Wednesday, April 11th, 2018
KUALA LUMPUR: According to the UPS Pulse of the Online Shopper Study, Asian online shoppers, amid a fiercely competitive retailer landscape, is driving increased demand for free shipping, expedited deliveries, and customer-centric return policies to be offered as standard.
Now in its sixth year, the global study commissioned by UPS evaluates consumer shopping habits and preferences from pre-purchase to post-delivery. The 2018 study was fielded in Q1, Q2 and Q3 2017 and is based on a comScore survey of more than 18,000 online shoppers worldwide. In Asia alone, the survey included 3,200 respondents.
Notably, only 57% of shoppers in Asia are satisfied with the online shopping experience, the lowest percentage compared to other regions surveyed, demonstrating the slow pace of change in addressing customer satisfaction.
Other areas of the retail experience that remain important year over year and influence purchase behavior include the importance of free, fast shipping, as well as free and easy return policies.
Unsurprisingly, nearly two-thirds of respondents in Asia indicated that free shipping is an important factor in the checkout process, with 46% of shoppers adding items to their cart to qualify for it. About half of Asia online shoppers have abandoned a cart due to no delivery date being given or delivery time being too long, with the average delivery wait leading to cart abandonment being 11 days.
Meanwhile, a convenient and transparent return policy increases sales and customer satisfaction, with 67% of shoppers in Asia indicating that free shipping on returns is important when selecting online retailers. Regrettably, this is an area where retailers in Asia must do more to improve their service as only 47% of shoppers are satisfied with the ease of making returns, even though only four in 10 have actually returned an online purchase in the past year. Furthermore, 79% of shoppers returned only 10% or less of their orders. Among these, 69% made new purchases when returning an online order in-store, and 67% bought new items when returning online, demonstrating a strong business case for offering a fuss-free return service.
The usage of smartphones has become even more prevalent amongst shoppers in Asia, with smartphone purchases becoming the norm as 77% of shoppers have placed orders on their phones (the highest percentage globally).
Asia shoppers also love their marketplaces with 98% having purchased from one, and more than a third saying they will use them even more in the next year. Better prices (64%) and free or discounted shipping (42%) are the top reasons for buying from a marketplace instead of direct from a retailer.
PETALING JAYA: Boustead Heavy Industries Corp Bhd (BHIC), which is eyeing to secure RM1 billion of jobs from the Royal Malaysian Navy (RMN) in the immediate term, remains focused on its prospects with the RMN given the slowdown in the commercial shipbuilding sector affected by the downturn in the oil and gas (O&G) industry.
BHIC and its associates currently has an order book of RM6.2 billion.
BHIC looks to continue capitalising on the prospects offered by the RMN’s 15 to five transformation programme, which should translate into the commissioning of new vessels and more maintenance, repair and overhaul works for BHIC’s shipyards. The 30-year programme, of which the first phase will span 2020-2030, will see the number of classes of ships reduced from 15 to five but the number of ships increase.
Chairman Tan Sri Lodin Wok Kamaruddin said it has taken several actions to insulate itself against the economic shortfalls of the declining price of the crude oil by focusing more on its business with the RMN.
“For the time being, we want to hold back from undertaking projects in the commercial sector and focus more on delivering to the RMN and build our expertise and efficiency so that when there is a turnaround in the O&G sector later on, then we’re more prepared to take on the challenges in meeting the requirements of that sector,” Lodin told a press conference after BHIC’s AGM here yesterday.
“We’re not totally giving up, but we’re filling the gaps and improving ourselves to become a cost effective builder. We’re not going to wait until the price go up. We have our hands full presently. We want to make sure we service the RMN first,” said Lodin.
However, he sees the possibility of a resurgence in the demand for service in the O&G sector with the current oil price now reaching US$70 a barrel.
PETALING JAYA: Public Bank Bhd has established a Basel III-Compliant Additional Tier 1 capital securities programme (AT1CS) of up to RM10 billion in nominal value.
In a filing with Bursa Malaysia today, it said the capital securities will have a perpetual tenure, and qualify as Additional Tier 1 capital for the computation of the regulatory capital of Public Bank and its group in accordance with the Capital Adequacy Framework (Capital Components) issued by Bank Negara Malaysia.
Public Bank obtained approval from the central bank on March 7, 2018 for the establishment of the AT1CS programme. It said RAM Rating Services Bhd has assigned a rating of ‘AA3’ to the capital securities programme.
On Bursa Malaysia today, Public Bank was flat at RM23.96 with 4.3 million shares traded.
KUALA LUMPUR, April 11 — Public Bank Bhd (PBB) has proposed to establish an additional Tier 1 capital securities (AT1CS) programme of up to RM10 billion in nominal value. In a filing with Bursa Malaysia today, PBB said Public Investment Bank…
PETALING JAYA: Cypark Resources Bhd’s(CRB) wholly owned subsidiary Cypark RE Store Sdn Bhd, is partnering with 21st Century Clean Energy GmbH & CoKG, to cooperate for energy storage projects and to jointly expand their business opportunities in the area of renewable energy in Malaysia.
21st Century Clean Energy GmbH & CoKG, is an authorised commercial battery storage systems, TESVOLT, agent for Malaysia.
The group said in a stock exchange filing that Memorandum of Understanding(MoU) signed between the two parties will enable the partners to –encourage and promote technical cooperation, develop business promotion and marketing strategy to potential customers for battery energy Storage projects in Malaysia and jointly explore relevant business opportunities for vertical and horizontal market expansion.
In addition to that it will pave way for the partners to collaborate in feasibility study to set up renewable energy facilities, development of battery energy storage projects and provision of operation and maintenance services.
The MOU will remain effective for a period of two years.
CRB's shares gained 1.65% to close at RM2.47 with some 89,000 shares done.
KUALA LUMPUR, April 11 — Boustead Heavy Industries Corp Bhd (BHIC) announced today it has secured a RM6 billion order book this year for its shipbuilding maintenance, repair and overhaul portfolio. Its Managing Director Tan Sri Ahmad Ramli…
PHNOM PENH, April 11 — Cambodia’s economy is forecast to grow 7 per cent this year and next despite uncertainties from its national elections, the Asian Development Bank (ADB) said today. The economy is estimated to expand 7 per cent in…