With a small population of just 5.6 million, Singapore is a tiny island. It is a considerable e-commerce market in South East Asia. How exactly large is the e-commerce platform in Singapore?
The business-to-consumer e-commerce market is worth $4.9 billion and is likewise anticipated to broaden at a compound growth rate of 8.35% in 2021. $1,456 is the average online expenditure per year, with a great will of shoppers to make a big-ticket purchase online. If you have thought of setting up a business in Singapore, then it would be a perfect time to do so.
Statistics on E-Commerce Landscape in Singapore states that the revenue of the country’s market is about to touch $2,793 million in the year 2021. An annual growth rate in revenue is expected to be seen at an annual growth rate of 9.9%, which will result in a projected market volume of $4,079 million by the year 2025. Electronics and media is the largest segment of Singapore’s e-commerce market with a project market volume of USD$ 668 million in 2021.
Impact of COVID-19 on e-commerce of Singapore-
The retail sales of Singapore have dropped by 5.3% year on year in January 2020. However, the e-commerce platform of the country has witnessed a 2 digit growth of 23% throughout the first 6 months of 2020. Researchers have supported that the grocery market in Singapore saw a stellar performance as well. It has forecast to be an industry of $9.9 million by 2023 (over a 14.5 % of increase as compared to 2018). In the era of COVID-19, several physical store retailers were seen to have a jump on the e-commerce platform. A large number of traditional market players have shifted to online platforms and social media channels to hawk their products.
Some of the most popular online stores in Singapore are Domino’s Pizza, Tradus, Flipkart, Myntra, Jabong, snapdeal, etc. When overall e-commerce traffic of Singapore is taken into account then the top 5 players of 2020 are Shopee, Lazada, Qoo10, Amazon, and Ezbuy. E-Commerce Platforms to Start Selling on encourages the producers to promote their business as to sell anything; an e-commerce platform is the most effective thing that all they need.
Key Trends-
- Live streaming
It is about promoting and selling goods or services via real-time broadcasting of live video. Brands come up with regular and great content to influence the crowd on social media. Within SE Asia, a mushrooming has been discerned in the favor of live streaming on platforms such as Lazada and Shopee is undeniable.
- Invisible payments
It has been noticed that more and more transactions are moving from the physical method to the mobile spaces. Mobiles are the most effective part that is making the integration of digital contributions in e-commerce checkout more exciting.
- Visual and voice search
As the population is interacting more with their mobile phones, they are exploring it more. A modern transition has been seen like browsing. Sensory search is at its peak.
Voice-activated virtual assistants like goggle assistant and Alexa have been gaining interest for many years but a notable trend has been noticed for the usage of the voice assistant to create purchases.