The study, which was carried out by the Institute of Service Excellence (ISE) at the Singapore Management University (SMU), calculated customer satisfaction scores at national, sector, sub-sector and company levels. company via face-to-face and online interviews with 4,800 consumers between January and April of this year.
The 2022 Customer Satisfaction Index of Singapore (CSISG) survey considered four constituent sub-sectors to assess the performance of the retail sector. It was found that the dismal growth of the retail sector year-on-year was mainly due to the department store sub-sector (70.9 points), which fell by 2.4%, and to the fashion apparel subsector (72.1 points), which fell 1.7 percent. The two other sub-sectors, retail (71.4 points) and e-commerce (70.8 points), also fell by 0.8% and 0.5% respectively.
Singapore customers are now less satisfied with the retail sector. A recent study showed that retail customer satisfaction dropped 1.5% from a year ago to a score of 71.3 points out of 100. It was also found that attributes related to products and in-store experiences were important factors in increasing loyalty.#
“Customers at department stores and fashion clothing stores also saw significantly lower levels of loyalty, with scores down 4.0% and 3.5% respectively. Loyalty in the CSISG study is defined as the likelihood of repurchasing from the store or brand, and tolerance to price changes,” said a press release from SMU.
“While the growth of cashless payments had already been on a healthy upward trajectory for years, COVID-19 appears to have accelerated adoption. This change in payment behavior has also resulted in seemingly better shopping experiences, such as ‘greater satisfaction with retail payment processes,” Neeta Lachmandas, executive director of ISE, said in the statement. The survey found that retail customers who used cashless payments gave a satisfaction rating of 7.51 points (on a scale of 1 to 10) for the payment process, which was considerably better than customers paying in cash, with an average rating of 7.17 points.
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