SINGAPORE -- (Marketwired) -- 11/08/16 -- Adyen, the payments company powering global commerce, today announced that Althea, Southeast Asia's largest online Korean beauty site, has selected Adyen as its payments solution provider. The partnership with Adyen provides Althea's customers in Southeast Asia a consistent, frictionless payment experience.
"At Althea, we recognize that the checkout and payment process is often the most important stage in the customer journey. The journey rarely ends when the 'buy' button is clicked. Instead, a pertinent issue in ecommerce is the abandoned cart epidemic, usually a result of rejection at the payment process. We strongly believe in having a consistent and trusted payment system across all our markets to build customer loyalty and encourage repeat purchases. Adyen, with its unified solution and in-depth understanding of local markets, provides this for us," said Jae Kim, Co-Founder and Chief Financial Officer of Althea.
Althea is one of the fastest growing ecommerce companies in Southeast Asia. To thrive on its expedient rise in the region, the beauty site is working with Adyen to enable customers in Indonesia, Malaysia, Philippines, Singapore and Thailand to pay via their desired payment method, from online banking to payments at convenience store and ATMs.
"With the region's rising middle class and increasing spending power, ecommerce in Southeast Asia is a growing phenomenon. However, retailers looking to target the region need to note that when it comes to payments, there is no one preferred payment method and consumer preferences are still highly fragmented. Besides offering a variety of payment methods, Adyen's understanding of local markets helps Althea select and offer their customers the payment method they trust and feel comfortable with," said Warren Hayashi, President of Adyen Asia-Pacific.
Despite market-specific differences, the most important thing for retailers is building deep engagement with their consumers. Regardless of where the consumer is from, everyone expects a frictionless payment experience. To gain insight on payment preferences, Adyen provides Althea with daily reports on ongoing transactions. With this unified outlook of customer behavior, Althea is able to optimize authorization rates as needed to reduce payment rejection and identify other potential friction points.
"K-beauty in SEA is already a multi-billion-dollar market, and the ongoing development of the region, especially in e-commerce, will only fuel the market's growth going forward," said Kim.
Adyen is a technology company that provides businesses with a single solution to accept payments anywhere in the world. The only provider of a modern end-to-end infrastructure connecting merchants directly to Visa, MasterCard, and 250 other payment methods globally, Adyen delivers frictionless payments across online, mobile, and in-store. Headquartered in Amsterdam and San Francisco, with offices across North America, South America, Europe and Asia Pacific, Adyen serves more than 4,500 businesses, including 7 of the 10 largest U.S. Internet companies, and 3 of the top 5 global apparel brands. Customers include Uber, Netflix, Spotify, Dropbox, Evernote, Booking.com, Yelp, Vodafone, Superdry, Mango, Crocs, O'Neill, SoundCloud, KLM and JustFab.
Founded in 2015, Althea has quickly become the leading Korean beauty e-commerce company in Southeast Asia. With offices in Seoul and Kuala Lumpur, Althea aims to provide the latest beauty products, trends and lifestyle to consumers across the region. The company is backed by a range of investors including 500 Startups, Mirae Asset Ventures, POSCO Ventures, and Tekton Ventures.