www.msig.com.my/personal-insurance/products/cancer-care-365/.
About MSIG Insurance (Malaysia) Bhd
MSIG Insurance (Malaysia) Bhd (“MSIG Malaysia”) is a subsidiary of Mitsui Sumitomo Insurance Company, Limited and a member of MS&AD Insurance Group Holding, Inc. (MS&AD), one of the top ten** general insurers in the world.
With over 100 years of general insurance experience and a nationwide network of 20 branches in Malaysia, MSIG Malaysia is one of the leading general insurers in Fire, Engineering and Motor classes and No.1* in Marine Cargo, offering an extensive range of products and services for personal and business needs.
MSIG Malaysia’s expertise is well recognised through its receipt of many prestigious awards. These have included the 2020 Reader’s Digest Quality Service Award – Silver winner in the Car Insurance category. MSIG was recognized for having one of the highest levels of quality service, which reflects the effort that the company has put in to satisfy consumer’s demand for high service standards. The company was also awarded the 2018 “Outstanding Property and Casualty Insurer in Malaysia” award in the InsuranceAsia News Awards for Excellence. MSIG Malaysia was commended for leading the market with strong financial growth, investment in product innovation, enhanced digital capabilities in business and claims management systems and strong customer service proposition. Its commitment to customer service excellence through its efforts in enhancing the customer experience and industry leadership in Enterprise Risk Management also earned MSIG Malaysia the “General Insurance Company of the Year” at the Asia Insurance Industry Awards in 2015.
For more information on MSIG Malaysia, visit www.msig.com.my or facebook.com/MSIGmy.
*As of Dec 2020
**Fortune Global 500, 2019.
#MSIG
EDL to Focus on Customer Service, Dismiss Irresponsible Employees
Electricite du Laos has announced that it will place a greater focus on customer service, saying irresponsible employees will be dismissed.
Chubb Creates Consumer Lines Division in Asia Pacific; Appoints Glen Browne to New Leadership Role
SINGAPORE – Media OutReach – 27 May 2021 – Chubb today announced that it has appointed Glen Browne Division President, Consumer Lines, Asia Pacific with effect from 1 July 2021, in addition to his role as Deputy Regional President for Asia Pacific. In this newly created position, Mr. Browne will oversee the accident and health and personal lines businesses in the region. He will also have oversight for direct marketing, consumer partnerships and digital distribution for both the company’s general and life insurance divisions in Asia Pacific. Mr. Browne will continue to be based in Singapore and report to Paul McNamee, Chubb’s Regional President for Asia Pacific and he will work closely with Brad Bennett, Chubb Life’s Chief Operating Officer.
“The new Consumer Lines division will bring to bear the full breadth of Chubb’s capabilities to deliver the best customer product and service solutions in a seamless way, and agnostic to the product, channel and delivery method,” said Mr. McNamee. “This is a response to the evolving customer and growing partnership dynamics of our business, which will necessitate the sharing of data, technology and talent to deliver superior customer and partnership outcomes.”
Mr. Browne is a seasoned executive with over 25 years of industry experience. He joined the company, then known as ACE, in New Zealand in 2000 and has been promoted to roles of increasing responsibility over the course of his career, most recently to Deputy Regional President for Asia Pacific and Division President, Southeast Asia.
On this new role, Mr. McNamee said, “Glen has both breadth of experience across a number of our countries in General Management as well as depth of knowledge in the consumer space. He has the perfect blend of leadership and technical skills to steer the teams across the region to achieve our ambitious goals to grow our consumer business.”
About Chubb
Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 31,000 people worldwide.
Additional information can be found at: www.chubb.com.
#Chubb
Incomlend Provides USD2.5 million Invoice Financing Programme for India-based Apparel Manufacturer to Capture Revenue Opportunities
Quick Turnaround Factoring Facility to Safeguard the Manufacturer from Credit Risks Amid Pandemic-related Complications
SINGAPORE – Media OutReach – 27 May 2021 – Global invoice financing marketplace Incomlend today announced a USD2.5 million invoice financing programme for a leading Indian apparel manufacturer. The initiative will bolster the manufacturer’s production and exportation capabilities, safeguarding its vital revenue streams with customers, including fashion retailers across Europe, the USA and the Asia Pacific.
Based in Singapore and with offices in Europe, India, and Southeast Asia, Incomlend connects small and medium enterprises (SMEs) with communities of investors, enabling them to buy and sell individual invoices online.
The working capital solution provided by Incomlend will enable the apparel manufacturer, which operates eight manufacturing plants, to safeguard its financial health and maintain manufacturing operations to capture new revenue opportunities. It will al
The move came when the manufacturer received a request from one of its key customers in Europe to lengthen the payment terms from 75 days to 120 days to ease cash flow against a challenging setting where the pandemic impacted several branches.
The apparel manufacturer will now be able to cash in an invoice as early as three days following the shipment of products. The retailer (importer) will have the option of paying for the shipment’s invoice value up to 120 days later.
Since it started operations in 2016, Incomlend has financed over USD500 million in trades across 50 countries worldwide. As companies continue to navigate the disrupted and volatile business environment, competitive and alternative working capital such as the Incomlend Invoice Financing Programme will play a crucial role in helping companies maintain their financial health and business continuity. The programme will also provide companies with the capital to capture new opportunities as economies recover.
