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Business Times
a day ago
- Business
- Business Times
How AI is transforming Singapore consumers' shopping habits
[SINGAPORE] Nearly half (49 per cent) of consumers in Singapore have used artificial intelligence (AI) assistants such as ChatGPT to shop, with more than two-thirds saying there is too much information on social media, thus reinforcing AI's role as a filter. These are just some of the findings from payment-solution provider Adyen's Retail Report 2025, which surveyed more than 41,000 consumers and 14,000 merchants across 28 markets between February and March this year, including 1,000 consumers and 500 retailers from Singapore. The study points to a greater role for AI in the buying journey, with 67 per cent of local consumers saying it helps generate inspiration for outfits or meals faster than anyone else. And, for 66 per cent of them, it helps cut through online noise and aids discovery of unique brands or experiences. That said, one in three consumers are also wary of the fraud risks that come with AI. 'The introduction of AI in shopping has created new shopper journeys that are more exciting than ever. From it, we see an emergence of new consumer behaviours – one characterised by personalisation and convenience,' said Warren Hayashi, president of Asia-Pacific at Adyen. 'Retailers generate vast amounts of payments data through their daily operations, presenting a substantial untapped opportunity. Where AI comes into play is to drive conversions at scale.' A NEWSLETTER FOR YOU Friday, 2 pm Lifestyle Our picks of the latest dining, travel and leisure options to treat yourself. Sign Up Sign Up Indeed, the study found that 35 per cent of local businesses plan to ramp up AI investments in the next 12 months to boost sales and marketing efforts, and an equal number are looking towards AI to strengthen security and fraud prevention. Meanwhile, given Singapore's high smartphone penetration rate, 60 per cent of consumers expect to be able to shop seamlessly across multiple platforms, including social media, websites and apps. A majority (59 per cent) want retailers to allow online purchases with in-store returns and 61 per cent say they will be more loyal if they can buy items that are out-of-stock in-store, but available to be delivered to their home. For all the benefits of online shopping, physical stores remain popular and outperform e-commerce overall, with 27 per cent preferring to shop in-store and 19 per cent preferring to shop online. Just over half (54 per cent) value both channels equally. Among those that prefer in-store shopping, 56 per cent do so because they like to touch and feel products. Some 45 per cent also want retailers to make the experience more interesting, such as via virtual or augmented reality, in-store cafes and special events and activities. The report showed that despite the value that physical stores hold for consumers, retailers may be underestimating their stores' potential. Only 29 per cent plan to expand their number of outlets in 2025 and 42 per cent intend to invest in technology to make the in-store shopping experience more engaging. Businesses should also pay heed to payment methods. Friction at checkout is a dealbreaker, with 56 per cent of consumers saying they will ditch their purchases if their preferred payment method is not available; and 60 per cent doing the same if the payment process is too slow. Surprisingly, Baby Boomers (65 per cent) are most likely to abandon a slow checkout – despite the hyper-connectivity demanded by younger consumers today.
