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The platform effect: Rise of the marketplace economy in Asia Pacific

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Multi-sided marketplaces, which facilitate transactions between third-party buyers and sellers, are changing the way we search, shop and live online.

This study, conducted online by Nielsen in January 2018, shows that marketplaces are fundamentally changing the internet economy, driving the next wave of online growth, especially in Asia Pacific.

Published in: Technology
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The platform effect: Rise of the marketplace economy in Asia Pacific

  1. 1. The platform effect: Rise of the marketplace economy in Asia Pacific
  2. 2. This study was conducted online by Nielsen in January 2018 among 1,000+ adults, 18 and older, in the United States; and among 500+ adults, 18 and older, in Australia, France, Germany, Hong Kong, Japan, Netherlands, Singapore, and the U.K. Where applicable, local examples of ride-sharing platforms, food-delivery services, e-commerce, and other multi-sided marketplaces were used in individual country surveys. Research Background
  3. 3. Multi-sided marketplaces, which facilitate transactions between third-party buyers and sellers, are fundamentally changing the way we search, shop and live online. On average, internet users in the region not only spend more time online, but also use the internet more intensely than their peers around the world, with 38% spending 20 hours or more on the internet per week, above the global average of 34%. They also shop just as much, with 8 in 10 buying something online in the last month. Marketplaces are transforming consumer life in Asia Pacific.
  4. 4. Do you spend more than 20+ hours a week online? 34% 38% 42% 43% 30% 38% 21% 33% 0% 50% 100% Global APAC SG JPAU HK US UK Answered ‘Yes’ to spending 20+ hours online 81% 80% 77% 75% 78% 89% 76% 87% 0% 50% 100% Global APAC SG JPAU HK US UK Have you bought something online in the last month? Answered ‘Yes’ 81% 80% 0% 50% 100% 34% 38% 0% 50% 100%
  5. 5. Consumers today are far more likely to make a purchase on a marketplace, whether they realize it or not. In Asia Pacific, 77% said that marketplaces help them find products, service, and offers they otherwise wouldn’t find. This figure is even higher in markets like Singapore and Hong Kong, where more than 80% report the same. Six in 10 now spend more money on online marketplaces. And well over half say that they like using marketplaces for everything from transportation to hotels and food. The way consumers in Asia Pacific shop has also changed.
  6. 6. Marketplaces help me find products, services, and offers I wouldn't otherwise find. (Yes/No) 74% 77% 84% 71% 81% 70% 76% 77% 0% 50% 100% Global APAC SG JPAU HK US UK Answered ‘Yes’ 74% 77% 0% 50% 100%
  7. 7. Nowadays, I spend more money on online marketplaces than elsewhere. (Yes/No) 56% 60% 67% 51% 56% 65% 56% 56% 0% 50% 100% Global APAC SG JPAU HK US UK Answered ‘Yes’ 56% 60% 0% 50% 100%
  8. 8. I like using online marketplaces for transportation, hospitality and food delivery/subscription vs. going to taxis, hotels, restaurants directly. (Yes/No) 44% 58% 73% 50% 71% 39% 39% 34% 0% 50% 100% Answered ‘Yes’ Global APAC SG JPAU HK US UK 44% 58% 0% 50% 100%
  9. 9. The most popular marketplaces among consumers in the region are ecommerce, hotels and hospitality, food delivery, restaurant reservation and ride-sharing platforms, a trend that’s consistent globally. Ecommerce marketplaces are the most popular in the region — more than half have used an ecommerce marketplace to either buy or sell something in the past year. This figure is even higher in Singapore and Australia, at 77% and 64%, respectively. In Hong Kong, hotel and hospitality marketplaces came up tops — nearly half have used a hotel or hospitality marketplace in the past year. Asia Pacific consumers enjoy a wide variety of marketplace categories.
