Singapore E-commerce Market

Singapore E-commerce Market Overview:

The Singapore e-commerce market size reached US$ 91.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 290.1 Billion by 2032, exhibiting a growth rate (CAGR) of 13.70% during 2024-2032. High internet penetration, rising tech-savvy population, significant advanced logistics infrastructure, increasing smartphone usage, favorable government policies, and a growing preference for online shopping are some of the major factors propelling the growth of the market.

Singapore E-commerce Market Trends:

High Internet Penetration

The widespread access to the internet facilitates online shopping and digital engagement is driving the growth of the market. According to a report by the datareportal, there were 5.79 million internet users in Singapore at the start of 2024 when internet penetration stood at 96.0%. Singapore was home to 5.13 million social media users in January 2024, equating to 85.0 percent of the total population. A total of 9.78 million cellular mobile connections were active in Singapore in early 2024, with this figure equivalent to 162.2% of the total population. There were 5.79 million internet users in Singapore in January 2024. Singapore’s internet penetration rate stood at 96.0% of the total population at the start of 2024. Kepios analysis indicates that internet users in Singapore increased by 37 thousand (+0.6%) between January 2023 and January 2024. For perspective, these user figures reveal that 244.1 thousand people in Singapore did not use the internet at the start of 2024, suggesting that 4.0% of the population remained offline at the beginning of the year. Median mobile internet connection speed via cellular networks: 95.18 Mbps. Median fixed internet connection speed: 263.51 Mbps. Ookla’s data reveals that the median mobile internet connection speed in Singapore increased by 23.00 Mbps (+31.9 percent) in the twelve months to the start of 2024.

Significant Advancements in Logistics Infrastructure

Efficient delivery systems and reliable logistics support fast and convenient e-commerce transactions. According to the Singapore Economic Development Board (EDB), Singapore is a prime location for major logistics firms, with most of the top 25 global players conducting operations here. Most of them, like DHL and Schenker, have set up regional or global HQ functions here. Leading manufacturers like Henkel and Infineon base their SCM hubs and Distribution Centres in Singapore to orchestrate their regional and global supply chains. They enjoy strong support from our vibrant ecosystem of leading shippers and third-party logistics providers (3PLs), many of whom have innovation hubs here. We also offer a professional talent pool and a robust R&D ecosystem. the world’s busiest transshipment seaport, and Changi Airport, one of Asia’s largest cargo airports, Singapore helps companies drive speed to the global market through our excellent infrastructure and connectivity. We also offer business connectivity through Asia’s most extensive network of Free Trade Areas, covering 85% of the world’s GDP.

Singapore E-commerce Market News:

In March 2024, TikTok’s e-commerce platform TikTok Shop launched TikTok Shop Mall in Singapore, a by-invite-only channel exclusively for brands’ flagship stores and authorized online retail outlets.

In May 2024, Singapore Post (SingPost), a leading postal and e-commerce logistics provider in Asia Pacific, and Qazpost, the national postal operator of the Republic of Kazakhstan, announced a strategic cooperation agreement aimed at boosting e-commerce and logistics and bolstering development in both countries.

Singapore E-commerce Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on type and transaction.

Type Insights:

• Home Appliances
• Apparel, Footwear and Accessories
• Books
• Cosmetics
• Groceries
• Others
   

The report has provided a detailed breakup and analysis of the market based on the type. This includes home appliances, apparel, footwear and accessories, books, cosmetics, groceries, and others.

Transaction Insights:

• Business-to-Consumer
• Business-to-Business
• Others
   

A detailed breakup and analysis of the market based on the transaction have also been provided in the report. This includes business-to-consumer, business-to-business, and others.

Regional Insights: 

• North-East
• Central
• West
• East
• North 
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North-East, Central, West, East, and North.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Singapore E-commerce Market Report Coverage:

Key Questions Answered in This Report:

• How has the Singapore e-commerce market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the Singapore e-commerce market?
• What is the breakup of the Singapore e-commerce market on the basis of type?
• What is the breakup of the Singapore e-commerce market on the basis of transaction?
• What are the various stages in the value chain of the Singapore e-commerce market? 
• What are the key driving factors and challenges in the Singapore e-commerce?
• What is the structure of the Singapore e-commerce market and who are the key players?
• What is the degree of competition in the Singapore e-commerce market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Singapore e-commerce market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Singapore e-commerce market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Singapore e-commerce industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.