The Singapore e-commerce market is increasing and is expected to reach new heights by this year. It is a massive opportunity for businesses of all sizes to reach new customers and increase sales. With the third-highest GDP per capita globally, Singapore's 5.7 million citizens spend high amounts online.
This blog post will discuss five shocking Singapore e-commerce statistics that will help you understand this industry better. The information will help you decide if entering the Singapore e-commerce market is right for your business.
1) The Singapore E-Commerce Market Is Forecast To Reach $11.17 Billion This Year
This statistic is from a report by Statista, which projects that the Singapore e-commerce market will reach $11.17 billion this year. This number is expected to grow at a compound annual growth rate (CAGR) of 17.80 per cent, reaching $16.28 billion by 2023.
The report found that Singapore's average annual e-commerce revenue was $29,729 per user in 2018. It means that the country has one of the highest online shopping rates globally. Retail sales are expected to grow as more people access the internet and digital payment solutions.
It presents an excellent opportunity for businesses who want to tap into this market. If your business wants to increase sales, the Singapore e-commerce market is a great place to start.
2) Singaporeans Are Avid Online Shoppers
This Singapore e-commerce statistics shouldn't come as a surprise, given that Singapore has one of the highest GDP per capita in the world. A study by Mastercard found that Singaporeans are avid online shoppers and rank second globally for e-commerce readiness.
Singaporeans love to shop online and are likely to do so from overseas websites. The study found that 81 per cent of consumers in Singapore shopped online at least once a year, with 47 per cent doing so every month.
Singaporeansprefer to shop for clothes and accessories (80%), followed by books, music, and movies (78%) as well as airline tickets (78%). It presents an excellent opportunity for businesses selling these products to enter the Singapore e-commerce market.
3) Alibaba Dominates the Singapore E-Commerce Market
This statistic shouldn't be a surprise, given that Alibaba is the world's largest online and mobile commerce company. In 2018, Alibaba accounted for more than half of all online retail sales in Singapore.
Alibaba has been pushing into Southeast Asia and investing in local companies such as Lazada. It is clear that Alibaba sees excellent potential in the Singapore e-commerce market, and businesses should take note.
4) Logistics Is A Significant Challenge In The Singapore E-Commerce Market
In 2018, the World Bank ranked Singapore first globally for its logistics performance. The ease of arranging imports and exports helped boost this ranking significantly.
Singapore has one of Asia's most efficient transport systems, making it an excellent place for businesses to expand into. The country's main imports are electronics, machinery equipment, mineral fuels, chemicals, and plastics. The top exports include electronic products, refined petroleum products, and non-electronics.
5) Mobile Commerce Is Proliferating In The Singapore E-Commerce Market
More people use mobile devices to access the internet. A study by Google found that 91 per cent of Singaporeans use their smartphones to go online.
Singapore has one of the highest smartphone penetration rates globally, and businesses should take advantage of this.
Conclusion
The Singapore e-commerce market presents an excellent opportunity for businesses to enter. It has a high GDP per capita, which means that people have more disposable income to spend on online purchases.
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