Singapore E-Commerce Market Size

Singapore E-commerce Market Analysis

The Singapore e-commerce market is anticipated to register a CAGR of 8.35% during the forecast period (2022- 2027). 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.

• According to the Iprice group, With 16.15 million monthly online visits in the fourth quarter of 2021, Shopee was the most frequented e-commerce website. With 9.2 and 5.2 million visits, respectively, Shopee is followed by Singapore-based e-commerce companies Lazada and Amazon.
• According to Tazapay, Singapore is a digitally literate country, with an internet penetration rate of 88.9% and a financial inclusion rate of 97.9% among the country's 5.87 million residents. Furthermore, According to the Ministry of Trade and Industry, roughly 52.3% of all Singaporeans have purchased goods via the internet as of 2021, indicating an increase in the adoption of e-commerce businesses, with the business services sector accounting for the smallest slice of the e-commerce pie at about 3.6 % of all e-commerce trade in 2019.
• 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 aforementioned 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, which are usually 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.
• Singapore companies are increasingly embracing digital to deal with the damage COVID-19 has caused to their brick-and-mortar enterprises. When the pandemic arrived, even small and medium-sized businesses, which were previously less inclined to operate online, had to rethink their tactics. Since COVID-19 broke out, the Singapore government has supported pushing digital agendas for domestic enterprises.