Adyen Agility Report Singapore
Consumer needs are changing and sales channels are in flux. In this 2020 report, we've collaborated with the Center of Economic and Business Research (Cebr) to bring together data insights from consumers and businesses in 16 key markets globally – in particular, learnings from some of the leading brands we partner with in Singapore and around the world.
This report will be a useful guide for businesses as all of us seek to quickly find our footing in a world like never before.
2020 has been a year that hasn’t quite gone to plan for retailers. But, with the memory of the 2003 SARS outbreak somewhat fresh in everyone’s minds, Singaporeans were fully aware of Covid-19’s potential to disrupt their lives, businesses and economy.
From March 2020, tight restrictions were placed on the retail and food and beverage (F&B) sectors. However, we are a nation of pragmatists and early adopters. Institutions, businesses, and individuals typically recognize shifts and respond to them quickly – often with a technological solution.
Instead of a formal lockdown, the Singapore government announced a Circuit Breaker period on April 7th 2020 as a preventative measure in response to the Covid-19 pandemic. As part of this, a stay-at-home order was issued and cordon sanitaire implemented.
Throughout Circuit Breaker and the months that followed, Singaporeans changed their behavior in response to the evolving crisis. And as we emerge into the next normal, consumers continue to reevaluate what is essential, what they are looking for from retailers, and the retail experience.
As expectations shift and consumers become more selective, securing their loyalty becomes ever more critical. It's not enough to provide the goods, you have to create an immersive retail experience – one which meets ever-changing demands for convenience, engagement and value.
But how do you secure customer loyalty in a market when these priorities are constantly shifting?
To help you make sense of this new landscape, we’ve commissioned the Centre for Economics and Business Research (Cebr) to provide analysis on the current state of retail and F&B businesses around the world. We’ve explored our own data to measure the impact of unified commerce on businesses' success. We also interviewed 25,187 consumers globally, including more than 1,000 in Singapore, to understand what people expect from shopping and dining experiences today.
In this report, we talk a lot about unified commerce. But what is it, and how does it differ from omnichannel?
Omnichannel businesses are already delivering great cross-channel experiences to their customers. But systems behind the scenes are often unconnected. Cross-channel reconciliation is difficult so you can’t offer total flexibility to your customers. And implementing changes that impact multiple channels and regions can be complicated.
With unified commerce, payments from all your channels feed into the same system. This allows for greater flexibility for your customers and better insights for you. It also keeps you agile since you can add new channels and support new customer journeys quickly because everything’s connected.
87% want retailers to maintain a cross- channel approach following the pandemic.
76% would be more loyal to retailers that let them shop in-store and have items delivered.
80% won’t return if they’ve had a bad experience either in-store or online.
74% say their expectations of retailers have increased as a result of the pandemic.