How to get ready for the Paris Olympics: Accept 16+ Asia-Pacific e-wallets at once
The advent of major sports events often brings substantial economic opportunities to both physical and online stores. With the 2024 Paris Olympics on the horizon, it's crucial for businesses to understand the potential impacts and prepare accordingly. This article explores how significant events affect consumer behavior and sales, and details how merchants can enhance their payment systems to maximize benefits from such events.
The commercial impact of major events
Tourist numbers and consumer behavior
Historical data consistently highlights the significant influence of major sports events on tourism and consumer behavior. The 2012 London Olympics is a prime example, with the influx of visitors not only boosting retail but also positively impacting the hospitality and entertainment sectors. Restaurants, hotels, and cultural sites saw increased patronage, reflecting a broader change in spending patterns.
Additionally, in total over the period, 15.46 million international tourists visited the destination, marking a 1.1% increase compared to 2011. Two-thirds of the visitors came from European countries, with notable dynamism observed in countries such as Denmark, Iceland, Norway, and Sweden. Furthermore, tourists in 2012 not only numbered more but also spent more. The capital registered 10.08 billion in tourism revenue over the period, representing a 7% increase from the previous year. This growth was particularly pronounced during the third quarter, coinciding with the traditional vacation period and the hosting of the Olympic Games.
Similarly, during the 2008 Beijing Olympics, China welcomed over 6 million overseas visitors, which was a substantial increase from previous years. These events shift the typical consumer market dynamics, introducing a diverse array of international visitors with different spending habits and preferences.
Sales volume and economic benefits
Sales volume and economic benefits from major sporting events can be substantial and far-reaching. Take the Rio 2016 Olympics for instance, the event generated about $2 billion in additional sales for local businesses across various sectors.
These figures extend beyond retail sales, encompassing services, food and beverage, and tourism-related activities. Moreover, the Olympics helped Brazil achieve record-high tourism numbers in 2016. Over the past 12 months, Brazil welcomed a total of 6.6 million foreign tourists, marking a 4.8% increase from the previous year. The tourism industry's total revenue in 2016 amounted to $6.2 billion, reflecting a 6.2% growth from the previous year.
This demonstrates the profound impact that major sporting events can have on both the local economy and the tourism sector, creating opportunities for economic growth and development.
Long-term and short-term impacts
Short-term benefits from major sporting events typically include immediate spikes in sales and increased global visibility. For instance, during the 2014 Winter Olympics in Sochi, Russia experienced a short-term boost in sales, particularly in sporting goods and souvenirs.
On the other hand, long-term impacts involve sustained increases in tourism and the enhancement of a city's global reputation. A notable example is Sydney's 2000 Olympics, where the city witnessed continued growth in tourist numbers for years after the games, largely attributed to the improved infrastructure and worldwide exposure it received.
Specific impacts anticipated for the 2024 Paris Olympics
Expected a huge tourist influx
The 2024 Paris Olympics are set to be a significant catalyst for tourist activity in France, with projections suggesting that the event could draw over one million visitors from around the world, including athletes, fans, and general tourists. This substantial number reflects the global appeal and scale of the Olympics, marking it as a major event in the international sports calendar. The massive influx of international visitors will not only fill the stadiums but also the streets, shops, restaurants, and cultural sites of Paris, providing a significant boost to the local economy and various sectors .
Target consumer groups
The primary consumer demographic during the 2024 Paris Olympics will be notably diverse, comprising visitors from a myriad of backgrounds and nations. This diversity highlights the necessity for local businesses to adapt their services to meet a broad spectrum of needs and preferences. Particularly in payment solutions, where accommodating the preferred transaction methods of a global audience will be critical.
The event will likely see increased usage of digital payments, including credit cards, mobile wallets, and app-based solutions, aligning with the growing trend towards cashless transactions worldwide .
This expected variety of consumers underscores the importance for vendors, retailers, and service providers in Paris to prepare well in advance of the Olympics. By integrating flexible payment systems that can handle various international payment methods, businesses can ensure smooth, efficient service that enhances the visitor experience and capitalizes on the increased foot traffic . Such preparations are essential not only for direct sales but also for building lasting impressions that could translate into long-term customer relationships and brand loyalty.
The Importance of diverse payment solutions
Offering a wide range of payment options is crucial for businesses, especially during large events such as the Olympics, to maximize the influx of international and diverse local foot traffic. Research supports the idea that diverse payment solutions can significantly reduce cart abandonment and enhance customer satisfaction, potentially improving conversion rates by up to 35% by tailoring the checkout experience to various consumer preferences.
International payment acceptance: It's vital for merchants to support widely used international payment methods such as Visa, MasterCard, and American Express, along with popular mobile payments like Alipay and WeChat Pay. This ensures that international visitors can pay using their preferred and familiar methods, reducing friction and enhancing their buying experience.
Local payment integration: Recognizing and integrating local payment methods preferred by specific visitor demographics can also significantly boost sales. For example, visitors from Southeast Asia might prefer using local e-wallets like GrabPay or DANA. Catering to these specific preferences can make transactions smoother and encourage more spending.
Enhancing customer payment experience: Implementing self-service payment options, such as Silkpay’s printed QR code solution, can expedite payments and reduce queues. This approach not only improves the customer experience by offering convenience but also meets the heightened demand efficiently during peak event times.
How Silkpay facilitates merchant preparation
Silkpay offers comprehensive online and in-store payment solutions that are critical for accommodating the surge in customers during the Olympics. Among these solutions, we focus on the POS terminal solution. This solution integrates Alipay+, which accepts over 16 popular e-wallets from the Asia-Pacific region, including Kakao Pay, Naver Pay, Toss Pay (South Korea), Alipay (China), ezlink, GrabPay (Singapore), Billease, Maya, GCash (The Philippines), LINE PAY, True Money (Thailand), Dana, DOKU (Indonesia), Boost, Touch n Go (Malaysia), Alipay HK (Hong Kong), and MPay (Macao). Additionally, Silkpay provides PayByLink, Mobile POS, printed QR codes, and payment plugins, supporting over 30 global payment methods.
Conclusion
The Paris 2024 Olympics present a unique opportunity for merchants to leverage increased global exposure and consumer spending. By adopting advanced payment solutions like those offered by Silkpay, businesses can ensure they are well-equipped to meet the diverse needs of international visitors and maximize their commercial potential during and after the event. Act now to upgrade your payment systems with Silkpay and capture the immense opportunities presented by one of the world's most significant sporting events.
https://hospitality-on.com/en/tourisme/london-tourism-boosted-olympics
https://olympics.com/ioc/news/olympic-games-rio-2016-economic-legacy
https://www.pointcheckout.com/en/blog/jj24rk/how-can-diverse-payment-options-benefit-customers-and
Photo byGigin Krishnan onUnsplash
About the author: Silkpay
Based in Paris, Silkpay provides omnichannel and secure payment solutions to help physical stores and e-commerce in Europe accept more than 30 of the world's most popular payment methods: Visa, Mastercard, CB, UnionPay, Alipay+, WeChat Pay as well as Asia-Pacific’s major e-wallets.
Silkpay is a winner of the LVMH Innovation Award. The company was also selected as a finalist for the "Money 20/20" Best Startup and in the "MPE Berlin” Startup Awards. Silkpay also won the "Best Fintech" awards from Capgemini and BPCE.
Silkpay helps merchants deliver the smoothest payment experience to their customers. We are a talented and international team driven by a single goal: to improve the customer experience and make payments simple and secure.