Insights into the growth of Singapore’s ecommerce market 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 2021 GDP Per Capita (US$102,742), according to the World Bank GDP per capita rankings.
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.
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.
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.