A fundamental factor in being prepared to cater for tourism in your retail business is knowing the most commonly used payment methods adopted by tourists. Internationally recognized credit cards are fast becoming the preferable way to pay when on holiday for many, and if you have a global online arm of your business then this will be an aspect you will be quite familiar with already. Generally speaking, US commentators tend to advise tourists to pay with local currency where possible and keep an eye on exchange rates for optimal conversions, and avoid the use of credit cards in Asia as many retailers do not currently support their use. While this is certainly beneficial to local businesses, the current trend of growth is likely to see a huge increase in tourism in Asia as a whole. This will bring with it growing markets and more business that will in turn lead to a more favourable climate for the use of international credit payment options. By taking steps in advance, small retailers can widen the net when it comes to payment options to make sure they make the most from the increase in tourism as it happens. In fact, according to money.co.uk, travellers are better off using international prepaid credit cards in order to maximise the value they get from their holiday funds. Making sure your retail outlet is compatible with all of the options from various providers may prove a challenge initially, but is likely to pay off – the sooner these are enabled in retailers, the sooner a business cancapitalise on the tourist market.
As we know, the tourism business as a whole is likely to see continued growth, and this will open a number of new options for retailers both in terms of potential stocks and an influx of new customers. Depending on the nature of a retail business, this opens up a number of new possibilities that can generate revenue by exploiting gaps in local economies and markets that will be generated by the increase in tourists and tourism related businesses. Local supermarkets for example, could consider stocking more international goods, specifically based around the prominent percentages of international visitors. While many tourists do of course enjoy and actively seek out local cuisine for example, having some traditional American or European products could generate additional sales that might have been missed otherwise. Additionally, due to cultural differences, some local Asian meals and foods are often not palatable to international tourists. This immediately presents opportunities for local and national food retailers, restaurants and eateries to take advantage of this need that will undoubtedly grow in the foreseeable future. How ever we look at tourism in Asia, retail is in a strong position to reap the benefits of the growing market.
Julie Worth enjoys combining her passion for writing from her years in retail and business management with motherhood.