‘Data-driven approach to abet recovery plans’

Global payments technology Mastercard Inc. is emphasizing the necessity of a data-driven approach to boost economic recovery across the Asia Pacific region during this pandemic.

Data analytics, strategic planning, consumer behavior review and the shift to digital can help businesses to pave their way toward recovery, asserted Mastercard Advisors-Asia Pacific Senior Vice President Donald Ong.

Ong said that firms in the Asia-Pacific region have been enduring a protracted lockdown measure and, hence, need to resort to data-driven strategies to withstand its impact.

“Businesses in Asia Pacific have been dealing with the pandemic longer than anywhere else,” he said. “In the midst of continued uncertainty in the operating environment and the ongoing change in consumer sentiment and behavior, businesses need a compass to chart their path to growth and many are finding that clarity through data-driven insights.”

In its report, Mastercard tackles six sectors—restaurants, finance, mass retail, health and beauty, travel and government—in case studies in the region that discuss effective strategies to maximize the use of data, such as performance clustering, phased benchmarking and consumer segmentation.

The report also highlights “how to use the right data, tools and expertise to understand the impact of a crisis and drive response strategies.”

The report also shows that the recovery of the region’s tourism markets depends more on domestic sentiments than regional travel arrangements. While consumers are already spending and getting out, the payments firm said they are navigating within a “home-centered retail radius” only.

Travelers now prefer to stay in small hotels, according to the company. The firm noted that the recovery rate of small independent hotels has already surpassed the recovery of large hotels by more than 50 percent.

“An analysis of consumer cards compared to business cards shows that spending on consumer air travel and auto rentals is returning ahead of commercial travel,” it added.

On the other hand, Mastercard said that Italy, Russia and France are taking the lead in spending recovery for travel and entertainment. This is a result of the “opening of European corridors,” it explained.


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