Singapore – A recent study by Stripe, a financial infrastructure platform, revealed that more than half of consumers in Singapore expect that the geographic location of sellers will matter less in their purchasing choices by 2030, noting the future of retail will become more borderless.
According to the report, approximately 75% of local consumers also believe that buying products and services online from international sellers should be easier than in its current state.
They have further mentioned the crucial role that artificial intelligence will contribute to the transformation of retail, with 80% thinking AI will make it easier to buy products and services online.
Moreover, about 57% of consumers see the potential of AI in payments through its ability to prevent fraud and scams.
Another 45% also believed AI helped in providing recommendations on deals, and 40% said their importance in resolving purchase issues with AI-enabled chatbots.
Interestingly enough, the survey found that many consumers are still discouraged by the complexity of cross-border transactions, with 65% of the respondents stating they will not purchase from international sellers if their preferred payment option is not available.
