Singapore

Singapore

General Information

  • Population 5.9m
  • Population 15 + 5.1m
  • Online Population 5.3m
  • Area 728.6 km2
  • Currency SGD
  • GDP 340.0bn USD
  • GDP per Capita 58,902 USD
  • Card-based payments
  • Cash-based payments
  • Bank transfer
  • Wallets
  • Other
[{"label":"Card-based payments","value":"61"},{"label":"Cash-based payments","value":"1"},{"label":"Bank transfer","value":"12"},{"label":"Wallets","value":"20"},{"label":"Other","value":"6"}]
Banked population
  • Singapore 98%
  • Asia Pacific 71%
  • World 67%
Credit card penetration
  • Singapore 49%
  • Asia Pacific 13%
  • World 19%
Internet penetration
  • Singapore 90%
  • Asia Pacific 60%
  • World 62%
Smartphone penetration
  • Singapore 87%
  • Asia Pacific 71%
  • World 70%

Singapore’s e-commerce is mostly driven by the segment of the population aged 25-34 who make up 34.3% of online users. And 54% of consumers use their mobile to shop online.

Shopee is the most popular e-commerce site in 2020 with 10.88 m monthly visits. Next is Lazada with 8.5 m monthly visits and Qoo10 with 7.5 m.

Singapore has plans to become the e-commerce hub for South East Asia and to do that the government is investing in two 5G networks in the city-state and has partnered with Google to build tech skills among the populace.

Singapore’s economy dropped by 5.4% in 2020 but is forecast to grow by 5.2% in 2021 and 3.2% in 2022 according to the IMF. Inflation also dipped in 2020 by 0.2% but is expected to rise by 0.2% in 2021 and 0.8% in 2022.

Future e-commerce trends (2021-2025)

E-Commerce market size forecast ($US billion)
2021 5.9
2022 7.0
2023 8.2
2024 9.4
2025 10.7
E-Commerce spending per capita ($US)
2021 1026
2022 1203
2023 1402
2024 1607
2025 1813
E-Commerce spending as % of GDP
2021 1.6
2022 1.8
2023 2.0
2024 2.3
2025 2.5

Singapore

The E-Commerce Market

Top e-commerce segments 2019 | 2020

  1. Airlines & Hotels: 65% | 46%
  2. Food & Drink: 1% | 12%
  3. Electrical Goods: 23% | 12%
  4. Health & Beauty: 4% | 11%
  5. Homeware & Furniture: 2% | 10%

Cross-border e-commerce

  1. Cross-border proportion of total e-commerce – 44%
  2. Value of cross-border e-commerce ($US billion) – 2.4
  3. % of online shoppers who have shopped cross-border – 73%

Top 3 cross-border shopping origin markets

  1. China: 43%
  2. USA: 20%
  3. South Korea: 8%
E-commerce % of total retail
  • Singapore 6%
  • Asia Pacific 23.8%
  • World 20%
E-commerce completed on a mobile device
  • Singapore 57%
  • Asia Pacific 59%
  • World 53%

The Credit Card Split

  • Visa
  • Mastercard
  • American Express
  • Local Schemes
  • Other
[{"label":"Visa","value":"28"},{"label":"Mastercard","value":"17"},{"label":"American Express","value":"3"},{"label":"Local Schemes","value":"50"},{"label":"Other","value":"2"}]
  • E-commerce market size ($US billion) 5.5bn USD
  • E-Commerce spending per capita ($US) 964 USD
  • E-commerce spending as % of GDP 1.6%

Singapore

Local Payment Methods

BitPay Type Wallet Regions Asia Pacific + 5 eNETS Type Bank transfer Regions Asia Pacific Market relevance High GoPay (by Gojek) Type Wallet Regions Asia Pacific GrabPay Type Wallet Regions Asia Pacific Market relevance High Hyperwallet Type Bank transfer, Gift card, Prepaid voucher Regions Asia Pacific + 5 Market relevance High PayPal Type Wallet Regions Asia Pacific + 5 Market relevance High Paysera Wallet Type Wallet Regions Asia Pacific + 5 Market relevance High Skrill Type Wallet Regions Asia Pacific + 5 Market relevance High 123 Type Bank transfer, Cash Regions Asia Pacific Market relevance High Allied Wallet Type Wallet Regions Asia Pacific + 5 Market relevance High Apple Pay Type Wallet Regions Asia Pacific + 5 Market relevance High Boku Type Carrier billing Regions Asia Pacific + 5 Market relevance High DBS Paylah! Type Wallet Regions Asia Pacific Market relevance High EZ-Link Type Local payment card Regions Asia Pacific Market relevance High FavePay Type Wallet Regions Asia Pacific Market relevance High Google Pay Type Wallet Regions Asia Pacific + 5 Market relevance High Masterpass Type Wallet Regions Asia Pacific + 5 Market relevance High Mobiamo Type Carrier billing Regions Asia Pacific + 5 Market relevance High Razer Gold Type Wallet Regions Asia Pacific + 5 Market relevance High Razer Pay Type Wallet Regions Asia Pacific Market relevance High Samsung Pay Type Wallet Regions Asia Pacific + 5 Market relevance High ShopeePay Type Wallet Regions Asia Pacific Market relevance High SWIFT Type Bank transfer Regions Asia Pacific + 5 Market relevance High 7-Eleven Type Cash Regions Asia Pacific, Middle East & Africa, North America Market relevance Medium Huawei Pay Type Wallet Regions Asia Pacific + 1 Market relevance Medium PayNow Type Bank transfer Regions Asia Pacific Market relevance Medium SAM Type Wallet Regions Asia Pacific Market relevance Medium Secure Remote Commerce (SRC) Type Wallet Regions Asia Pacific + 5 Market relevance Medium Boloro Type Wallet Regions Asia Pacific + 5 G2A Pay Type Wallet Regions Asia Pacific + 5 NETELLER Type Wallet Regions Asia Pacific + 5 NETSPay Type Wallet Regions Asia Pacific Splitit Type Instalments Regions Asia Pacific + 5

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