Lenovo Research Finds the 3 Steps Businesses Can Take to Innovate Beyond Boundaries

 

London, UK, July 21, 2021 – Lenovo Group (HKSE: 992) (ADR: LNVGY) today launches Beyond Boundaries, a new report on the state of business innovation today. The study examines how businesses are innovating their way into the post-COVID future, not just to satisfy pent-up demand and unlock growth, but also to improve their social and environmental performance.

The pandemic has acted as a catalyst for innovation – while the scientific community were producing a vaccine at unheard-of speed, commerce was quicker still in largely transforming to a work-from-anywhere model.

But how do businesses not only keep these benefits of innovation, but continue to ride the wave? To find the answers to these questions, Lenovo surveyed senior decision makers in North America, Europe, the Middle East and Asia, and Asia Pacific. The result is the ‘Beyond Boundaries’ report, a deep-dive into changing attitudes to innovation, and the tensions that exist post-pandemic for businesses looking to re-build and grow.

Report highlights include the findings that:

Lenovo Beyond Boundaries image - orange ribbon moving between two people looking at a wall covered in projected nebulae. TEXT: Click to download the full report.

Tellingly, for all the positive talk about risk-taking and innovation, many businesses remain wary of leaping into the unknown. Six out of every ten companies (59%) say senior leadership often requests that an innovation is discontinued for being too risky or experimental. This rises to 70% in North America.

And what of the much-vaunted environmental impact of innovation? It seems that the bigger the company, the more likely it is to be using innovation to improve environmental sustainability. Encouragingly, almost half (49%) of larger businesses say a key driver of innovation is to improve their overall performance in environmental sustainability.

Meanwhile 60% of larger businesses say the crisis catalyzed their efforts to use innovation to improve their social and environmental performance, compared with 54% of all those surveyed.

“Over the past year, COVID challenged everyone and changed everything – so we responded to the challenge with what we know best: innovation,” said Yuanqing Yang, Lenovo Chairman and CEO. “Now, on the threshold of the next reality, innovation remains key to unlocking our full potential. As we transform from a leading device maker to a global technology powerhouse, capable of solving the most challenging problems faced by our customers and the wider world, this commitment to innovation is more crucial than ever.

“For us, innovation is by its nature unpredictable, and is applied in unexpected places – such as revolutionizing hybrid working environments and improving environmental and corporate governance practices. But none of this happens in a vacuum, which is why we talked to business leaders around the world about what comes next – and how together, a focus on innovation can help us change the world for the better.”

Other highlights include the findings that:

Learn more and read the full Beyond Boundaries report.

 

About Lenovo
Lenovo (HKSE: 992) (ADR: LNVGY) is a US$60 billion revenue Fortune Global 500 company serving customers in 180 markets around the world. Focused on a bold vision to deliver smarter technology for all, we are developing world-changing technologies that power (through devices and infrastructure) and empower (through solutions, services and software) millions of customers every day and together create a more inclusive, trustworthy and sustainable digital society for everyone, everywhere. To find out more visit https://www.lenovo.com and read about the latest news via our StoryHub.

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Booming Cross-Border E-Commerce Activity in Asia Presents Opportunities for European Merchants VARIOUS Booming Cross-Border E-Commerce Activity in Asia Presents Opportunities for European Merchants by Fintechnews Switzerland September 12, 2023 International e-commerce spending by JCB cardholders based in Asia increased by 52% between 2021 and 2022, presenting a significant opportunity for merchants in Europe as shoppers across the region show increasing willingness to purchase goods online from foreign businesses, a new paper by the Japanese credit card company shows. The report, titled “Click into Place: Unpacking Card Abandonment”, provides insights on online spending from Asia, sharing the latest research and data on e-commerce trends to help businesses boost e-commerce sales and stand out from the crowd. According to the report, cross-border e-commerce activity increased substantially last year, with India leading the region with a staggering five-fold growth, followed by Indonesia and Vietnam, where cross-border e-commerce more than doubled between 2021 and 2023. In Hong Kong and the Philippines, global e-commerce spending grew by around 80%, while China, Taiwan and Thailand saw growth of about 50%. Further growth is expected in the future as the cart abandonment rate in Asia’s e-commerce industry is currently the highest in the world, standing at over 84% as of March 2023 compared with about 70% for customers globally. High cart abandonment in Asia suggests that there is potential for more expansion in the region if merchants are able to solve customers’ friction points and improve experience, the report says. cross border e-commerce image via freepik Addressing cart abandonment Cart abandonment is the act of a shopper adding an item to an online shopping cart but leaving the website without completing the purchase. It represents a significant amount of lost revenue for merchants in the online space. According to JCB, there are several cause of cart abandonment, with the first common one being the payment journey. In Asia, complicated checkouts and unexpected payment processes are cited as a reason for abandoning carts, with 55% of online shoppers in the region identifying long login and sign-up forms as a key source of frustrated. To address this paint point and boost sales, merchants must enhance customer experience by streamlining their checkout process with a well-designed website. They should also leverage advanced technology and design practices to balance security with user experience, using for example pre-fill information and tokenization to speed up the checkout process, as well as technology like 3DS authentication to increase consumer trust. Such improvements not only increase immediate sales and conversion rates but also foster long-term brand loyalty, the report says. The second cause of cart abandonment outlined in the JCB report is unmet customer expectations around how they can pay, and how easy it is to do so. Understanding customer psychology is vital to reduce cart abandonment in e-commerce, the report says. To cater to local preferences, merchants should offer multiple languages and payment currencies, provide a personalized customer journey, and ensure that payment processes are seamless across both mobile and desktop platforms. This is critical become mobile purchases are on the rise, representing 43% of e-commerce sales globally in 2023. 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Featured image credit: Edited from freepik Get the hottest Fintech Switzerland News once a month in your Inbox email address ASIA CROSS-BORDER E-COMMERCE ABOUT AUTHOR MORE INFO ABOUT AUTHOR Fintechnews Switzerland Fintechnews Switzerland More by Fintechnews Switzerland