The recent customer profiling study by Infiniti Research on the receive market helped a global money transfer company understand the market dynamics, current market landscape, and identify challenges to enhance their market position in target regions.
Overview of the remittance industry
A money transfer or remittance company facilitates transfer of money between individuals residing in different countries. Money transfer companies are increasingly pressurized to improve service quality and offer better process for customers. To sustain their market share, remittance companies must devise market strategies to expand by exploring opportunities in emerging markets. Infiniti helped a leading money transfer company to explore the possibilities and opportunities in the Ukrainian market, develop strategies to gain market share, thereby drive revenue and sales to gain a competitive edge over the other players in the market. The solution focused on profiling customers to understand market dynamics and emerging trends in the remittance market.
Leveraging social media for money transfer
Money transfer companies are adopting social media platforms such as Facebook to facilitate cross-border payments and offer local currency payment API. These applications simplify consumer experience, enhance payment flow, thereby making it easier to price virtual goods. The market potential for money transfer through social media application is huge, thus, creating an opportunity for remittance companies and social media players to monetize their customer base.
Solutions and recommendations
The market intelligence team at Infiniti Research offers various solutions to understand the current scenario in the remittance industry and its growth prospects over the next few years. Some of the solutions offered include:
- Market opportunity assessment to gain insights on the current sales prices of various ICU and OR room equipment
- Help develop effective strategies that will promote growth and expansion in various market sectors
- Offer insights about the consumer purchasing behavior across various regions
- Develop an analytical framework to identify reliable information sources
- Help organizations understand the various factors that are affecting the purchase of ICU and OR equipment
Read our comprehensive case study on Customer Profiling Study on the Receive Market.
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