Tokyo Olympics to force Japanese brands to go digital
The 2020 Summer Olympic Games are set to take place in Tokyo in under 12 months time. They’ll get underway on 24 July and run right through to 09 August, and will see more than 11,000 athletes compete for a prestigious Olympic medal. With the eyes of the world on the capital, it’s a good bet that we’ll see enterprising companies capitalizing on the sporting spectacular in their marketing.
If you’re entering or considering entering the Japanese market, this means that you could potentially benefit not just from the local enthusiasm for the event but the influx of international consumers too. With less than a year to go, we’re considering what the impact will be for brands already operating in Japan from a digital perspective…
1. Digital payments could become more popular
Visa is the Worldwide Payment Technology partner for the Olympic Games and says that it is on a mission to deliver the best in digital payments to Japan through its sponsorship of the Games. The Japanese government currently has a “Cashless Japan” initiative which seeks to double the volume of digital payments made in Japan to 40% by 2025. Around one fifth of payments in Japan currently are made digitally but the Olympics and Visa’s initiatives for athletes, fans and local citizens could help to usher in more digital payments around Tokyo, changing what is traditionally a cash-based society.
2. We could see digital commerce changing as a result
Going hand-in-hand with the push to grow digital payments in Japan via the Olympics, we could also see digital commerce stepping up and maturing too. Visa has launched FinTech Fast-Track which it says will accelerate digital commerce. As part of this, it’s also teamed with LINE to promote digital payments via the messaging app.
3. New digital advertising technologies
There’s no doubt that thousands of brands will be looking to capitalise on the Olympics when it kicks off and reach the thousands of athletes and fans that will flood the city. That means to stand out, digital technology will be deployed in ever more inventive ways. One ad agency has already deployed machine learning to offer brands more effective ad opportunities that supersede traditional methods such as home page takeovers. AdAge reports that computer vision and new ad units will be available to advertisers to provide better contextual targeting for example – suggesting there may be new digital ad options surrounding the Olympics that we haven’t seen before.