This growth will be supported by rising consumer spending, government support and growing preference for online shopping
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.
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.
We’ve reported that more than half of crypto owners would like to get paid in cryptocurrency.