Punching above weight in B2C e-commerce
Despite having the smallest population, Singapore’s B2C e-commerce ranks third among six Southeast Asian countries and it has the highest personal spending, reports German market research company Ystats.com.
It says this is because Singapore has a comparatively high internet connectivity rate and the population is willing to shop online.
Data shows Singapore has the highest online spending per capita in the region, and while it is expected to have a slower growth rate than its neighbours going forward, yearly growth will still be in double digits through 2021.
Omnichannel and mobile shopping contribute to the continued expansion of online retail sales. About 90 per cent of internet users went online via their smartphone last year, while about three-quarters of hits on retail websites were through mobile connections, says the Ystats.com report.
Global giants Alibaba and Amazon as well as regional players are involved in competition for the Singapore shopper’s dollar, says the report. Alibaba acquired Singapore-based regional platform Lazada while Amazon activated Amazon Prime in Singapore last year.
Founded in 2005, Ystats.com provides data on global B2C e-commerce and online payment markets to sector companies worldwide. It covers more than 100 countries and all global regions.