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Consumption patterns are vastly changing across the world, sparked by advancements in new technologies, changing social norms, and demand for increased transparency in the way companies conduct their business. Not only is this influencing the way retailers are capturing the attention and pockets of their customers, it is also dictating how payment solutions should be designed to keep up with the latest demands and consumer trends.
Based on our Singapore card member spending, American Express has observed that online shopping alone has grown by a whopping 65% in the last two years, indicating how people are warming up to the appeal of online consumerism. Through our daily lives, we can see how the digital revolution has impacted consumers today, with 89% of people here projected to own a smart phone by mid 2012 according to Nielson. We are in an era of constant connectivity, switching seamlessly between the offline and online worlds, and creating a reality that works in lockstep with technology.
So what does this all mean to a business like American Express? First of all, we have to create relevant products that speak to the digital generation, who are individualistic in their choices and demanding in service and attention.
In Singapore, for example, we launched Rewards Card which focuses on customization and flexibility. Our card members are given the opportunity to earn 50% additional Membership Rewards Points when spending at their self-selected Favorite Five places with this card, an industry first benefit offer. We also launched our biggest consumer campaign late last year which ended in January this year, where we gave away 10 Volkswagon cars over 10 weeks. This appeals to the young and aspirational group of shoppers.