According to research by trade credit insurer Atradius, suppliers in India active in both domestic and foreign markets reported a significant increase in late payments in June 2020. An average of 66% of the total value of B2B invoices was overdue, up from 39% in June 2019. Furthermore, the research revealed that late payments in the textile industry in Asia impacted 64% of the total value of B2B invoices. Receiving cash for goods at an earlier time enables companies to maintain a healthy working capital to cover other aspects of their business, including operational expenses.
Incomlend CEO and Co-founder Morgan Terigi commented:
“From supply chain disruptions to the ongoing closure of physical stores, the apparel industry continues to navigate the impact of COVID-19. Businesses in the sector face increased financial challenges, from limited cash flow to credit risks. With our extensive experience working with apparel manufacturers and fashion retailers, we understand the pain points that exporters and importers face in today’s pandemic climate. We offer our Invoice Financing Programme, a working capital solution to meet evolving business requirements and ultimately, a win-win situation for both exporter and importer.”
For more information on Incomlend, please visit https://www.incomlend.com/.
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About Incomlend
Incomlend is a global invoice financing marketplace for businesses and private capital. Founded in 2016, the Singapore-based company has processed more than 2,300 transactions and provides invoice finance services in over 50 countries worldwide. As one of the first alternative cross-border trade finance platforms globally, Incomlend enables companies to finance their export invoices by selling them to institutional investors at a discount. For more information, visit www.incomlend.com.
#Incomlend
Emissary Capital and GrowthX Launch ASEAN’s First Go-to-Market Accelerator
KUALA LUMPUR, MALAYSIA – Media OutReach – 27 May 2021 – Emissary Capital, a boutique investment firm focusing on ASEAN, and GrowthX, a Silicon Valley-based venture capital fund and go-to-market accelerator, today announced their partnership to launch MXP Online – the GrowthX Go-to-Market Accelerator – across ASEAN.
MXP Online is a go-to-market accelerator program designed to give companies the processes and knowledge frameworks to accelerate their businesses/products towards effective market fit. This allows businesses to generate revenues and profits faster through products that are better suited to the markets they are addressing. This is a skillset often overlooked by most accelerator programs that tend to focus little on market-based curriculums. This is also a crucial skillset for businesses operating in the ASEAN region that is renowned for high levels of market fragmentation and where businesses may need to re-develop market fit multiple times across their regional expansion.
The program has been exclusively developed by the team at GrowthX, utilizing their unmatched industry experience and
“Emissary Capital is the perfect partner for GrowthX across the ASEAN region, as we both share the core belief that entrepreneurism can fuel the economy and create jobs when capital is combined with go-to-market expertise,” says Andrew Goldner, the CEO and a Founding Partner of GrowthX.
According to Erman Akinci, a founder of Emissary Capital, “Our partnership with GrowthX enables our founders to have an unfair advantage against most other founders around the region: That is a clearer path to customers, revenue and profit! And the ability to effectively replicate that process across multiple markets in ASEAN. As investors who are also on the inside, helping our founders go to market it also allows us to generate unique insights that help us make better, more informed investment decisions.”
Through their partnership, Emissary Capital entrepreneurs will have access to live coaching, on-demand training and interactive playbooks focused exclusively on helping them win customers, grow revenue and find product-market fit. “We are determined to drive the regional economy forward, and that means not only funding entrepreneurship, but also preparing founders to go to market with the same intent and training that they have been prepared to go to product,” says Mr. Akinci.
The accelerator program is also expected to benefit the investee companies of the Emissary Capital Growth Fund 1. L.P. The program will be deployed via a knowledge sharing program that will see top industry experts with deep knowledge coach and mentor the founders of the investee companies. The growth-stage fund is part of the RM1.2 billion Dana Penjana Nasional program, an initiative of the Government of Malaysia to bridge the funding gap by incentivizing private capital across the whole venture capital life cycle, facilitate the growth of innovative start-ups and accelerate Malaysia’s economic recovery.
Founders find product-market fit, and Emissary Capital identifies, qualifies and earns top investment opportunities. It’s a win-win for Malaysia and ASEAN!
Emissary Capital
Emissary Capital is a Malaysia based boutique investment firm focusing on ASEAN. The team is made up of current and ex-founders that have built sizable businesses across southeast Asia. The firm utilizes a time-zone based active-management strategy with a key focus on operational value adding. The firm was launched in late 2020 and currently operates a fund in partnership with Dana Penjana National program.
For more information, visit emissarycapital.com
GrowthX
GrowthX is a Silicon Valley-based venture capital fund run by operators with extensive go-to-market expertise. Founded in 2015, GrowthX has operated its Market Acceleration Program (MXP) exclusively for its portfolio companies since inception. In 2019, MXP Online was launched to enable global founders, and the organizations that support them, with that same go-to-market expertise in the form of a virtual accelerator that combines live coaching, on-demand training and interactive playbooks to deliver real results.
For more information, visit growthx.com
Dana Penjana Nasional
Dana Penjana Nasional is a matching fund-of-funds programme, which is part of the Short- Term Economic Recovery Plan (PENJANA) launched in June 2020. The Government of Malaysia will match up to RM600.0 million, on a 1:1 basis, funds raised by the VC fund managers from foreign and private local investors, with a target allocation of RM1.2 billion.
For more information, visit penjanakapital.com.my
#VentureCapitalFund #growthstagefund #Gotomarketaccelerator #acceleratorprograms #ASEANacceleratorprograms #Entrepreneurs #Entrepreneurship #Entrepreneurism #Startups #Startupfounders #Investors #privatecapital #investeecompanies #investmentopportunities #DanaPenjanaNasional #knowledgesharingprogram