Cashless the name of the game for retail in Singapore: report

About a third of Singaporean shoppers don’t even carry wallets.

Shoppers in Singapore prefer cashless transactions through social media, smart technologies and QR codes, among others, more than the global average, according to a report by Adyen.

A recent survey by Adyen showed eight in ten retailers in the city-state saw revenues increase with the use of social commerce in their businesses. 

Businesses that offered personalised services also enjoyed significant increases in their sales, although only one in three said they knew more than half of their customers well enough to offer personalised items, discounts and services.

As for the customers, over half (51%) of Singaporean consumers said they used social media for transactions, beating the 44% global average.

Close to three-fifths (58%) said businesses that let them purchase items online and allow in-store returns would earn their trust better, while 53% said they would be more loyal if businesses allowed seamless purchases in-store and online.

“Consumers want an ‘endless aisle’ experience where they can come to a physical store when they want to with the comfort of knowing they can get what they want even if it’s not in store,” Warren Hayashi, president at Adyen Asia-Pacific, said.

Nearly seven in ten (69%) of shoppers revealed that they wanted more personalised discounts at their favourite stores. 

“This survey demonstrates that the payments landscape is evolving quickly globally, and in Southeast Asia,” Hayashi said. “Businesses that can keep up with consumer expectations - for more personalized shopping experiences, seamless online or offline interactions or convenience in paying securely and easily with a preferred payment method - are reaping the rewards with top-line revenue growth.”

Nearly half (47%) of consumers in the city-state also said they were happy using QR codes, higher compared to the global average of 27%. More than half were also using tap-to-pay with their mobile devices, versus a quarter globally.

The report surveyed more than 38,000 shoppers and over 13,000 merchants in 26 countries, including Singapore.