Insights into the growth of Singaporean e-commerce profiling payment methods, target audiences, marketing, social media, economy and logistics 

Economy

Singapore is home to 5.6 million people with a total GDP of US$334.83 billion and is ranked as the 2nd richest country by 2020 GDP Per Capita, according to the World Bank GDP per capita rankings. Singapore’s GDP per capita is currently US$57,232 and expected to reach US$62, 851 by 2024.

Digital User Insights

There are currently 3.07 million e-commerce users in Singapore, predicted to reach 4.09 million by 2025 who will spend an average of US$979 online.

Singapore e-commerce

Dividing internet usage into age groups gives a better picture of the Singaporean eCommerce market – 95% of 16-24 year-olds, 98% of 25-34 year-olds, and 92% of 35-44 year-olds log on daily. The older generations also log on regularly with 45-54 year-olds and over 55s showing a 86% and 78% daily penetration rate, respectively.
Singapore e-commerce

Product Categories

Total Singaporean e-commerce revenue across all product categories is US$2.4 billion, and is expected to grow to US$4 billion by 2025. Electronics and Media is currently the leading product category in Singapore, accounting for US$570 million market share, followed by Fashion, which generated US$522 million in sales in 2020.

By 2025, Electronics and Media will still be the most purchased online category, with a value of US$925 million and Fashion will become the second most popular category with an expected worth of US$855 million.

Singapore e-commerce

Logistics

In 2018, Singapore was ranked 7th in the World Bank Logistics ranking, beating the UK, US, and Australia.

Preferred Online Payments

56% of Singaporean shoppers use credit cards when shopping online, and bank transfer, cash-on-delivery, direct debit and eNETS are also popular.

Singapore e-commerce

Where does Singapore buy from?

Singapore imports mostly from China (US$47.2 billion), Malaysia (US$36.8 billion), United States(US$28.9 billion), Chinese Taipei (US$22 billion), and Japan (US$17.8 billion).

Singapore e-commerceInternet and Device Usage

Internet penetration in Singapore is currently 88.5%, and should reach 93.5% by 2025. Smartphone penetration is a little less (82%), but is projected to grow to 79.3% in the next four years.

74% of online shoppers in Singapore buy via desktop, a stark contrast to the amount of smartphone (18%) and tablet (5%) shoppers.

Singapore e-commerce

Marketing

Total marketing spend in Singapore has risen in recent years, as advertisers steadily invest more in digital advertising. In 2020 , total ad spend in Singapore reached US$965 million and predicted to reach US$1.2 billion by 2025.

 

Social Media

Singapore currently has 4.82 million social network users, a figure expected to increase to 5.09 million by 2025, thanks to YouTube, Facebook, Whatsapp and Instagram, which are the leading social networks.

Singapore e-commerce

For more market insights, check out the eShopWorld series of blogs covering a range of emerging eCommerce markets.