The attitude of Singapore consumers has changed, with many keen on using intelligent technologies for making purchasing decisions.
Accenture Strategy's 'Painting the Digital Future of Retail and Consumer Goods Companies' report found that 41 percent of the 360 Singapore consumers surveyed would allow companies to collect their personal data via intelligent devices in return for a better experience or financial reward.
Nearly half (47 percent) of them would also subscribe to a service that constantly looks for the best pricing deals on their behalf, and actively recommends which company to switch to, and when.
Besides that, 40 percent of Singapore consumers are open to using sensor-based digital services that pre-emptively address their needs without human intervention.
In addition, 36 percent of them would subscribe to brands that analyse their shopping history to select products especially for them, and order them automatically. Singapore consumers believe that they will use auto-replenishment for household goods like detergent (78 percent) and fresh food (73 percent).
The report also revealed that Singapore consumers support the ideas of the sharing and services economies too. Two-thirds (66 percent) of them would use a rental subscription for clothing -- they do not mind renting an item for an occasion and returning it after, instead of purchasing it outright.
Respondents also claimed that they would use outsourced services. For instance, 68 percent of them would use a service that picks up, washes and folds laundry, before delivering the clean laundry back to their door.
"The next decade will be a golden age for consumers, with technological innovation creating a variety of shopping experiences that will give consumers the simplicity, convenience, or excitement they crave, said Alison Kennedy, managing director, Accenture Strategy.
"As such, the retail and consumer goods industries will change more in the next 10 years than they have over the past 40. As expectations around cost, choice, convenience and experience continue to increase, consumers will challenge the industry to ...gain a deep understanding of consumers, embrace disruptive technologies and adopt innovative business models...which will drive huge growth in digital commerce," she added.
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