Bingo for Bango as consumers rush online
Cambridge-based mobile payments company Bango has highlighted rocketing online spend by consumers across key global territories in the first week of containment and, where appropriate seven days after lockdowns caused by the coronavirus.
It shows how heavily consumers are relying on technology advances to circumvent difficulties facing High Street retailers.
CMO and co-founder Anil Malhotra says the AIM-quoted UK business has analysed payment data from countries initially impacted by the outbreak of Covid-19.
Data from Singapore, Taiwan, South Korea, Japan and Hong Kong provides an insight into the likely shifts in consumer behaviour in European and North American markets as governments and businesses respond to the outbreak of Covid-19, specifically by adopting ‘stay at home’ policies.
Malhotra says Chinese data was not included because it was initially unclear when China went into containment and then lockdown modes.
“Actions also started at different times across different provinces of China, so it is difficult to reliably interpret the online activity timeline for the country,” he tells Business Weekly.
Across the territories Bango studied, the average increase in the first week of containment were: Social gaming +10 per cent; online goods +11 per cent; streaming +14 per cent; food delivery +30 per cent. Now look at the spike after lockdowns. The average increase in the first week of lockdown were: Social gaming + 21 per cent; online goods +21 per cent; streaming +25 per cent; food delivery +40 per cent.
The latest information analysed by Bango includes data from NHN Ace – the leading payment and data company in South Korea and a strategic partner of Bango – and reveals deeper underlying trends in consumer behaviour.
Following a policy of voluntary self-isolation, South Korea moved to mandatory closures of schools, factories and other meeting places. Bango also owns Audiens, a Customer Data Platform (CDP) based in Milan, Italy.
Malhotra said: “The human cost of Covid-19 is truly tragic, and this is a time for us all – individuals, public service providers and businesses – to pull together.
“The infrastructure of our societies is being heavily tested as we scramble to protect our population’s health and economic well-being. With much of this infrastructure now provided online, Bango is able to identify and quantify the changes in consumer behaviour as people isolate at home under emergency response plans.
“At a time of great concern for governments, businesses and citizens across the world, Bango – alongside other providers of essential online technology – is helping to make it easier for individuals to comply with stay-at-home policies by supporting the sudden increase in people’s need for online services.”
Global giants use Bango to allow consumers to download and pay for a whole host of services across their smartphones.