The ecommerce market in Singapore is growing and 7 out of 10 most popular ecommerce websites are local. Read this article and discover more about Singapore ecommerce industry!
Did you know that the ecommerce market in Singapore is expected to grow and worth $5.4 billion (in US dollars) or $7.46 billion (in S dollars) by 2025? Singapore will continue to lead the way in Southeast Asia, thanks to the highest internet penetration rates.
Here is another interesting fact – 7 out of the 10 most popular websites in Singapore are local. If you are interested in starting your own online business, now is the right time to do it. Ecommerce websites builders like Shopify and BigCommerce can help you build your own online store in a matter of minutes.
Here are some interesting findings you should know about:
- Qoo10 is the king of ecommerce traffic in Singapore. The website recorded nearly double the traffic of Lazada (Alibaba-backed website). One of the reasons is that Qoo10 was established prior to Lazada. Singapore is the second largest market after Japan (in terms of sales performance and users) and Qoo10 is also successfully operating in Indonesia, Hong Kong, China, and Malaysia.
- The local players dominate the scene: As we already mentioned, 7 out of 10 ecommerce websites in Singapore are local. The ecommerce websites worth mentioning are Zalora, EZBuy, Reebonz, Bonito, Shopee, and Forty Two.
- The top 10 most popular and highest visited ecommerce websites in Singapore are fashion and general stores: General websites such as lazada and Qoo10 are popular across Southeast Asia. The Singaporean online shoppers prefer to visit fashion specific stores when shopping for clothing wear. The top fashion websites in Singapore are also local. Zalora is one of the most popular fashion portals in Singapore.
- The local fashion brands are very popular on Instagram: The local ecommerce websites that dominate Instagram are fashion brands. Love, Bonito, for example, leads the pack. The website was founded by Velda Tan, Rachel Lim, and Viola Tan and it was one of the early blog shops in Singapore.
What do you think? Are you ready to become a part of the Singapore ecommerce industry? Are you ready to compete with Qoo10 or Lazada? Take advantage of the ecommerce website builders, build your own online store, design it according to your own style and preference, list your items, and start selling online.
— ESSEC BusinessSchool (@essec) 27 de mayo de 2016