Singapore is one of the fastest-growing e-commerce markets in South East Asia
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.
We’ve reported that Singapore card payments are set to grow from $82.1 billion in 2019 to $116 billion in 2023.