SINGAPORE

Singapore is an eCommerce gateway to the Southeast Asia region. eCommerce sales in the region are expected to quadruple from US$ 38 billion in 2019 to US$ 172 billion in 2025. The rise in online sales is fueled by rising incomes, spending power, and digital adoption, with 70% of the region’s population now online.

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Brief

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Key Players

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Highlights

Brief

Singapore is seen as a launch pad into Southeast Asia and a showcase market for the region. Per capita income is US$ 65,000, making Singapore one of Asia's most affluent countries. In 2021, the Singapore eCommerce market was valued at US$ 5.9 billion, and it is forecasted to rise to US$ 10 billion by 2026. The city-state has more than 3 million eCommerce users. Among all Southeast Asian countries, Singapore shoppers registered the largest basket size at US$ 67.40. Singapore has an internet penetration rate of 98%, a smartphone penetration rate of 93%, and a 58% rate of residents making online purchases. 

Singapore is a free port, and the majority of products that enter Singapore are duty-free. Canada has a free trade agreement with Singapore through the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. CPTPP allows Canadian SMEs to claim preferential treatment for their products to reduce or eliminate tariffs.

Key Players

Traditional brick-and-mortar retail stores such as departmental stores, personal care chain stores, supermarkets and hypermarkets still dominate, but they all have an online presence and offer deliveries. eCommerce platform Shopee ranks #1 with a significant share of the market, followed by Lazada in second place, and then Amazon, a close third.

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Highlights

  • eCommerce sales in the region are expected to surpass quadruple from US$ 38 billion in 2019 to US$ 172 billion in 2025.

  • More than a third of the region’s eCommerce sales in 2020 were generated by new shoppers, and 8 in 10 intend to continue buying online.​

  • Singapore’s demographics and urban landscape make it well positioned for growth. The market value of their eCommerce industry is expected to reach US$ 8 billion by 2025.

  • Singapore has the second highest internet penetration in Southeast Asia at 88.4%, with approximately 5 million users. 

  • Online shoppers in Singapore prefer similar digital payment methods to those of North America, including credit and debit cards, mobile wallets and bank transfers. 

  • Singapore is a global shipping hub, easily accessible by air and sea. They are the world's second-largest container handling port and offer more flights to China and Southeast Asian markets than any other country in the region.