, Singapore
1456 views
Photo by Tamanna Rumee on Unsplash

Almost half of Singaporeans consumers are becoming more 'bargain conscious

Some retailers, however, view offering year-round discounts as a threat to business growth.

The heating inflationary environment is pushing more consumers in Singapore to be more "bargain conscious," data from Adyen showed.

According to the report, shoppers are now spending more time on bargain hunting, with 42% searching for the best deals online and 48% searching for deals in stores.

Some (40%) even plan to hold off from spending until seasonal moments like Great Singapore Sale and Singles’ Day to make the most of added discounts.

This shift in consumer behaviour has been felt by local retailers, with 46% saying that they have seen a decrease in customer loyalty over the past year.

Due to increasing customer expectations and decreasing customer loyalty, more than half (52%) of retailers started offering discounts year-round.

Three in 10 retailers, however, view offering year-round discounts as a threat to business growth.

Adyen, however, underscored that Singaporeans becoming more discerning shoppers is not driven purely by rising costs.

"Customer demands for a personalized and engaging experience are also rising sharply. For example, 56% of consumers will simply abandon their purchases if they can’t pay using their preferred methods, whether in-store or online," Adyen said.

"The same percentage (56%) want retailers to remember their preferences and purchase history to provide a customized shopping experience, either online or in-store. And 77% of shoppers want more personalized discounting from retailers they regularly shop with," Adyen added.

When it comes to loyalty.  Singaporeans also have sky-high expectations.

Eight in 10 shoppers believe retailers need to do a better job rewarding customers for shopping with them.

"It’s not that customers aren’t willing to play their part for loyalty rewards. More than three quarters (76%) of them would download a retailer’s app to receive better loyalty bonuses, a 17% increase from last year. The challenge is that consumers feel the rewards are often generic and lack relevance – 60% say retailers' loyalty programs rarely offer them things they would actually want or use," Adyen said.

"As consumers rethink their spending, retailers must find innovative ways to stay in tune with their customers’ dynamic sentiments and behaviour. Investing in personalization proves essential. Accurate shopper data is the way forward, but that seems to be where many retailers are falling short. Up to 57% of businesses admit they find it harder to categorize shoppers by their needs," Adyen added. 
 

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!