Ecommerce Market in Singapore Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The report covers Ecommerce Market Growth in Singapore and it is segmented by B2C E-commerce (Beauty and Personal Care, Consumer Electronics, Fashion and Apparel, Food and Beverage, Furniture and Home), and B2B E-commerce. The market size and forecasts are provided in terms of value (USD) for all the above segments.

Singapore Ecommerce Market Size

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Singapore E-Commerce Market Summary
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Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 11.00 %
Market Concentration Medium

Major Players

Singapore E-Commerce Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Singapore Ecommerce Market Analysis

The Singapore E-Commerce Market was valued at USD 5.21 billion the previous year and is expected to register a CAGR of 11.00%, reaching USD 9.58 billion by the next five years.

Live video broadcast over the internet to promote and sell goods and services is known as live streaming in the e-commerce business. Shopee and Lazada are two e-commerce platforms that leverage live streaming. Even when there are restrictions on movement and physical gathering, live streaming allows marketers and businesses to engage well with their customers. Livestreaming can be compared to traditional TV shopping. However, retailers don't need to buy a lot of airtime or spend money on TV advertising to reach potential customers.

  • With most citizens having access to high-speed broadband connections, Singapore has one of the highest internet penetration rates in the world. This extensive internet connectivity has been essential in enabling the adoption of e-commerce across a range of demographics.
  • Cross-border e-commerce growth has been enabled by Singapore's strategic geographic location and role as a regional logistics center. Cross-border internet shopping is popular among Singaporeans, who use global platforms and marketplaces to obtain low-cost goods.
  • Many local online retailers are already used to and prepared for growth through this channel. Several well-known Singaporean e-commerce companies have adopted a mobile-first strategy. Carousell, the Singaporean e-commerce site, began as a mobile-only service and has recently grown to accommodate online desktop shoppers. It allows users to quickly sell items by taking images of the item on their phones and communicating with interested purchasers via instant messenger.
  • The nature of the cards as payment methods also means that the user is at greater risk of fraud since all a malicious actor needs is a few pieces of information attached to customer cards, usually the user card number, CVV code, and expiry date. These are the details required for making an online transaction. A skilled fraudster could also persuade the user to give up their one-time password (OTP) to circumvent most banks' two-step authentication processes for online transactions.
  • The post-COVID-19 effect had a fundamentally altering effect on the Singapore e-commerce market. The pandemic accelerated consumer behavior change, increased digital usage, and heightened competition. Omni-channel strategy, social commerce, and enhanced logistics and delivery services will likely shape the landscape as e-commerce expands. The assistance of the government will likely be essential in determining how Singapore's e-commerce sector will develop in the future.

Singapore Ecommerce Market Trends

Internet Plays a Significant Role in Market Growth

  • According to data from Ookla, internet users in Singapore might have expected the following connection speeds at the start of the previous year, 63.41 Mbps is the average mobile internet connection speed via cellular networks. 184.65 Mbps is the average fixed internet connection speed. According to Ookla's data, Singapore's median mobile internet connection speed rose by 8.38 Mbps (+15.2%) in the year leading up to the start of the previous year.
  • Singapore's e-commerce industry is powered by several ASEAN unicorns who have decided to build their regional headquarters there, in addition to its strategic position, advanced digital economic ecology, and highly developed Internet market. Singapore has the most unicorns, with 15 on its credit. Grab, Carousell, Lazada, Ninja Van, and Shoppee are well-known, each with a more than USD 1 billion valuation.
  • Singapore must alter its digital infrastructure to "recover better" from the pandemic and acquire long-term resilience. This idea is mirrored in recent government measures to strengthen Singapore's post-pandemic resilience. This includes driving digital transformation and innovation by expanding the adoption of technology-enabled alternatives and increasing R&D. The Singapore Green Plan 2030 intends to leverage technology-driven solutions to "ensure a green, liveable, and sustainable home for generations " Singaporeans" and emphasizes sustainability.
  • Telecom operators are expanding the offering of their 5G connection for several countries. For instance, previous early year, Philippines-based Globe Telecom announced that it would accelerate its 5G Roaming rollout to other countries in the Middle East and Asia. Globe is set to open its 5G connection to visiting customers of Singtel of Singapore. Such 5g expansions will drive the market.
  • The region is witnessing the growth in usage of the internet with the increase in broadband speeds and online payments; further, the developments in 5g. 5 G's use of higher spectrum waves (mmWaves) enables higher capacity in densely populated areas, greater scalability, higher user mobility for services in moving vehicles, and enhanced connectivity everywhere. 5G enhanced mobile broadband provides the benefits of 5G to the broader public, as it can deliver high-quality service internet access in previously challenging or prohibitive conditions.
Singapore E-Commerce Market: Average Fixed Broadband Upload Speeds, in MBPS, Singapore, Nov 21-Nov 22

