The spending pattern amongst existing HSBC credit cardholders showed a tremendous increase in card payments on ecommerce platform, at a growth rate of 18% YOY. External ecommerce statistics indicated that 95% of online shoppers in Vietnam opt for cash on delivery (COD). This 95% COD online shopper segment presented huge opportunity for the bank to tap on to:
- Acquire new credit card users.
- Push for credit card spending.
HSBC target audience in the age group 25-45 years old living in urban cities of Vietnam and having a salaried account in any bank (domestic/ Global). The Target audience is educated with a well-established corporate or enterprising life.
Most of the audiences are digitized and technology savvy, adaptable in the information age and lives a life in convenience. On an average, they spend around 3-4 hrs. Online and Mobile. Mobile is like a constant companion which they carry most of time. They would like to search for information, placing an order through online ecommerce sites, checking emails, updating social status and other things through Mobile.
Online shopping portals are growing leaps and bounds in the HSBC target group. Most of the audiences are looking online for promotions and discounts for placing the order online through ecommerce sites like Lazada which is one of the largest ecommerce portal in Vietnam. Interestingly getting 60% of the traffic through Mobile. This triggered the initial thought.
Lazada, with a quality pool of Cash on delivery online shoppers, appeared as the perfect media platform for HSBC to attract and persuade online shoppers. HSBC joined hands with Lazada to drive the industry and created first ever online shopping day partnership to attract online shoppers who owned HSBC credit cards and offer special discounts on certain purchase value.
The attractive discount also allured online shoppers without HSBC credit cards to sign up to avail great offers. All media equivalence cost for HSBC to display banners on Lazada website were converted to discount values for shoppers.
First time in Vietnam an online shopping day was organized where bank and an ecommerce platform partnered together to offer biggest online discounts under various categories and high demand items to allure online shoppers to apply for a credit card to avail great offers.
The branded communication was stick at eye-catching positions through various display formats of various sizes to be viewed through multiple devices. This triggered interest amongst online shopper resulting in acquiring leads for HSBC credit card.
For the existing customer, HSBC offered huge offers to the customer who could shop online and avail promotional offers to drive card usage. Month by month 50% of the query comes from Mobile device hence the budget was split in the ratio of 60% on desktop and 40% on Mobile.
HSBC shopping day was created to induce online shoppers by offering them with biggest discounts of the month by the sheer persuasion for the credit card sign-up. This was indeed the primary task to drive acquisition. This was only possible by means of displaying the branded message creatively at right places within the ecommerce platform.
As per Lazada statistics almost 50% of the traffic comes from Mobile hence the banners were kept simpler and crisper in order to have higher impact. Almost 2 weeks in advance the display banners of different sizes were activated on the main page of Lazada explaining the detailed offering.
Also reminding the customer through brand presence at shopping cart. The campaign ran based on the original plan to draw attention and allure them for new sign-up. In addition to that, clear messages were displayed for the existing user to leverage discounts during the shopping day to for driving higher usage. Additionally Lazada incorporated the promotion plan in its branded email to their existing customers which helped to build awareness to opt-in Lazada users.
This was the first time any banking brand has partnered with ecommerce player for lead acquisition for credit cards in Vietnam.
The partnership garnered higher traffic on the shopping day vs. the normal days resulting in overachieving the KPI on sign-up by 132%. In addition to that the cost per lead contribution from Lazada was same as the cost per lead from the top digital channel showing greater cost efficiency.
In terms of credit card usage, number of transactions and payment volume made by HSBC credit cards on Lazada in the promotion month increased by 34% and 11% respectively versus the month prior to the promotion.
The partnership garnered higher traffic on the shopping day vs. the normal days resulting in overachieving the KPI on sign-up by 132%. In terms of credit card usage, number of transactions and payment volume made by HSBC credit cards on Lazada in the promotion month increased by 34% and 11% respectively versus the month prior to the promotion.