Market research agency Nielsen on Monday says that some 54% of Singaporeans cannot imagine life without their mobile devices and 48% feel anxious without them.
In addition, Nielsen found that 73% of Singaporeans enjoyed the freedom of being connected anywhere, anytime, while 66% strongly or somewhat agreed that their mobile device had bettered their lives.
The findings were from a poll of more than 30,000 online respondents in 63 countries, in Nielsen’s latest Mobile Shopping, Banking and Payment Survey. This included 493 respondents from Singapore.
Nielsen says the proliferation of technology and need for connectivity in their lives has revolutionised the world of retail, and changed the way consumers shop and buy online, as well as perform banking transactions.
“Mobile devices… are shaping and defining the consumer’s approach to retail and banking, empowering them to demand a more custom tailored experience according to their taste and preferences,” says Joan Koh, managing director, Nielsen Singapore and Malaysia.
“The need for connectivity and value of convenience has never been greater among Singaporeans,” she adds.
Some 62% of Singaporeans have used their mobile devices to look up product information when shopping and 54% have used their mobile devices to compare prices.
Close to half, or 49% of consumers, have used their mobile device to research on a product or service within the last six months.
In addition, some 32% have used their mobile devices to purchase a product or service, and 31% have booked movie tickets, flight tickets or hotel stays through them.
“The adoption of mobile devices has disrupted the path to purchase of traditional retail channels,” says Koh. “Businesses need to continue to leverage on digital and social media platforms to supplement traditional formats such as television and print media to drive consumer engagement.”
Growth in access to cashless payments is estimated to lead to US$10 trillion in additional consumer spending over the next decade, according to estimates from The Demand Institute, which is jointly operated by Nielsen and The Conference Board.
Nielsen says consumers are also adopting digital tools to monitor their spending and manage their finances.
“We are seeing an uptrend in the adoption of mobile-banking activities,” says Anil Antony, executive director of consumer insights at Nielsen Singapore. “This is further girded by the fact that retail banks are increasingly going digital with their processes and driving automation.”
Some 41% of Singaporeans say they had checked a bank account balance or a recent transaction in the past six months, while 37% have paid a bill using their mobile device.
In addition, 36% of respondents have transferred money between bank accounts, and 26% have transferred money using their mobile device directly to another person.
