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Embedded finance is the critical factor to improve customer journey and drive transformation for services industries. With travel recovery and sluggish volume sales of automotives, embedded finance is considered to have the most potential to build and enhance partnerships to support their market value sales growth. Meanwhile, behaviour finance backed by privacy computing and fraud detection will have great long-term impact for healthcare.
Although inflation eased slightly in 2023 in many markets, global inflation rates remained high by recent historical standards. As a result, price-conscious consumers powered private label sales to record highs in 2023. Already, market conditions in 2024 appear favourable to delivering another banner year for store brands, as well.
The global B2B payment market is gaining increasing attention from financial card and electronic direct payment platforms, as more consumer payment value has been converted away from paper. The USD32.7 trillion spent by merchants through paper payment channels globally in 2023 represents the single largest paper payment opportunity to convert. Fintech has the potential to offer additional products and services that appeal to merchants, based on their size and industry, going forward.
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Global growth is set to slow in 2024 as a result of high cost pressures for businesses and consumers, especially high interest rates. Asia Pacific will continue to stand out as the main global growth region while advanced economies decelerate. However, the global economy is also expected to see a relative normalisation following consecutive years of disruption with inflation slowing notably and monetary policy loosening again, providing the foundation for reaccelerating global growth in 2025.
The global consumer electronics market is projected to grow more than 23% over the forecast period driven by consumers upgrading, especially those in developing regions and middle-income households. Manufacturers are also driving innovation while still maintaining affordability to gain competitive advantage. At the same time, smart home and artificial intelligence will play a huge part in the growth of consumer electronics.
Industry stakeholders are increasingly debating between sustainability and technology leadership strategies in the appliances market. As margins continue to shrink, leadership in either category is critical to maintain continued competitiveness. In this briefing, we will debate the merits of both approaches and find a potential path to sustained growth and profitability for companies.