Insights into the growth of Singapore’s ecommerce profiling payment methods, target audiences, marketing, social media, economy and logistics
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 ecommerce users in Singapore, predicted to reach 4.09 million by 2025 who will spend an average of US$979 online.
Total Singaporean ecommerce 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.
Internet and Device Usage
74% of online shoppers in Singapore buy via desktop, a stark contrast to the amount of smartphone (18%) and tablet (5%) shoppers.
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.