Food and Beverage Industry is One of the Factors Driving the Market

  • According to the Singapore Department of Statistics, Singapore's food and beverage services' gross domestic product (GDP) was around SGD 5.26 billion, up slightly from the past years. The reduction is attributable to the food service sector's unfavorable impact of the COVID-19 pandemic. The pandemic has compelled some businesses to adjust, and everyone looks forward to a new normal.
  • While customer preferences for dining in have stayed unchanged, the response to constant adjustments in safe management limits appears to have moved this year, according to data from the Customer Satisfaction Index of Singapore (CSISG) study. Surprisingly, the fall in dine-in numbers was met with a considerable increase in takeout, while delivery proportions remained steady.
  • According to the Singapore Department of Statistics, food and beverage service sales increased by 4.7% year over year in March, reversing a 0.7% dip in February. Over the previous month, food and beverage service sales climbed 8.0%, seasonally adjusted in March previous year. In March, the total sales value of food and beverage services was anticipated to reach USD 806 million. Online food and beverage sales accounted for an expected 30.4%, similar to the percentage recorded in February previous year.
  • According to Value Champion, GrabFood has the highest delivery fee ratio to the total order cost, at 21%, according to a review of leading meal delivery apps in Singapore. With a fee ratio of 9%, Foodpanda has the lowest average fee ratio. The fee ratio was obtained by dividing the average delivery fee total by the average total cost of the delivery order.
  • The increase in the number of coffee and snack outlets is one of the main drivers of the growth of the fast food and coffee business. Specialty coffees have emerged due to the diversity of tastes and preferences for various varieties of premium coffee, which is driving the market's growth. According to the US Department of Agriculture, Singapore consumed 100,000 60kg bags of coffee in June before the previous year. In recent years, the increase in cafes, chain coffee shops, and specialty coffee houses have contributed to rising coffee consumption.
Singapore E-Commerce Market: Leading top five e-commerce sites in Singapore in 2022, by monthly traffic, (in million visits)

Singapore Ecommerce Industry Overview

In Singapore, the competition in the E-commerce market has increased as the customer's adoption of online sales channels has grown. The market is moderate. An increase aids this growth in internet penetration. Further, brands such as Lazada, Shopee, and many more expand their reach by providing customer-centric services that enhance customers' online shopping experience.

In March 2022, WEBUY, a Singapore-based social e-commerce business with offices in Malaysia and Indonesia, acquired Chilibeli, Indonesia's largest and most popular community group buying platform. WEBUY was likely to become the leading social e-commerce company in Singapore and Indonesia due to this purchase. Chilibeli, like WEBUY, uses a social group buys concept to optimize the supply chain and create revenue for group players.

In December 2022, Plugo, headquartered in Singapore, raised USD 9 million in a series A fundraising round. The business provides direct-to-consumer (D2C) firms with a full range of e-commerce support services, including building websites, setting up payment systems, managing marketing campaigns, and managing shipping, warehousing, and logistics.

Singapore Ecommerce Market Leaders

  1. Lazada

  2. Shopee

  3. EZbuy

  4. Inc

  5. Sephora 

*Disclaimer: Major Players sorted in no particular order

Singapore E-Commerce Market Concentration
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Singapore Ecommerce Market News

  • May 2022: Singapore introduced a rating system that evaluates e-commerce marketplaces based on anti-scam policies. Its technical rules for online transactions were modified to include more information on avoiding scams. The E-commerce Marketplace Transaction Safety Ratings (TSR) were created to assess the extent to which these platforms had adopted anti-scam procedures that ensured, among other things, user authenticity, transaction safety, and the availability of loss-recovery channels for customers.
  • May 2022: Singapore state investor Temasek Holdings boosted its investment in e-commerce giants Inc and Pinduoduo by more than 15%. Temasek, one of the world's largest investors with stakes in Singapore Airlines, DBS Group, and other companies, first revealed a holding in Amazon in 2017 and Pinduduo in 2020.
  • June 2023: As part of its effort to support over 120,000 small businesses in the area, the social media platform Tiktok will launch a program to offer e-commerce training for stores in the Heartlands. For Heartland stores in Singapore, Tiktok will roll out a thorough, systematic digital training program that will help them establish a presence online in a secure, open, and approachable.

