Korean consumer electronics giant LG has launched a new online shopping experience for customers in Singapore, as it looks to tap into the region’s soaring e-commerce market. The integration with Stripe, a global payment processing platform, means that LG customers can now securely pay online with credit and debit cards, Apple Pay, Google Pay, and PayNow. It introduces an intuitive checkout experience, promising better authorisation rates, wider acceptance of international cards, and robust
st fraud prevention. Since its recent launch, LG’s online store has seen an increase in site traffic, and the company now plans to extend the partnership to more countries worldwide, further solidifying its commitment to innovation and customer satisfaction. The state of affairs “LG is committed to delivering exceptional customer support and accessibility. The key objective of our new online brand store is to enhance customer experience for tech enthusiasts and homeowners in Singapore, enabling them to shop the latest products and access exclusive perks and benefits directly from LG,” Gerald Chun, managing director of LG Electronics Singapore, told Inside Retail. Being able to cater to a diverse group of customers and international payment methods, and having a robust platform that could stand up to heavy demand during peak periods were key considerations for LG Singapore, said Chun. “Given the diverse, local and international backgrounds of LG’s customers, the wider acceptance of international payment methods enables customers to check out with the payment method of their choice,” he added. According to Chun, the new online brand store is designed to provide a personalised experience for LG customers. “It includes AI-driven search capabilities, enhanced customer support features, secure and intuitive checkout experience to ensure our customers are well supported throughout their customer experience journey, from product discovery to post-sales,” he noted. The challenges The launch of LG’s online brand store comes amidst a rise in marketplaces, retailers and resellers operating online and offering products that may or may not be authentic, which can be confusing for customers and damaging for brands. “With our online brand store, customers can trust that they are purchasing an authentic product directly from LG and unlock savings at the best price possible. Should they require any assistance, our customer support is available through the website as well,” Chun stressed. Ensuring that customers have multiple options for payment methods is key in the Singapore marketplace, as a recent report showed that as many as 84 per cent of customers in the island would abandon their cart if their preferred payment was not available. “In addition, the integration provides LG with a unified view of its revenue flows from multiple payment methods in a single dashboard, which enables us to identify returning customers and deepen their customer relationships further with customer loyalty programs and personalised customer support,” he opined. Rising fraud According to recent media reports, consumers in Singapore lost more than SG$330 million to scammers in the first half of 2023, and cases are continuing to rise. So, fraud is a major concern for businesses and consumers. According to Sarita Singh, managing director for SEA at Stripe, its fraud detection solution uses machine learning models to detect and block fraudulent charges in real time. This approach also minimises false positives that prevent genuine customers from having their purchases blocked. Chun said that LG will monitor metrics like website traffic, online transaction volume, to understand the impact of the new online brand store. Since launching, the team has noticed that customers feel more at ease purchasing bulky and high value products through the online brand store as compared to other e-commerce platforms. Additionally, the average order value is notably higher. “LG’s new online store allows us to offer enhanced convenience and personalised shopping experiences to our valued customers. We remain steadfast in our pursuit of innovation to ensure the highest levels of customer satisfaction,” he concluded.