Singapore – A large majority of Singaporeans buy some of their favourite brands and products internationally, or do cross-border shopping. This is according to the latest study conducted by global financial technology company PayPal.
According to the report, about 79% of Singaporeans do cross-border shopping. Within it, the top three countries where most of these cross-border purchases come from are China (56%), USA (29%), and South Korea (19%).
When asked why they do cross-border purchases, 54% said that they get better prices when cross-border shopping. Meanwhile, 48% say that these products are not available locally, and 39% use cross-border shopping to discover new and interesting products.
In terms of what types of products they buy overseas, 44% of those purchases are clothes, 22% are consumer electronics and 18% are cosmetics. Meanwhile, 84% of those purchases are made through an online marketplace, 36% on the brand’s website and 34% on the retailer’s website.
Around 58% of these cross-border purchases were discovered via search engines, 44% from friend and family recommendations, and 43% from social media advertisements.
“Buyers are driven by convenience, so complicated shopping experiences are less likely to win over buyers. Make sure you optimise, enhance, and invest in your mobile user experience and purchasing journey. For example, digital wallet payment options streamline the process and will be recognised in a market that has such a focus on convenience,” the research stated.
It also added, “The mobile commerce market in Singapore dominates the online shopping space, with the highest smartphone penetration in Southeast Asia. If a cross-border merchant is looking to succeed with buyers, they should ensure that every aspect of the mobile commerce experience, from browsing to payment options, is optimised to be mobile-friendly. Technology will continue to improve, and brands are going to need to keep up.”
