Singapore’s mCommerce market is expected to grow 33 percent by 2021, according to Worldpay's annual Global Payments Report.
The global leader in payment processing technology and solutions, Worldpay publishes updated analyses each year, replete with key insights to help merchants connect with the right payment types for their respective customers. The 2017 report, its most expansive to date, includes more countries and payment preferences than ever before—across 36 markets on five continents, to be exact.
The anticipated growth within the Singapore mobile market is one of its most exciting statistics, especially as we begin to set up camp in Singapore ourselves and roll out our user-friendly mobile shopping app to help grocery stores appeal to the growing number of tech-savvy customers looking to grocery shop via smartphone, tablet, and other mobile devices.
Singapore already encompasses the third-largest eCommerce market within Southeast Asia and outpaces its neighbors, despite its relatively low population of 5.7 million.
The island country leads the region in smartphone and mobile broadband penetration, and with a whopping "73% of Singapore's internet users already shop[ping] online," according to Worldpay's official announcement heralding the analysis' Singapore findings, an eventual eCommerce saturation slowdown may be on the horizon—and a virtual mCommerce revolution underway.
Contributing factors for this projected "explosive growth" in Singaporean mCommerce, it explains, include more mobile shoppers, greater popularity of alternative payment methods, and increased cross-border shopping—"with more than half of Singapore’s online consumers buying from international merchants."
Phil Pomford, general manager for Asia Pacific at Worldpay, advised retailers to adopt strategies best aligned with these predicted shifts:
“Retailers looking for a foothold to the future must prepare to deliver on a new set of demands in Singapore. Online shoppers are moving beyond the desktop, and beyond country borders. Savvy and well connected across multiple devices, they increasingly prefer to shop via mobile and want more opportunities to purchase from merchants around Asia, and the globe.”
Singaporean shoppers "expect a convenient, seamless experience no matter how they shop," he continued, suggesting that merchants must therefore "create mobile-friendly payments so that shoppers always get a simple and secure checkout experience."
To capitalize on escalating cross-border trade, Pomford recommended merchants offer "a variety of currencies and payment options" to help promote confidence and comfort among online shoppers during checkout, while also singling out alternative payments, such as e-wallets, and loyalty benefits, to boost market share and shopper volume.
His assessment echoes the Singapore report's projection that e-wallets & bank transfers will nearly double in market share by 2021, as well as its Top Tip:
"70% of Singaporean internet users would shop online more if merchants offered loyalty benefits comparable to those available when shopping in-store. Consider adding a loyalty programme to entice repeat custom[ers]."
Guidelines published by Worldpay to help merchants maximize eCommerce & mCommerce prospects in Singapore and Southeast Asia include:
- Prioritizing popular and business model-complementary payment methods
- Ensuring cross-border trade facilitation, such as local acquiring capabilities, a wide range of currencies at checkout, and local language customer support
- Providing one-click ordering
B2B mobile retail tech company Grability is revolutionizing online grocery shopping with an innovative mobile commerce platform that mimics key components of the real-life, in-store experience digitally, enabling users to browse genuine aisles and select goods and products with ease, from wherever they are, whenever they choose. This customizable mobile application can integrate with all back-end systems, empowering retailers and helping to effectively increase conversion rates and create a new revenue stream from digital-trade marketing.