Singapore is located in the center of Asia-Pacific and Southeast Asia. It is a country with a free and developed market economy. According to statistics, the country’s Internet penetration rate is as high as 87%, and more than 4.9 million people have Internet user identities, of which about 3.5 million are online shopping users. Most of these users are very accustomed to using credit payment and logistics transportation systems. In this country, the e-commerce infrastructure is very complete and the consumption level is one of the highest in Southeast Asia. Therefore, it can be said that Singapore is an ideal place for the development of cross-border e-commerce. So, let’s learn about the current situation of Singapore’s cross-border e-commerce market?
First of all, Singapore’s e-commerce market is huge. The country’s e-commerce market is forecast to grow to $5.9 billion and is expected to exceed $10.7 billion in the next few years. Among them, 55% of cross-border sites are conducted through mobile phones, and 30% of consumers use mobile phones for online shopping every week. It can be seen that Singapore’s consumer groups have high demand for travel products, clothing, beauty products, electronic equipment and books, etc.
Secondly, the preferences of Singaporean consumers are very obvious. Young people aged 18 to 29 are the most active, accounting for approximately 46% of the market, and those aged 35-44 account for 22%. Female users in this country account for a relatively high proportion of online shopping, mainly purchasing clothing, shoes, hats and other products; while male users prefer to purchase electronic goods. In addition, Singaporean consumers are very sensitive to brands and like to buy foreign products.
Finally, consumers have various payment methods. According to data, 80% of consumers use credit cards for online payments, and digital wallets are also developing rapidly. Digital wallets in Singapore grew by 47% and 29.2% compared with last year. In addition to this, 42% of online shoppers prefer to use bank transfers and e-wallets for payment.
The above introduction is relevant knowledge about the current situation of Singapore’s cross-border e-commerce market. Singapore is a country with a very mature e-commerce market, with good infrastructure, strong economic strength and consumer groups. The main advantage. These advantages have also attracted the deployment of international e-commerce giants, and have also become an ideal springboard for domestic enterprises to enter the global market.