Over half of SG retailers prioritise expanding sales channels

They should focus on solving cart abandonment issues to avoid losing customers.

Around 53% of Singaporean retailers viewed increasing sales via social media as a great opportunity for growth but they should also address concerns that lead to cart abandonment to ensure customer retention.

A report by Primer showed that retailers selling through social media get a third of their revenue through such channels.

“Although prioritizing product and market expansion is fundamental to business growth, retailers are perhaps missing out on consumer retention by not focusing on concerns driving cart abandonment, like security, payment failures and fulfilment issues.” said Kailash Madan, head of APAC at Primer.

READ MORE: Why Singaporean abandon their carts online

“Technical debt is a common challenge and could be a key factor in shaping businesses’ focus

areas, as they struggle to locate the right technical resources and expertise to optimize checkout flows, for instance.”

The report also found that retailers are prioritising growing their offered payment methods and currencies as 41% shared that they take foreign payments to boost revenue.

Madan added that around three in four retailers are investing in automation to future-proof their businesses.

“By allowing retailers to easily optimize their commerce and payment flows with minimal technical expertise and developmental costs, automation could be the key to bridging the existing chasm between consumers and retailers,” he added.