Buy Now, Pay Later is the fastest-growing payment alternative in North America
In Q2 2018, we worked with 451 Research to survey shoppers and retailers in Asia Pacific, the UK, US and EU. Beyond Singapore, the APAC survey included Australia, Hong Kong and New Zealand. Besides unveiling the various shopper profiles retailers need to align their strategy against, the report shared just how retailers match up to shopper expectations.
97% of consumers in Singapore own a smartphone as compared to 88% of consumers in the US. Nearly 20% own a smart watch and 14% have smart speakers at home. This connected device ownership is an opportunity for retailers to drive new channels of engagement.
97% of consumers in Singapore own a smartphone.
Technology is transforming the shopper-retailer relationship. This means moving the retail experience from a transactional relationship to a more nuanced one between shoppers and the devices they use to buy the products and services they want. Retailers need no longer restrict themselves to the store, app or website but leverage technology touchpoints throughout the shopper journey to create brand experiences that are immersive and engaging.
Quite unlike in the US where only 39% of respondents said they love shopping, 53% of shoppers in Singapore aren’t afraid to profess their love for shopping.
Not only do they love the experience and entertainment value shopping provides, Singaporean consumers are the most willing to pay for a brand experience as compared to other APAC respondents. Which is the most important for Singaporean shoppers – price, brand, or convenience? Get the full Singapore report to find out.
Not all shoppers are the same, and retailers must familiarize themselves with these shopper profiles when formulating a unified commerce strategy: Spendsetters, Fencesitters and Resisters. In Singapore, 55% of shoppers surveyed are Spendsetters. This is the highest among all countries in the global retail research by 451.
Most importantly, Spendsetters are the type of shoppers that love to use digital tech and are early adopters of new tech. They set the trend for how people will shop and spend in the future. Singapore has the highest number of Spendsetters in the region. The high percentage of Fencesitters also indicates a large number of shoppers that are likely to be converted to Spendsetters.
Fast fashion leads all segments in online purchasing, with over one in three shoppers (35%) preferring ecommerce as their primary purchase channel.
For in-app purchases, quick-service restaurants lead all other segments with 18% of shoppers preferring to make purchases via that channel, followed by beauty at 10%. Singapore is a regional leader when it comes to consumer preference for in-app purchases.
Yet, consistent with other markets surveyed in the APAC region, in-store purchases continue to dominate Singaporean retail segments.
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