Techday NZ
4 days ago
- Business
- Techday NZ
APAC Retailers Embrace AI Amid Shifting Consumer Preferences
New research from Adyen reveals significant shifts in consumer habits in Asia-Pacific as artificial intelligence becomes increasingly integrated into retail transactions and decision-making processes. The 2025 Annual Retail Report by Adyen examined the behaviour of 41,000 consumers across 28 international markets, including key locations such as Singapore, Australia, Hong Kong, India, Japan, and Malaysia. According to the findings, over a third (38%) of APAC consumers now use AI to assist with shopping. This represents a 39% increase compared to the previous year, with more than one in ten (11%) utilising AI for shopping for the first time during the past 12 months. The report finds AI is perceived positively by users. Nearly two-thirds (63%) indicated that AI helps inspire their purchase decisions, whether for clothing or meals, at a faster rate than other sources. In addition, 62% expressed a desire to use AI to discover unique brands and new shopping experiences, creating opportunities for brands to drive sales through partnerships and cross-selling. Adyen's research also noted that 59% of APAC consumers are open to the idea of making purchases using AI in the future. The adoption of AI is evident across generations. While Generation Z leads in usage—particularly in Malaysia (74%) and Hong Kong (64%)—older groups are showing increased engagement. In Singapore, Generation X and Millennials registered the sharpest rises in AI-powered shopping over the past 12 months at 45% and 28% respectively. The report also found that 30% of those aged 60 and above are currently using AI to support their shopping decisions. Warren Hayashi, President, Asia Pacific, Adyen, said: "The introduction of AI in shopping has created new shopper journeys that are more exciting than ever. From it, we see an emergence of new consumer behaviors — one characterized by personalization and convenience. For retailers, embracing AI isn't just about staying current; it's about meeting evolving consumer expectations and staying competitive in a fast-changing retail landscape." AI is also being viewed as a tool to drive business growth. When asked about strategies for boosting revenues in 2025, more than a third (34%) of APAC retailers identified increased investment in AI to support sales and marketing, product innovation, as well as security and fraud prevention. Hayashi further commented: "Retailers generate vast amounts of payments data through their daily operations, presenting a substantial untapped opportunity. Where AI comes into play is to drive conversions at scale. Building on this potential, we recently launched an AI-powered payment optimisation solution called Adyen Uplift. By training AI on all of the transactions Adyen processes, we help retailers identify genuine shoppers at scale, and fly them through checkout securely and with minimal friction." Concerns over fraud remain pronounced. The report noted that one in three consumers across the region have experienced fraud involving account takeover, identity theft or social engineering. For businesses, the resulting losses from such incidents averaged over SGD $3 million during the last 12 months. The growing prevalence of AI in commerce has heightened consumer unease; 26% of APAC consumers reported increased concern regarding fraud and scams, and one in five avoid enabling their devices to remember payment details because of these fears. Hayashi addressed these issues, explaining: "Besides optimizing revenue, AI could aid in the fraud-fighting efforts of retailers. By training AI on the thousands of transaction data retailers process each day, it can spot anomalies, identify patterns, and predict fraud attempts – ultimately ensuring consumer trust and protecting retailers' hard-earned revenue." Currently, 40% of regional retailers use AI to assist in fraud prevention. Despite a push for digital solutions, APAC consumers continue to value physical stores. The report cites that while 36% of consumers in the region shop via social media, and 46% expect the ability to purchase across various digital touchpoints, physical presence is still important. Forty-two percent prefer both physical and online channels equally, with a further 35% favouring traditional brick-and-mortar outlets. The opportunity to see and feel products (48%), try them on (41%), and take items home immediately after purchase (35%) are the top reasons cited for this ongoing preference. The report also highlights that less than half (46%) of APAC retailers currently offer streamlined omnichannel experiences, though an additional 19% are planning such investments over the coming year. Social responsibility is another theme. A growing segment of APAC consumers now favours retailers with a strong social purpose and charitable initiatives. Correspondingly, 30% of businesses in the region are investing in social impact causes. The research, conducted by Censuswide, involved both consumers and merchants, applying standards set by the Market Research Society and ESOMAR. The data was collected in early 2025, reflecting the most recent trends in technology-led transformation within the retail sector.
