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Singapore e-commerce market to surpass $10B mark: here’s when

Jan 13, 2022

This growth will be supported by rising consumer spending, government support and growing preference for online shopping

Singapore

Singapore e-commerce market to surpass $10B mark: here’s when. Source: shutterstock.com

According to GlobalData, Singapore keeps evolving as a major e-commerce market and is expected to grow at a CAGR of 16.2% to US$10.7 billion in 2025.

E-commerce sales in Singapore were adversely affected by the COVID-19 pandemic with consumers becoming prudent during the crisis. The pandemic also affected high-value purchases such as travel and accommodation further impacting e-commerce sales in 2020
Nikhil Reddy, Payments Senior Analyst at GlobalData

Nevertheless, with the easing of COVID-19 restrictions and revival of the economy, the market rebounded in 2021. In fact, e-commerce sales are estimated to grow by 18.3% in 2022 to reach US$7 billion.

Along with that, Singapore has also been taking various initiatives to drive e-commerce adoption among small businesses by offering benefits in the form of subsidies. As a part of its ‘E-Commerce Booster Package’, the government offered subsidies to retailers for opting online channels and selling products online via participating e-commerce platforms such as Lazada, Shopee and Zalora.

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