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Singapore named most developed online retail market in Southeast Asia, but there is still room for growth, reveals yStats.com
Though Singapore has the smallest population in Southeast Asia, their online retail market in 2016 ranked third in the region because of factors like advanced infrastructure, high rates of Internet penetration, and the open customer attitude towards E-Commerce. According to the yStats.com report, over 3 in 4 people in Singapore have an Internet connection and the connection speed placed first in comparison with the five main countries in Southeast Asia. Influenced by cheaper prices in contrast with traditional retail markets and greater access to unavailable items in Singapore from cross-border shopping, a large double-digit share of adult Internet users completed online purchases in 2016.
The yStats.com report reveals that Singapore’s E-Commerce market contains a large share of cross-border imports. Over half of online consumers completed purchases through foreign retailers using platforms like Alibaba and Amazon. No matter whether the purchase came from abroad or not, the overwhelmingly demanded category is fashion items; however the categories with the fastest growth rate in 2017 are expected to be household goods and groceries.
As can be seen from the largest online share of total retail sales, Singapore maintains the most developed E-Commerce market amongst the leading five countries in Southeast Asia, but there is still room to grow, say forecasts cited in the yStats.com report. Singapore’s online retail market is still projected to see double-digit growth rates up to 2025.
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