  10. 10. 60% 52% 77% 64% 13% 55% 61% 68% 0% 50% 100% Global APAC SG JPAU HK US UK Answered ‘Yes’ Global APAC SG JPAU HK US UK Answered ‘Yes’ I have used an ecommerce marketplace in the last year. (Yes/No) I have used a hotel/hospitality marketplace in the last year. (Yes/No) 33% 38% 46% 31% 48% 27% 24% 25% 0% 50% 100% 33% 38% 0% 50% 100% 60% 52% 0% 50% 100%
  11. 11. Food delivery and ride-sharing platforms came in second after ecommerce platforms in Singapore, with more than half using these marketplaces in the past year. Restaurant reservation platforms came in second in Hong Kong, with just over a third using them to make reservations in the past year, while nearly a quarter in Australia and Hong Kong used a ride-sharing service. Restaurants and ride-sharing rule among Asia Pacific consumers.
  12. 12. I have used a food delivery marketplace in the last year. (Yes/No) 21% 26% 52% 24% 17% 10% 11% 20% 0% 50% 100% Global APAC SG JPAU HK US UK Answered ‘Yes’ 21% 26% 0% 50% 100%
  13. 13. I have used a restaurant reservation marketplace in the last year. (Yes/No) 15% 22% 21% 12% 36% 20% 13% 9%0% 50% 100% Global APAC SG JPAU HK US UK Answered ‘Yes’ 15% 22% 0% 50% 100%
  14. 14. I have used a ride-sharing marketplace in the last year. (Yes/No) 17% 25% 52% 23% 22% 1% 17% 11%0% 50% 100% Global APAC SG JPAU HK US UK Answered ‘Yes’ 17% 25% 0% 50% 100%
  15. 15. Marketplaces are for buyers and sellers. While, marketplaces were most often used for purchase, a number of people who used these marketplaces also sold items or services through the same marketplaces.
  16. 16. A P E R S O N A L C H O R E S M A R K E T P L A C E Answered ‘Yes’ Answered ‘Yes’ A N E C O M M E R C E M A R K E T P L A C E I have used this marketplace to both purchase a product/service and to sell a product/service in the past year. (Yes/No) 18% 16% 0% 25% 50% 15% 18% 0% 25% 50% Global APAC Global APAC
  17. 17. A R I D E - S H A R I N G M A R K E T P L A C E Answered ‘Yes’ Answered ‘Yes’ A F O O D D E L I V E R Y M A R K E T P L A C E I have used this marketplace to both purchase a product/service and to sell a product/service in the past year. (Yes/No) 7% 8% 0% 25% 50% 7% 6% 0% 25% 50% Global APAC Global APAC
  18. 18. Answered ‘Yes’ A H O T E L / H O S P I T A L I T Y M A R K E T P L A C E I have used this marketplace to both purchase a product/service and to sell a product/service in the past year. (Yes/No) 5% 5% 0% 25% 50% Global APAC
  19. 19. People using marketplaces in-region are accessing via smartphones.
  20. 20. R I D E S H A R I N G 79% 86% 90% 85% 79% 44% 81% 67% 0% 50% 100% 60% 66% 72% 61% 76% 28% 65% 60% 0% 50% 100% Global APAC SG JPAU HK US UK Global APAC SG JPAU HK US UK Answered ‘Yes’ Answered ‘Yes’ F O O D D E L I V E R Y How often do you use each of the following on your mobile phone, versus other devices. (Yes/No) 79% 86% 0% 50% 100% 60% 66% 0% 50% 100%
  21. 21. 53% 59% 64% 37% 73% 38% 48% 48% 0% 50% 100% 42% 42% 32% 54% 53% 27% 40% 47% 0% 50% 100% Answered ‘Yes’ Answered ‘Yes’ C R O W D F U N D I N G P L A T F O R M SR E S T A U R A N T R E S E R V A T I O N S How often do you use each of the following on your mobile phone, versus other devices. (Yes/No) Global APAC SG JPAU HK US UK Global APAC SG JPAU HK US UK 53% 59% 0% 50% 100% 42% 42% 0% 50% 100%
  22. 22. 30% 35% 44% 27% 40% 21% 38% 30% 0% 50% 100% 55% 26% 49% 26% 31% 30% 0% 50% 100% Answered ‘Yes’ Answered ‘Yes’ E C O M M E R C E M A R K E T P L A C E H O T E L / H O S P I T A L I T Y How often do you use each of the following on your mobile phone, versus other devices. (Yes/No) Global APAC SG JPAU HK US UK Global APAC SG JPAU HK US UK 30% 35% 0% 50% 100% 28% 38% 0% 50% 100%
  23. 23. For many, a big part of the experience came down to having fast, secure, and frictionless payments experiences. Seven in 10 consumers in Hong Kong, more than 6 in 10 in Singapore and 5 in 10 in Australia will abandon a purchase if it takes too long to enter payment information. About 7 in 10 in the region also said that not having to enter credit card information would be an important feature in their preferred marketplaces. And over 90% want to know their details are safe. Fast, secure and frictionless payments are key.
