Singapore E-Commerce Market Size

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.