Malaysiakini
02-05-2025
- Business
- Malaysiakini
Vietnam Airlines expands partnership with Adyen
Adyen, the financial technology platform of choice for leading companies, announced on 30 April 2025 an expanded partnership with Vietnam Airlines, Vietnam's flag carrier. The airline partnered with Adyen in 2017 for its gateway solution and in 2024, expanded the partnership to leverage Adyen's global acquiring capabilities, enabling seamless payment experiences in markets like Japan, Australia, the U.S., and Europe, among others. The single integration with Adyen allows faster, more reliable transactions in credit cards and selected local payment methods like Alipay and WeChat Pay. Adyen's acquiring capabilities connect businesses directly to Visa and Mastercard card schemes, helping the airline benefit from local market conditions and generate higher authorization rates and lower transaction fees. Since the expansion of partnership, Vietnam Airlines has seen up to a 5% uplift in authorization rates. 'Our strengthened partnership with Adyen represents a significant step forward in Vietnam Airlines' digital transformation. With Adyen's global reach and advanced payment solutions, we can offer travelers around the world a smooth, secure, and flexible payment experience—supporting major card networks and emerging payment methods alike. This collaboration enables us to elevate the passenger journey while boosting operational efficiency and fostering innovation,' said Bui Tran Cuong, Deputy Director of Finance and Accounting, Vietnam Airlines. 'We're honored to further our longstanding collaboration with Vietnam Airlines as their trusted payments partner and our work together is testament to how the right payment solutions can empower businesses to serve a global customer base at scale,' said Warren Hayashi, President, Asia-Pacific, Adyen. This content is provided by GO Communications. The views expressed here are those of the author/contributor and do not necessarily represent the views of Malaysiakini. Interested in having your press releases, exclusive interviews, or branded content articles on Malaysiakini? For more information, contact [email protected] or [email protected]
Yahoo
24-02-2025
- Business
- Yahoo
HEYTEA Partners with Adyen to Brew Global Expansion
HEYTEA taps Adyen for its unified commerce technology and global acquiring capabilities to process payments in store and online SHENZHEN, China, Feb. 24, 2025 /PRNewswire/ -- Adyen, the global payments platform of choice for many of the world's leading companies, today announced its partnership with HEYTEA, the originator of China's "new-style tea" and creator of the iconic cheese tea (cheese cloud foam). With a footprint of over 4,300 outlets in 300 cities worldwide, the partnership is set to be a recipe for success with HEYTEA's ambitious global expansion, bringing its creative brews to customers across the United States, United Kingdom, Singapore, and Australia. With its sights set on expanding into new markets, HEYTEA has chosen Adyen as its payment technology provider, utilizing Adyen's unified commerce platform to enable the global tea chain to launch seamlessly into new overseas markets. The integration with Adyen will also see HEYTEA unlock the benefit of its extensive global acquiring network, allowing faster, more reliable transactions in the preferred local payment methods -- including powering WeChat Pay directly via HEYTEA's app, promising a localized and more customer-friendly experience. "Adyen's technology allows us to seamlessly deliver on our mission to deliver a modern tea experience to customers globally," says HEYTEA official spokesperson. "Adyen's fast processing and support of a wide range of local payment methods, allow us to focus on delighting customers without worrying about payment complexities." "Adyen is proud to partner with HEYTEA as it brings its iconic 'new-style tea' to customers around the globe. Expanding into new markets presents both opportunities and challenges, and we're proud that HEYTEA has trusted Adyen to power its global growth." says Warren Hayashi, President of Asia-Pacific, Adyen. About Adyen Adyen (AMS: ADYEN) is the financial technology platform of choice for leading companies. By providing end-to-end payments capabilities, data-driven insights, and financial products in a single global solution, Adyen helps businesses achieve their ambitions faster. With offices around the world, Adyen works with the likes of Meta, Uber, H&M, eBay, and Microsoft. The cooperation with HEYTEA as described in this merchant update underlines Adyen's continuous growth with current and new merchants over the years. For more information, visit About HEYTEA HEYTEA is the originator of new-style tea. Founded in 2012 in Jiangbianli, Guangdong, China, HEYTEA began with humble beginnings, blending tradition with eccentric inspiration to breathe new life into tea. Committed to using only REAL ingredients with NO colorants, HEYTEA revolutionized the tea industry by introducing the world's first-ever Cheese Tea—a unique blend of fresh tea topped with a rich, velvety cheese cloud foam. In 2018, HEYTEA opened its first international store in Singapore, bringing new-style tea to a larger global audience. Today, with more than 4,300 stores worldwide, HEYTEA continues to bring simple joy and a touch of Zen to more people through a good cup of tea. View original content: SOURCE Adyen Sign in to access your portfolio
