Digital Commerce in Singapore

PROSPECTS

Room for growth in proximity payments

The leading industries in the proximity environment are by nature associated with smaller ticket items but promote repeated purchases. As a result, digital proximity payments have gained traction in retailing and consumer foodservice.

Security and reliability still a concern

Although consumers have slowly grown accustomed to digital payments, security and reliability may be a barrier to future growth. People are still sceptical about storing all their information in their phone with the prevalence of hacking of private information from phones and online platforms.

Government and industry players are pivotal in driving uptake

Government-led initiatives such as the unified payment system, will drive efficiency and cost reductions for merchants and consumers. Continued investments and partnerships between industry players will be the driving force behind a seamless and secure payment ecosystem.

COMPETITIVE LANDSCAPE

Internet retailers provide strong competition

Qoo10 continues to dominate Singapore’s e-commerce scene through a holistic business strategy. The internet retailer entices consumers through discounts and promotions such as Daily Deals and Group Buy and gamification such as MameGo!.

DBS PayLah! to lead in the digital payments space

PayLah! started off as a mobile wallet for peer-to-peer transfers and has now expanded to include in-store QR code payments. To drive usage of digital payments both remotely and via proximity, the wallet needs to be integrated seamlessly into consumers’ daily lives.

Consumer foodservice and consumer finance to be further disrupted

The traditional retail model was disrupted by the rise of the internet. However, with the rise of technology and super apps such as Grab, several industries such as transportation, consumer foodservice and consumer finance are poised to evolve.

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