57% of Singapore's SMBs rely more on digital payments: PayPal
The digital payment platform surveyed 210 businesses.
PayPal launched the report, Singapore's resilient SMBs survive and thrive during pandemic, on 10 January. It surveyed 210 business decision-makers of online small and medium-sized businesses (SMBs) in Singapore to understand their experience during this COVID-19 period.
With more SMBs investing in online growth, digital payments continue to play an important role in building trust and converting new customers especially as Singapore SMBs expand globally. The report showed SMBs' willingness to explore a range of digital payment options, with 49% expressing an interest to adopt PayPal as a trusted way to conduct global payments.
Southeast Asia director of enterprise sales Rakesh Krishnamuti commented, "While COVID-19 restrictions posed significant challenges for a lot of businesses, SMBs in Singapore showed their resilience by adapting and strengthening their online proposition. They have been getting online, leveraging social media in promoting and selling their products, and capturing new customers in other markets through cross border commerce. Digital payment platforms remain a critical part of the online customer journey and the more seamless it becomes for shoppers; the better chance SMBs have of growing their
businesses both locally and internationally."
Other figures from the report are as follows:
- 25% of online SMBs in Singapore reported a positive experience during the pandemic, while a further 18% said they were not impacted by it.
- SMBs cited a greater reliance on digital payment methods (57%), a move to online shopping (48%) and a greater preference for shipment options (39%) as the top three shifts in consumer behaviour in Singapore since the start of COVID-19.
- Social media emerged as the No.1 way to grow the business (42%) during COVID-19; 53% of SMBs surveyed are using social media as a selling channel.
- 81% of SMBs are already engaged or planning to engage in cross-border trade.
- 78% of SMBs surveyed are interested to invest in more payment options to enhance user experience, with 49% of respondents expressing willingness to convert to PayPal as one of the top two payment options that offer trusted, secure, and global payments.