3 in 4 millennials demand rewards from Singapore retailers

They would buy more if they get rewarded.

If the latest study by the ICLP is anything to go by, then it would seem like more millennials are demanding rewards from retailers.

The ICLP study found out that amongst Singapore millennials, 74% said they would buy more if their favourite retailers’ products were more consistent and reliable while 73% would buy more if retailers rewarded them better.

The findings came at a time when Singapore’s retail sector is pursuing the Retail Industry Transformation Map, cited as a key pillar in Singapore's drive towards the Future Economy.

ICLP country manager Bruno Tay said the survey findings suggest that any innovation in the industry should be directed towards greater consistency and reliability, as well as better rewards, and more thoughtful personalization.

“Even as our economy evolves alongside a new generation, our findings about Singaporean millennials reiterate the fact that retail innovation is not just about creating the next trendy concept or offering,” Tay noted.

Compared to generations born before 1980, more of Singapore’s millennials also place an emphasis on personal recognition by brands and retailers – a fact that likely reflects the impact of digital technology in shaping expectations of smarter data-driven propositions. 32% of millennial shoppers now consider it important for retailers to make relevant recommendations that are specifically tailored to their interests, while only 20% of the older shoppers do. Similarly, 28% of millennial shoppers think it is important for brands to remember their shopping, payment, and delivery preferences – versus only 16% of the older shoppers who do.

“What the millennial consumers feel today gives us a glimpse of the future of retail in Singapore. The current lack of emotional engagement, coupled with the emphasis on consistency and personalisation, points to fundamental gaps that brands and retailers need to fill,” Tay stated.

He added, “It calls for innovation that is purposeful and focused. For one, with the vast amount of data available today, they ought to step up their digital capabilities, so they can understand and recognise every consumer as an individual, nurture each relationship, and inspire devotion.”