Empowering SMEs with the Right Data to Boost Revenue: The NETS Initiative

NETS Empowers SMEs with Data Insights to Drive Revenue Growth

NETS, with its vast network of approximately 10 million cards and 130,000 payment touchpoints across Singapore, remains steadfast in its mission to connect communities and enhance lives amid the ever-evolving landscape of the payments industry.

Lawrence Chan, CEO of Network for Electronic Transfers (Singapore) Pte Ltd. (NETS), shared insights during an exclusive interview with Asian Banking & Finance at the Singapore Fintech Festival 2023, held from November 15th to 17th.

One key focus for NETS is supporting small and medium enterprises (SMEs) in Singapore to boost their revenue.

Chan emphasized that NETS assists SMEs by providing access to crucial data. Leveraging their extensive payment network, comprising millions of cards and numerous payment touchpoints, NETS enables SMEs to gain insights into customer behavior and preferences.

“For example, we may not know them by name, but based on their spending patterns, we can identify them as millennials or determine if they own a car.

Understanding customer profiles allows us to help merchants identify their customer base and evaluate their performance against industry benchmarks,” explained Chan.

Understanding the Payment and Technology Needs of Small Businesses in Singapore

Small businesses in Singapore have distinct requirements when it comes to payments and technology.

According to a recent survey conducted by the Singapore Business Federation, the top two needs identified by SMEs are revenue increase and cost reduction. Surprisingly, digitalization of the business ranked lowest in the survey.

This underscores a crucial point: digitalization should serve a purpose beyond its own implementation. Its primary goal should be to impact the business positively.

The fundamental needs of SMEs, such as generating revenue and cutting costs, remain unchanged over time.

Despite the availability of digital assets, the overarching goal for SMEs in Singapore is to ensure the sustainability of their business operations while simultaneously increasing revenue and reducing expenses.

Exploring NETS’ Latest Technological Solutions for Merchants

Over the past year, NETS has been at the forefront of rolling out innovative tech solutions aimed at empowering merchants and driving revenue growth.

Leveraging its significant presence in Singapore, NETS has focused on addressing the key challenges faced by merchants, particularly in terms of revenue enhancement.

For many face-to-face merchants, a major hurdle to revenue growth lies in their limited understanding of their customer base. NETS recognized this challenge and sought to provide a solution.

While smaller merchants may be able to personally interact with each customer, larger establishments with multiple locations struggle to maintain such personal connections. Encouraging customers to download and register for an app is often met with reluctance.

To bridge this gap, NETS has developed strategies to help merchants gain insights into their customer demographics. Although NETS may not possess individual customer data such as addresses or purchase history, it can provide valuable customer profiles. By analyzing these profiles, merchants can better understand their clientele and tailor their offerings to meet their needs effectively.

Moreover, NETS offers comparative insights, allowing merchants to benchmark their performance against industry standards.

This holistic approach enables merchants to identify strengths and weaknesses in their customer segments, empowering them to refine their strategies for enhanced revenue generation.

In essence, NETS’ latest tech solutions focus on enabling merchants to better understand their customer base and make data-driven decisions to drive revenue growth in an increasingly competitive market landscape.

Predicting the Future of Payments: A Conversation with NETS CEO

In discussing the future of payments, Lawrence Chan, CEO of NETS, reflects on the strides made in recent years and offers insights into what lies ahead.

While it may be tempting to seek a crystal ball for definitive answers, Chan suggests that the future of payments is already unfolding before us.

He highlights the rapid evolution witnessed during the pandemic, where cross-border payments became increasingly vital.

NETS played a pivotal role in facilitating seamless transactions between Singapore, Malaysia, and Thailand, enhancing convenience for residents and merchants alike.

This initiative resulted in a significant uptick in cross-border transactions for NETS merchants, illustrating the tangible benefits of expanded payment capabilities.

Looking ahead, Chan emphasizes the importance of staying attuned to emerging technologies and evolving customer preferences.

As technology continues to evolve, so too will customer experiences and expectations. NETS is committed to equipping merchants with the tools and insights needed to navigate this changing landscape successfully.

By providing guidance on business growth strategies, cost reduction measures, and expanding payment options, NETS aims to empower merchants to thrive in an increasingly dynamic market environment.

In essence, the future of payments is characterized by adaptability, innovation, and a relentless focus on customer-centric solutions.

As NETS continues to pioneer advancements in the payments industry, merchants can look forward to leveraging these capabilities to drive growth and enhance the customer experience.