Daikokuya's Bold Move into Global Markets with Stripe Integration
Daikokuya, headquartered in Minato, Tokyo, has made a significant leap into the international market by introducing the renowned global payment platform,
Stripe. The official implementation was announced on June 20, with expectations of expanding its business operations in more than 20 countries worldwide.
Founded in 1947 as a pawnbroker, Daikokuya has evolved into a leading player in the second-hand luxury goods market in Japan. With a robust history, the company achieved incorporation in 1953 and has since been engaged in buying and selling high-value items, including jewelry, watches, and branded bags. To stay competitive and relevant in today's fast-paced e-commerce landscape, Daikokuya recognized the necessity of enhancing its global payment processing capabilities and chose to adopt Stripe, which has been a trusted solution for numerous businesses since its launch in 2011.
Why Stripe?
The choice of Stripe is strategic. From startups to Fortune 500 companies, millions have adopted its platform to streamline payment processes. Stripe allows businesses not only to handle transactions efficiently but also to manage funds in real-time, thus stimulating revenue growth and accelerating new business ventures. According to Stripe, by 2024, the total transaction volume via its platform is expected to surpass $1.4 trillion, which constitutes about 1.3% of the global GDP.
With its integration of Stripe, Daikokuya aims to capture a portion of this expanding market and anticipates generating annual revenues ranging between
¥225 million ($1.45 million) and
¥450 million ($2.9 million) from overseas customers alone.
Key Benefits of Stripe for Daikokuya
The incorporation of Stripe is poised to bring numerous advantages:
1.
Localized Payments: Customers will be able to view prices and make payments in their preferred language and currency while transactions will still process in yen.
2.
Enhanced Global Trust: By leveraging Stripe's security protocols and brand reputation, Daikokuya aims to alleviate any concerns potential customers may have, fostering trust in cross-border transactions.
3.
Seamless Checkout: Stripe optimizes mobile wallets and autofill payment options, creating a smooth purchasing experience for customers.
4.
Direct Access to Japan's Exclusive Inventory: Customers can purchase from Daikokuya directly through Stripe, eliminating the need for intermediaries.
5.
Transparent Pricing: With upfront display of taxes and shipping costs, it reduces uncertainties during the checkout process.
6.
Centralized Global Store: Rather than managing multiple regional sites, Daikokuya can operate a singular global store that maintains consistent pricing across different regions.
7.
Real-Time Order Confirmation: Customers will benefit from immediate order confirmation emails and tracking features.
8.
Global Shipping Support: Collaborations with international carriers will provide comprehensive visibility into shipping statuses.
9.
High Security Standards: Stripe ensures secure transaction processing, compliance management, and fraud prevention, safeguarding users’ data.
With these enhancements, Daikokuya plans to extend its reach beyond the Japanese market and establish a stronger international presence, enhancing brand recognition across various countries. Targeted locations for expansion include
Australia, Brazil, Canada, Hong Kong, India, Indonesia, Kenya, Malaysia, Mexico, New Zealand, the Philippines, Saudi Arabia, Singapore, South Africa, Switzerland, Thailand, the UAE, the UK, and the US, among others.
Notably, the anticipated annual gross revenue from international customers is projected to be between
¥225 million and ¥450 million, aligned with expectations of increased conversion rates and decreased cart abandonment, potentially bringing in an additional ¥30 million to ¥100 million ($190,000 to $650,000) annually.
In addition, Daikokuya is looking to streamline operations by internalizing management tasks such as shipping calculations, fees, currency conversions, and fraud mitigation without outsourcing these critical functions.
As Daikokuya embarks on this ambitious journey of global expansion, the integration of Stripe is not merely a technological upgrade; it symbolizes a new chapter in the company’s evolution, paving the way for increased sales, broader market reach, and enhanced customer experience on a global scale.
For more information, visit the
Daikokuya official site or learn about
Stripe's services here.