  24. 24. 51% 57% 65% 50% 71% 43% 42% 47% 0% 50% 100% Global APAC SG JPAU HK US UK Answered ‘Yes’ Global APAC SG JPAU HK US UK Answered ‘Yes’ I will leave a website or app without purchasing anything if it takes too long to enter payment information. (Yes/No) I will leave without purchasing anything if website or app doesn’t remember my credit card.(Yes/No) 26% 29% 24% 22% 37% 33% 22% 20% 0% 50% 100% 26% 29% 0% 50% 100% 51% 57% 0% 50% 100%
  25. 25. 67% 72% 73% 70% 73% 72% 66% 64% 0% 50% 100% Global APAC SG JPAU HK US UK Answered ‘Yes’ Global APAC SG JPAU HK US UK Answered ‘Yes’ Not having to enter credit card information each time I make purchase/use an online marketplace is important. (Yes/No) Knowing my contact details are safe in the app/service is important (Yes/No). 94% 93% 96% 97% 94% 84% 94% 96% 50% 100% 94% 93% 0% 50% 100% 67% 72% 0% 50% 100%
  26. 26. While credit cards remained the most popular payment methods, more than a quarter in APAC — and more than a third globally — said they preferred digital wallets and payment methods like Apple Pay, Alipay, and Android Pay. Notably, more than a third in APAC also said they would be more likely to visit a website or app if it offered more alternative payment methods, a preference that rises markedly amongst millennials. It’s not just about credit cards anymore.
  27. 27. What is your preferred way to pay for online purchases? SURVEY QUESTION
  28. 28. CREDIT CARD 39% 52% 51% 29% 56% 72% 49% 34% 0% 50% 100% Global APAC SG JPAU HK US UK Answered ‘Yes’ 39% 52% 0% 50% 100%
  29. 29. DIGITAL WALLETS AND REGIONAL PAYMENT METHODS 35% 26% 18% 48% 34% 4% 14% 27% 0% 50% 100% Global APAC SG JPAU HK US UK Answered ‘Yes’ 35% 26% 0% 50% 100%
  30. 30. DEBIT CARD 18% 14% 27% 19% 4% 7% 29% 34% 0% 50% 100% Answered ‘Yes’ 18% 14% 0% 50% 100% Global APAC SG JPAU HK US UK
  31. 31. Would you be more likely to visit a website or app if it offered the following? SURVEY QUESTION
  32. 32. REGIONAL PAYMENT METHODS 35% 34% 42% 37% 47% 11% 14% 40% 39% 39% 37% 53% 20% 27% 0% 50% 100% Global APAC SG JPAU HK UK Millennials 0% 50% 100%
  33. 33. DIGITAL WALLETS 28% 34% 42% 30% 42% 20% 28% 30% 38% 42% 40% 43% 54% 27% 41% 43% 0% 50% 100% Global APAC SG JPAU HK US Millennials UK 28% 34% 42% 30% 42% 20% 28% 30% 38% 42% 40% 43% 54% 27% 41% 43% 0% 50% 100% 0% 50% 100%
  34. 34. CRYPTOCURRENCIES 10% 11% 11% 13% 13% 8% 13% 14% 17% 17% 10% 26% 15% 18% 22% 28% 0% 50% 100% Global APAC SG JPAU HK US Millennials UK 0% 50% 100%
  35. 35. Other key features include: RESEARCH DATA
  36. 36. 94% 94% 97% 96% 94% 87% 95% 95% 50% 100% 93% 94% 97% 96% 95% 89% 91% 91% 50% 100% Answered ‘Yes’ Answered ‘Yes’ Global APAC SG JPAU HK US UK Global APAC SG JPAU HK US UK Knowing I’ll be able to find things quickly is important. (Yes/No) Being able to track/cancel orders is important. (Yes/No) 94% 94% 0% 50% 100% 93% 94% 0% 50% 100%
