With the rapid development of the Internet, the cross-border e-commerce industry has taken advantage of the trend. Especially in recent years, due to the impact of the epidemic, online shopping has gradually become the mainstream way for people to shop. More and more people have seen this business opportunity and have joined this industry. Today, let’s talk about whether you can do e-commerce in Singapore?
In Singapore, the e-commerce market is developing rapidly and the e-commerce infrastructure is complete. According to Datareportal, Singapore has an Internet penetration rate of 90%, 5.29 million Internet users, and 4.96 million social media users. Singaporeans spend an average of 8 hours and 7 minutes on the Internet every day. Singapore is one of the countries in Southeast Asia that likes online shopping the most, with 3.07 million online shoppers, 89.4% of netizens have browsed online retailers, and 79.7% have shopped online.
Singapore’s online consumers are mainly young people, most of whom are between 25 and 34 years old, accounting for 34.3%. The second largest group is people aged 35-44, accounting for 23.9%; the third largest group is Generation Z aged 18-24, accounting for 23.3%. Consumers usually make purchasing decisions through online research, social media and peer recommendations.
In terms of consumer category preferences, Singaporean consumers prefer e-commerce product categories including consumer electronics, fashion and beauty, toys, DIY and hobbies, food and personal care, furniture and electrical appliances. The food and personal care category grew the fastest, reaching 37%, followed by fashion and beauty, which grew by 31.1%.
In Singapore, there are many e-commerce platforms to choose from, including comprehensive e-commerce platforms such as Lazada, Shopee, Qoo10, Amazon Singapore, Ezbuy, and vertical e-commerce platforms such as Zalora (fashion), Sephora Singapore (beauty), HipVan (home), Redmart (fresh food), Shopback (group buying) and Pupsik (mother and baby). According to traffic data, the top five e-commerce platforms in Singapore are Shopee, Lazada, Amazon, Qoo10 and Castlery. Shopee ranks first in website traffic and APP downloads, far exceeding Lazada, which ranks second. After Amazon launched its first membership day, its traffic surged and surpassed the old e-commerce platform Qoo10, ranking third.
Singapore’s e-commerce market is developing rapidly, driven by the rapid development of the local economy and the wide acceptance of consumers. Therefore, there is potential and development opportunities for e-commerce business in Singapore.
The above is the relevant content about whether e-commerce can be done in Singapore. Compared with other Southeast Asian regions, Singapore is more suitable for e-commerce in terms of user acceptance and the development of the Internet. However, its shortcomings are also very obvious, because the e-commerce market has been on the right track. If you want to gain a place at this time, you will have higher requirements for yourself, especially financial capabilities and market prediction capabilities, otherwise it is easy to become cannon fodder. This is the end of the story about whether e-commerce can be done in Singapore. If you want to know more about related content, you can pay attention to Lianlian Cross-border Payment.