Chanel latest to adopt FOMO Pay’s payment solutions
A brand consistently associated with high culture, the name ‘Chanel’ evokes perfumed scents and is redolent of a 1920s Paris, where plumed hats and sailor blouses were the fashion of its day. Chanel was founded in 1909 by Gabrielle ‘Coco’ Chanel, out of a Parisian flat belonging to a socialite and textile businessman. Before long, Chanel was challenging the social norms of the times with artisanal pieces such as the Chanel suit, described as having a modern and feminine appearance.
These days, Chanel carries a wide range of products including clothing apparels, fragrance, makeup, jewelry and luxury watches. The Chanel fashion show is also one of the most glamorous events in the fashion industry, attracting top supermodels from all over the world.
Ever since Chanel first entered the Chinese market in 1998, it has seen its popularity skyrocket amongst Chinese consumers. In recent years, the venerated brand has also adapted to massive changes in the advertising industry, using WeChat campaigns to capture the attention of the Chinese. By using a subscription account, Chanel posts content frequently and has been able to build mini-sites to offer followers product information, brand history, fashion tests, events, make-up tips and company news, in the form of both text-based articles and video content. Through its efforts, Chanel has been ranked third on the list of brand equity in China, beating out staunch competition from renowned brands such as Bvlgari and Gucci. As expected, Chanel stores in China accept WeChat Pay and Alipay, allowing it to lock in a significant portion of the luxury market share.
In order to target the growing number of mainland Chinese tourists traveling to Singapore, Chanel has decided to adopt both WeChat Pay and Alipay. For both Chanel and her customers, being able to pay using WeChat Pay and Alipay is useful for several reasons:
Firstly, there is no need to incur heavy credit card fees when purchasing Chanel’s products, especially pertinent because their products invariably occupy the high-end range. Secondly, amounts exceeding SGD 20,000 have to be declared at the Singapore Customs. Tourists who bring in that amount, or more, have to go through the hassle of declaring to the officials. With WeChat Pay and Alipay, there is no longer a need to do that. Thirdly, WeChat Pay and Alipay offer an unparalleled shopping experience when it comes to ease and security. Transactions are completed and verified nearly instantaneously. For tourists, the convenience of mobile payment adds to a blissful holiday experience. For retailers like Chanel, this is especially important due to the difficulty of tracking down a perpetrator of credit card fraud when the tourist has already left Singapore.
As Chanel transits into the world of mobile payments in Singapore, we are confident that she will be able to lock in a significant portion of tourism spending. Given that Singapore remains a preferred travel destination for many Chinese travelers, this could spell boom times for Chanel.
About FOMO Pay
FOMO Pay is an authorized partner of WeChat Pay, Alipay, UnionPay, Baidu Wallet & BestPay in Southeast Asia, and was selected as one of the Top 100 Asian Companies by e27, Top 100 Startups by Red Herring Asia, and Top 8 by DBS’ FinTech Accelerator Program, Top Fintech Startups in Singapore by Fintech Asia. FOMO Pay provides a one-stop solution for local merchants by facilitating payment collection from China market, including Chinese tourists. This comprises of online payment and in-store payment modes. FOMO Pay’s business solution serves clients from a wide range of industries, including the telecom, publishing, tourism and hospitality, F&B, education and retail industries.
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