, Singapore

7 in 10 consumers demand 'exciting' physical stores visit

They want out-of-stock items purchased in-store then delivered at home.

If online shops offer convenience, physical stores should have an excitement factor for consumers as businesses are eyeing to raise the number of offline stores in 2023, Adyen, a financial technology firm, said in its study.

Nearly seven in 10 expect shopping in physical stores to be about pleasure and excitement, with 51% of businesses planning to increase their count of physical shops in 2023, which is more than the global and Asia-Pacific region averages.

To satisfy shoppers’ needs, retailers can allow their customers to purchase an out-of-stock item in-store and have it shipped directly to their homes. Over 67% of shoppers said having this option will make them more loyal to these businesses.

More than five in 10 businesses also expect the proportion of revenue from offline stores to increase.

The study also found that more than six in 10 consumers would be more loyal to businesses that make them buy online and return in store. But only 27% of businesses said they have this option.

Adyen's 2022 Singapore Retail Report asked over 10,000 businesses to reveal their concerns, aspirations, strategies, and investments for this year and the future whilst 40,000 consumers from 26 markets, including 1,001 from Singapore were asked to evaluate businesses' plans.

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