AsiaVape achieved 400% increase in revenue and orders from India - turning the country into their biggest market to date.
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e-Cigarettes & Vape
Top Target Markets
Malaysia, India, Thailand
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Rising Interest in Vaporizers
Despite the controversy surrounding the tobacco market and its products, vape and e-Cigarettes remain a popular choice amongst smokers worldwide.
Current market projections predict that the vaping and e-cigarette market will expand at a compound annual growth rate (CAGR) of 30% over the next decade.
AsiaVape is one such company that has benefited from the rising pressure put on the tobacco market. In this article, we’ll take a look at how they leveraged alternative payment methods (APM) to serve their existing customers better and attract new consumers.
Discovering New Frontiers
AsiaVape first began as a passion project for its founder, Karl Hofman, who was frustrated by the lack of quality vaporizers available in the market.
After facing a lot of disappointment with a variety of products, he decided to take matters into his own hands by sourcing and importing quality vaping products - hence enabling AsiaVape to tap into a previously ignored niche.
Nowadays, the company carries a wide range of top-end vaporizers, and premium herbal concentrates that customers from all over the world enjoy.
While AsiaVape has faced issues with constant regulation changes and murky government policies, the business has remained strong over the past decade.
Besides unique products, AsiaVape prides itself on providing its patrons with excellent customer service. They made sure to cater to all local payment methods as a critical part of their payment strategy.
Smoke and Mirrors - Localization
Given AsiaVape’s extensive presence throughout the Asia Pacific, localization has always been a concern.
Unfortunately, the company’s previous payment platform proved somewhat unreliable, with long settlement and withdrawal time, a total lack of transparency and terrible customer service.
While AsiaVape’s Thailand-based customers could make payments via local bank transfers, this option was unavailable to their foreign patrons.
Although AsiaVape does accept Bitcoin payments - the addressable market for such exotic options makes up a tiny percentage across Asia.
So, how could AsiaVape reach out to an extensive customer base while still supporting local payment methods in various countries?
AsiaVape collaborated with XanPay to enable Alternative Payment Methods (APMs) for its consumers across Asia; simplifying cross-border payment acceptance, enabling them to access nearly a billion consumers who use these APMs.
For example, in Southeast Asia, where most of AsiaVape’s customer’s reside, alternative payment methods are 3x more popular than card payments. All of these come down to several factors, including but not limited to:
Southeast Asia’s significant unbanked population
The high adoption rates of e-wallets
A preference for e-wallet payments and bank transfers
Lack of access to credit cards
AsiaVape was able to quickly integrate XanPay by using a simple WooCommerce plugin, thus enabling AsiaVape’s customers to use their favorite alternative payment methods with no fuss.
“We have been in this industry for 10 years and there is no other APM payment gateway that is as reliable and powerful as XanPay. - Karl Hofman, CEO of AsiaVape”
The Result of AsiaVape's XanPay Integration
AsiaVape now has deeper penetration into their focus markets simply by integrating with XanPay fuss-free.
318% increase in payments made to AsiaVape via local APMs
400% increase in revenue and orders from India - turning the country into their biggest market to date
Opened up new payment channels for customers in India with XanPay processing 80% of all transactions
Revenue and orders from Malaysia rose by 175% and 347%, respectively
35% increase in revenue from Thailand along with a 31% rise in orders
Eliminated payment transparency issues
For more information about XanPay’s range of services, check out our website here.
Check out AsiaVape’s selection of products here.