Why physical stores are here to stay in SG
About 56 per cent of Singapore’s shoppers claim that they prefer shopping at physical stores rather than online. According to a recent infographic released by online couponing website Flipit.com, the increase in popularity of shopping online parallels that of the evolution of physical stores, as omnichannel becomes an integral part of shopping culture in Asia.
Singapore has almost double the retail space per person than Australia, despite being 10,000 times smaller than Australia geographically. Cross-channel options are nurturing the growth of brick-and-mortar stores by integrating the online and offline worlds, and allowing physical stores to ride the wave of ecommerce success.
E-commerce figures are on the rise in Singapore, but this does not equate to a fall in in-store sales. Online and offline sales are growing together, not in spite of each other, highlights the inforgraphic. About 85 per cent say they visit a physical store each month, whereas only 49 per cent visit an online store.
The infographic highlights that only 49 per cent of flights in SG are bought online, compared with 80 per cent in the UK. On average only four per cent of household spending is done online.
Speaking about the findings, Willem Nout, Project Manager at Flipit.com said, “As a young ecommerce business, Singapore is undoubtedly one of our top regions to do business globally. Shopping trends are constantly evolving, but you can always guarantee that Singapore will be one step ahead. Singaporeans just love to shop – plain and simple! Considering shopping as a pastime rather than a necessity is exactly the kind of attitude that guarantees to keep physical stores out of the red zone, and this is why the future of retail in Singapore is looking bright.”
