As a means of enhancing the shopping experience for foreign visitors, Lacoste is implementing the Alibaba's Alipay system on Verifone mobile POS systems in select store locations.
It is estimated that about three million Chinese tourists visit the United States each year and in 2016 alone, spent $33 billion, which is a 9% increase from the previous year according to the Department of Commerce. Since currency and language can both be barriers to successful retail transactions, Lacoste's adoption of Alipay helps to simplify and streamline its services with a system that should already be familiar to the tourists.
Anywhere inside of the store—not just at a designated point of purchase—a Verifone mobile POS system may be used with an Alipay QR code.
What Makes This Trend Stand Out
- Tourist-targeted Payment Platforms
- Lacoste's use of Alipay system presents an opportunity to cater to the growing market of Chinese tourists by providing a convenient and familiar payment option.
- Simplifying Retail Transactions
- The adoption of Alipay by Lacoste streamlines the shopping experience for foreign visitors, eliminating barriers such as currency and language while providing a seamless payment solution.
- Integration of Mobile POS Systems
- The implementation of the Verifone mobile POS system with Alipay QR code expands the usage of mobile payments beyond designated points of purchase, improving convenience and flexibility for customers.
Sectors Adopting This
- Fashion Retail
- The fashion retail industry has the opportunity to attract and retain Chinese tourists by adopting tourist-targeted payment platforms like Alipay, enhancing their overall shopping experience.
- Hospitality and Tourism
- The hospitality and tourism industry can benefit from the integration of mobile POS systems and payment platforms like Alipay to provide seamless payment experiences to foreign travelers, improving customer satisfaction and loyalty.
- Fintech
- The fintech industry has the potential to disrupt traditional payment systems by developing and implementing innovative solutions, such as tourist-targeted payment platforms, to cater to the specific needs of foreign visitors.
