Singapore Ecommerce Table of Contents
Singapore is a compact country, but its e-commerce availability and user interface still outweigh its weight. Singapore has 5.7 million people investing online in high numbers, with the world's third-highest BDP per capita. The total online expenditure of the countries assessed in our study is SGD 2, 206.24 (US$ 1,618) that reflects the highest annual expenditure. Health and personal care, technology and media, and internet distribution are part of the fastest-growing product groups.
E-commerce is also assisted by Singapore's market-leading postal service. Singapore's address and postal code systems are unified, with good infrastructures alongside the road, rail, and air. This encourages traders to supply packages at low cost and most household shipments come overnight. This drives the perceptions of consumers for the speed of delivery.
Since 2017, Singapore's e-commerce market for business-to-consumer has been steadily increasing at a double-digit pace. COVID-19's global economic slowdown describes the lower anticipated annual compound growth rate (CAGR), from 7.7% to 2023. The top three e-commerce sites are the Lazada, Qoo10, and Shopee markets for monthly traffic.
In the second half of 2020, Amazon and eBay are major western players with Amazon engaging in Singaporean sellers via a training portal. Comparing higher e-commerce economies such as the UK and the US, the share of e-commerce as a proportion of total retail expenses is low at 5.6%. The brilliant transport infrastructure and the countrys high population density support ongoing physical retail.
Mobile eCommerce is rising higher than the global demand for e-commerce and is expected to rise to SGD6.52 billion (US$4.8 trillion), at a compound annual growth rate of 13.6% by 2023. Singaporean customers between the ages of 18 and 29 years are growing, with 75% of this population using mobile devices.
The penetration of smartphones in Singapore is high at 78%. Excellent smartphone and wired internet connectivity support this. Singapore has one of the highest internet penetration rates in the world with 91% coverage around the region.
Nearly half (47%) of all e-commerce purchases are being made on a mobile device. Apps are the best way to get to an online store. Social media is significant for Singaporeans, too: Singapore has one of the largest social network usages worldwide, and 96% of Southeast Asian advertisers feel that social eCommerce will happen to increasingly important over the next four years.
Singapore embraces biometric authentication as a country. 51% of Singaporeans say they want to verify their purchases with biometrics. The Home Office of Singapore plans to concentrate on biometrics, to satisfy their demand from a research and technology department.
Live streaming is a rapidly increasing channel of revenue that reflects a development in Southeast Asia. Brands stream content and partner with influencers on social media to advertise brands, so that spectators can buy products in real-time. LazLive, the market leader in Lazadas, signed the service alone in April 2020 with 4.500 Singapore dealers, and the overall amount of gross commodities generated by LazLive increased by 450% every month.
65% of e-commerce purchases in Singapore are using card-dominated. with 1.73 debit cards and 1.61 credit cards per person are carried to an approximately equal extent by the resident. The use of the cards for transactions could be reduced to 57% by 2023.
There is an increase in the use of digital wallets. High use of smartphones is now in use for 18% of purchases. By 2023, the market share of digital wallets will be 26%. PayPalTM is the most widely recognized digital wallet brand and has an overall market share of 5 to 10 percent. The following are all also used: Apple Pay, Samsung Pay, Visa, and Masterpass.
In September 2018, in order to create a common format for QR code payments, the Singapore Payments Council introduced a payment scheme. It operates in either system, digital wallets, and on the business banks. Customers can make a payment from any retailer with a QR code service.
Cross-border shopping is a compact city-state and is a defining element of the e-market in Singapore. The Singapore cross-border eCommerce industry is worth SGD 2.91b, which offers foreign trade a great opportunity.
73% of Singapore's internet users have purchased from traders abroad, and 35% of Singapore's e-commerce industry comprises cross-border e-commerce. A preference is given to large, developed e-commerce markets. China is the most popular shopping destination abroad, followed by the United States and South Korea.
Singapore has some rules on e-commerce. Government agencies have developed initiatives and grants to promote investment in the country's e-commerce industry. The Singapore Company and the Singapore Standards Council developed a national standard, the technical Reference 76, on e-commerce transactions in June 2020.
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