Bridging the digital gap between consumers and merchants (Infographic)

In countries across the globe, the adoption of digital services has been uneven between merchants and consumers.

In Singapore, for instance, almost one-third of consumers use their mobile phones to pay for goods and services, while only 26% of small and medium-sized enterprises (SMEs) in the city-state have adopted digital payment options.

The difference might not seem like much, but for the 30% of Singaporeans who use mobile payments, it’s a noticeable gap – especially considering that SMEs make up 99% of the businesses in the country.

But according to the 2020 Retail Trends in Singapore report by digital merchant platform Fave, retailers are increasingly adopting digital services to reach their customers.Tech in Asia takes a look at how merchants can catch up to their consumers’ digital adoption level.

Fave connects merchants and consumers to deliver seamless payment experiences and serves as a payment aggregator for the most popular cards and e-wallets. Integrated with other strategic partners, Fave also offers merchants more value-add and customer exposure through marketing, data, financing, and operations features.

Download the 2020 Retail Trends in Singapore report on Fave’s website.