Singapore Ecommerce Market Report - Table of Contents


    1. 1.1 Study Assumptions and Market Definitions

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Industry Attractiveness-Porter's Five Forces Analysis

      1. 4.2.1 Bargaining Power of Suppliers

      2. 4.2.2 Bargaining Power of Buyers/Consumers

      3. 4.2.3 Threat of New Entrants

      4. 4.2.4 Threat of Substitute Products

      5. 4.2.5 Intensity of Competitive Rivalry

    3. 4.3 Key Market Trends and Share of E-commerce of Total Retail Sector

    4. 4.4 Impact of COVID-19 on the E-commerce Sales


    1. 5.1 Market Drivers

      1. 5.1.1 Increased Internet Penetration Across the Country

      2. 5.1.2 Increased Adoption of Smartphones

    2. 5.2 Market Challenges

      1. 5.2.1 Data Security

    3. 5.3 Analysis of Key Demographic Trends and Patterns Related to E-commerce Industry in Singapore (Coverage to include Population, Internet Penetration, ecommerce Penetration, Age & Income etc.)

    4. 5.4 Analysis of the Key Modes of Transaction in the E-commerce Industry in Singapore (coverage to include prevalent modes of payment such as cash, card, bank transfer, wallets, etc.)

    5. 5.5 Analysis of Cross-border E-commerce Industry in Singapore (Current market value of cross-border & key trends)

    6. 5.6 Current Positioning of Singapore in the E-commerce Industry in Region Asia

  6. 6. Market Segmentation

    1. 6.1 By B2C E-commerce

      1. 6.1.1 Market size (GMV) for the Period of 2017-2027

      2. 6.1.2 Market Segmentation - by Application

        1. Beauty and Personal Care

        2. Consumer Electronics

        3. Fashion and Apparel

        4. Food and Beverage

        5. Furniture and Home

        6. Other Applications (Toys, DIY, Media, etc.)

    2. 6.2 By B2B E-commerce

      1. 6.2.1 Market size for the Period of 2017-2027

  7. 7. Competitive Landscape

    1. 7.1 Company Profiles

      1. 7.1.1 Lazada

      2. 7.1.2 Shopee

      3. 7.1.3 EZbuy

      4. 7.1.4 Inc.

      5. 7.1.5 Sephora

      6. 7.1.6 E Bay

      7. 7.1.7 Alibaba Group Holding Ltd.

      8. 7.1.8 Flipkart

      9. 7.1.9 Carousell

      10. 7.1.10 RedMart

    2. *List Not Exhaustive
  8. 8. Investment Analysis

  9. 9. Future Outlook of the Market

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Singapore Ecommerce Industry Segmentation

Electronic commerce (e-commerce) is a business model that allows consumers and businesses to buy and sell goods and services over the Internet.

The Singapore e-commerce market is segmented by B2C e-commerce (beauty and personal care, consumer electronics, fashion and apparel, food and beverage, furniture and home) and B2B e-commerce.

The market sizes and forecasts are provided in terms of value (USD) for all the above segments.

By B2C E-commerce
Market size (GMV) for the Period of 2017-2027
Market Segmentation - by Application
Beauty and Personal Care
Consumer Electronics
Fashion and Apparel
Food and Beverage
Furniture and Home
Other Applications (Toys, DIY, Media, etc.)
By B2B E-commerce
Market size for the Period of 2017-2027
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Singapore Ecommerce Market Research FAQs

The Singapore E-Commerce Market is projected to register a CAGR of 11% during the forecast period (2024-2029)

Lazada, Shopee, EZbuy, Inc and Sephora  are the major companies operating in the Singapore E-Commerce Market.

The report covers the Singapore E-Commerce Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Singapore E-Commerce Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Singapore E-Commerce Industry Report

Statistics for the 2023 Singapore E-Commerce market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Singapore E-Commerce analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Ecommerce Market in Singapore Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)