Happy Chinese New Year
As the Lunar New Year approaches on the 12th of February and lasts 15 days, this year of the Ox holds prosperity for many celebrating. With the impact of the pandemic, many businesses have seen a surge in e-commerce sales due to many places not operating their physical stores.
This new year is the year of the Ox which signifies diligence, strength and resilience. These three traits have been portrayed by many this past year with the turmoil of the pandemic, however with a very bright 2021 ahead of us we are able to plan for an incredibly prosperous new year ahead. With over 1.5 billion people globally celebrating Chinese New Year, ecommerce businesses have a massive opportunity to drive sales.
An age old tradition of Chinese New Year is the giving and receiving of red packets or Hong Bao as they are natively known as. The red packets are handed out as tokens of good luck and fortune for the year ahead and seen as blessings. However, this year an alternative take on the tradition has emerged, E Hong Bao’s have been innovated to produce a covid secure way of sending money to loved ones across the globe.
The adoption of digital payments in Southeast Asia is expected to cross US $1 trillion in transactions by 2025. Singapore-based bank DBS offered a QR code e-ang bao service in 2019 which generated US $1.1million loaded in e-gift card revenue during the festive period Coupled with the huge market potential, banks, payment and e-wallet providers be ready to capitalize on this new monetization stream and offer e-ang bao services.
With hope and prosperity being the key themes of this New Year, the outlook for the future of the new year certainly looks promising. After a tough 2020, businesses and the industry will return better than ever this year. We all can learn something from the Ox and take on that powerful persona when it comes to building a better business for the future.