Finance & Economics

Research estimates growth of Singaporean e-commerce market in 2020

Singapore is one of the fastest-growing e-commerce markets in South East Asia

Singapore e-commerce

Research estimates growth of Singaporean e-commerce market in 2020. Source: unsplash.com

According to GlobalData, the e-commerce market in Singapore is estimated to reach $9.5 billion in 2020. For comparison, the country reached $6.2 billion a year before.

The report also revealed that the government is taking initiatives to boost e-commerce sales in the country. For instance, Enterprise Singapore (ESG) introduced E-commerce Booster Package in April.

It aims to help SME retailers to shift their offline business to online channels. The package is expected to support up to 90% of the total cost incurred by the SMEs to set-up their business online.

The pandemic, which triggered fear of contamination, has resulted in change in consumer buying behavior. Shopping centers/malls are now being avoided and consumers are choosing online platforms for their day-to-day purchases. The accessibility to products online, during the crisis, has not only increased the number of online shopping transactions but has also converted several offline shoppers to online
Sowmya Kulkarni, Banking and Payments Senior Analyst at GlobalData

We’ve reported that Singapore card payments are set to grow from $82.1 billion in 2019 to $116 billion in 2023.

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