Study: 80% in SG believe that AI will make it easier to purchase online

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Singaporeans expect the future of payments to be seamless, AI-powered and inherently cross border.

In fact, consumers in Singapore have high expectations that developments in AI will transform the future of retail, with 80% believing that AI will make it easier to purchase products and services online.

Consumers in Singapore also see the most potential for AI to add value in payments through preventing fraud and scams (57%), recommendation on deals (45%) and resolving purchase through AI-enable chatbots (40%).

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This is according to a recent research study by financial infrastructure platform for businesses, Stripe.

In addition, the research found that majority of Singaporeans expect that the future of retail will become more borderless, with 77% of Singaporeans thinking that buying products and services online from international sellers should be simpler than it currently is.

Interestingly, 65% of Singaporeans said that not being able to pay with their preferred payment methods deters them from buying from international sellers today, said the report.

However, 67% expect that the geography of sellers will have less relevance in their purchasing preferences by 2030.

This comes after a recent study by McCann Worldgroup titled the "Truth About Singapore" where it found that 65% of Singaporeans prefer shopping recommendations by AI over humans.

These findings are derived from over 243,579 unique data points across a survey of 2,035 Singaporeans spanning the complete demographic mix.

When it comes to customer service, however, 77% of Singaporeans agree that seamless service, whether human or robotic, is of the highest importance.

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