  37. 37. 89% 90% 89% 97% 89% 93% 78% 90% 86% 0% 50% 100% 76% 83% 86% 80% 87% 79% 77% 71% 0% 50% 100% Answered ‘Yes’ Answered ‘Yes’ Global APAC SG JPAU HK US UK Global APAC SG JPAU HK US UK Being able to discover new products/services is important. (Yes/No) Being able to easily input coupons or discounts at checkout is important. (Yes/No) Asia 89% 90% 0% 50% 100% 76% 83% 0% 50% 100%
  38. 38. 79% 82% 90% 75% 85% 79% 73% 63% 0% 50% 100% Answered ‘Yes’ Global APAC SG JPAU HK US UK Being able to match me to specific products/services/merchants is important. (Yes/No) 79% 82% 0% 50% 100%
  39. 39. Nearly 80% in Asia Pacific believe marketplaces are beneficial to the economy. Of those, most said that marketplaces are giving consumers more choice (76%), increasing competition between businesses (50%), helping small businesses reach more consumers (52%). Many also said that marketplaces are providing more flexibility for part-time workers (39%) and boosting employment (37%). Marketplaces are transforming the Asia Pacific economy.
  40. 40. I believe marketplaces are beneficial to the economy. (Yes/No) 73% 78% 84% 87% 71% 70% 78% 73% 0% 50% 100% Global APAC SG JPAU HK US UK Answered ‘Yes’ 73% 78% 0% 50% 100%
  41. 41. For which of the following reasons do you believe online marketplaces are beneficial to the economy? SURVEY QUESTION
  42. 42. GIVE CONSUMERS MORE OPTIONS 72% 76% 83% 71% 75% 74% 74% 64% 0% 50% 100% Global APAC SG JPAU HK US UK Answered ‘Yes’ 72% 76% 0% 50% 100%
  43. 43. HELP SMALLER BUSINESSES REACH MORE CONSUMERS 48% 52% 60% 52% 49% 45% 51% 50% 0% 50% 100% Global APAC SG JPAU HK US UK Answered ‘Yes’ 48% 52% 0% 50% 100%
  44. 44. INCREASE COMPETITION BETWEEN BUSINESSES 49% 50% 60% 58% 43% 36% 51% 48% 0% 50% 100% Global APAC SG JPAU HK US UK Answered ‘Yes’ 49% 50% 0% 50% 100%
  45. 45. PROVIDE MORE FLEXIBILITY TO PART-TIME WORKERS 33% 39% 49% 41% 42% 23% 39% 27% 0% 50% 100% Global APAC SG JPAU HK US UK Answered ‘Yes’ 33% 39% 0% 50% 100%
  46. 46. HELP CREATE MORE JOBS 33% 37% 46% 36% 45% 18% 38% 26% 0% 50% 100% Global SG HKAU JP UK Answered ‘Yes’ US 33% 37% 0% 50% 100% APAC
  47. 47. This is a significant step in the evolution of online commerce. Though the internet economy has grown from under US$1 billion a year in 1995 to US$1.5 trillion today, only 3% of global GDP is online today1. This, in part, has been because much of the internet economy’s growth over the past 25 years has been driven by the growth of advertising online — an activity which has limited economic impact, typically accounting for half or one percent of a country’s GDP.
  48. 48. Now, however, we’re seeing the real transformative impact of the internet as it evolves from advertising platforms to commercial platforms, or multi-sided marketplaces, enabling the creation of new commercial experiences that cannot exist in the offline world. Marketplaces are not just changing the way we travel, shop, commute, they are fundamentally changing the internet economy, driving the next wave of online growth, especially in Asia Pacific.

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