89% of Singaporean shoppers have left astore in the past year because queues were too long, costing local retailersUS$1.63 billion in lost revenue

SINGAPORE - Media OutReach - 2 November, 2018 - Adyen,the payments platform of choice for many of the world's leading companies,today, announced that while 53% of Singaporeans lovethe experience and entertainment value shopping provides, merchants are notmeeting the needs of the new generation of shoppers leading to missed expectationsand revenue losses of US$1.63 billion dollars.[1]

"Retail has shifted fromtransactional relationships to experience-driven ones.  We've found that creating a frictionless andconvenient customer journey across offline and online sales channels is key todelighting the Singaporean shopper and ensuring businesses convert shoppersinto customers.  Consumer preferencesalso differ when they interact with different retail categories, makingtailored and personalised checkouts an important strategy for businesses. InAsia-Pacific, we've built strong momentum, partnering some of the leadingbrands in the region like Grab, RedMart, ofo and Cotton On. We look forward topartnering with more innovative businesses to create convenient, contextual andcontrollable retail experiences for shoppers. This helps to maximise thebrand's revenue and strengthen customer loyalty," said Warren HAYASHI,President, Adyen, Asia-Pacific.

TheRise of the Singaporean Spendsetter

Singaporean spendsetters, a risingcategory of shoppers who embrace technology, are setting the trends for howpeople want to spend and shop.  55% of Singaporeanshoppers fall into the 'spendsetter' category. They are strong users oftechnology and have the highest demands for digital shopping experiences. Thisreflects in their payment method preferences. While cash and credit cards arestill the preferred mode of payment for everyday transactions, contactlesspayments are rising quick in popularity and tied with debit cards as the thirdchoice, making them an essential addition to a retailer's checkout process.

Spendsetters are also aleading indicator of where broader customer demand in retail is migrating. Encouraginglyfor brick and mortar retailers, the Singaporean spendsetter still prefers toshop in a physical store. However, a major gripe with the in-store experienceis queues. "In the retail space, 89% of Singaporeans have left a store in thepast six months because the queue was too long," said Warren.  "More alarmingly, 34% did not attempt topurchase the item again while 27% purchased a similar item from a differentretailer, resulting in US$1.63 billion in total losses for merchants."

Primedfor experiential retail

The spendsetter'sappetite for digital shopping experiences, coupled with a love for the experience and entertainment valueshopping provides (53%), makes Singapore a prime market for new retailexperiences. Singaporean consumers also registered the highest affinity forbrands among the APAC markets surveyed (Australia, Hong Kong, and Singapore),with 34% stating that they are willing to pay a premium for a brand experience.This, along with strong connected device ownership like smartphones, offers anopportunity for retailers to drive new channels of engagement and explore moredigital solutions in-stores like augmented reality apps for more information,digital mirrors in dressing rooms and connected store associates.

CodeswitchingSeamlessly Between Offline and Online

For spendsetters, context andcontrol are critical, and shopping with a smartphone is a given.  Toencourage brand loyalty and delight spendsetters, synergies and consistencybetween online and offline sales channels must be in place. For example, within the fast fashion segment,31% of consumers say that the ability to purchase their items online and pickthem up in store would increase their loyalty to a retailer. In the luxurysegment, 33% of Singaporean consumers also say that the ability to have areturned item picked up at home would increase their loyalty to a luxuryretailer.  Meeting these preferences -whether it is pay in-store, ship to home or buy online/in-app/over the phone, pickup in-store - can be crucial for local brands looking to win customers.  Singapore's digitally-empowered spendsettersexpect to be able to purchase what they want, when they want, at the time andplace of their choosing.  Putting unifiedcommerce strategies like the above in place allow retailers to tailor shoppingexperiences around individual preferences.

The research (Global Unified Commerce Forecast) wasconducted and written by 451 Research and commissioned by Adyen. We've also included an infographic to illustrate thealignment between consumers' expectations and merchants' readiness to adoptsolutions in Singapore.

About Adyen

Adyen(AMS: ADYEN) is the payments platform of choice for many of the world's leadingcompanies, providing a modern end-to-end infrastructure connecting directly toVisa, Mastercard, and consumers' globally preferred payment methods. Adyendelivers frictionless payments across online, mobile, and in-store channels.With offices across the world, Adyen serves customers including Facebook, Uber,Spotify, Cathay Pacific, Grab, Klook, Lorna Jane, Freelancer.com, Kogan.com andShowpo.