SINGAPORE: Six in 10 Singaporean consumers believe that the location of sellers will likely play a much smaller role in their purchasing decisions by 2030, according to a recent survey by Stripe.
Singaporeans expect that advances in artificial intelligence (AI) will make it easier to buy products and services online, reducing the importance of where the seller is based.
According to Stripe, this shift in Singapore reflects a growing belief that the future of retail will be more borderless.
Singapore Business Review reported that the survey found 75% of Singaporean consumers believe buying from international sellers online should be easier than it currently is, with many locals thinking AI will be crucial for transforming retail.
Currently, many consumers are hesitant to shop across borders due to the complexities of cross-border commerce. However, 80% of respondents believe AI will address these issues, making it easier to purchase products and services online.
Singaporean consumers see value in AI’s ability to enhance security and personalise their shopping experiences. According to the survey, 57% of consumers think AI can make payments safer by preventing fraud and scams.
In addition, 45% believe AI will help them find relevant deals, while 40% see value in AI-enabled chatbots for resolving purchase issues.
Despite the optimistic outlook on AI’s role in retail, concerns about cross-border shopping remain. Stripe’s survey found that 65% of Singaporeans would be reluctant to buy from international sellers if they cannot use their preferred payment method.
While many expect cross-border shopping to soon become easier, current complexities still deter many from purchasing internationally. /TISG
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