The advent of e-commerce shops had everyone a little skeptical. Consumers all over the world treaded carefully, doubting that online shopping is something that was going to stick around and preferring to put their trust in physical, brick and mortar businesses. Singaporean market was no different.
Back in 2011, while e-commerce sites were all still clumped together in a category called ‘blogshops’ (because they were essentially blogs selling goods and/or services), the industry was very much surprised to find out that total revenues from those transactions in Singapore alone amounted to over $ 74 million US dollars.
Today, that number pales in comparison to the estimated $6 billion dollars in revenue from e-commerce in 2020! In 2016, revenue was just shy of 4 billion – 3.99 to be exact. Singaporean e-commerce industry accounts for 2.1 % of total retail sales this year and that is the highest percentage of all Southeast Asian countries.
Reports show that 61% of the population has ordered something online at least once this year and that trend is expected to grow in the future allowing for more market penetration. Close to 50 % of Singaporeans try to do as much of their shopping as possible online. This means that e-commerce is no longer restricted to popular categories such as airfare, hotel bookings, clothes, or insurance. The market is opening up categories that emerge as lucrative are:
Toys and games
Beauty and health products
What Does This Mean for Singapore’s Entrepreneurs?
Basically, it means that there is still time to get into the game and make money selling retail products online! Considering the size of the market and the estimated growth it’s easy to see that Singapore holds great promise as a budding e-commerce market. Not only that, Singapore is in the middle of the Asia-Pacific region, a region estimated to become the world’s largest e-commerce market not so far in the future.
Positioning yourself smartly on this market can bring you a lot of revenue. However, setting up an e-business might not be so easy in Singapore. E-commerce development company is needed to design and set up your web page, payment gateways, categories, layout, and other details. Finding the right contractor can be difficult, especially if you want your job to be done professionally and to a certain standard.
Above1 is a web design company with over 10 years of experience in various fields of web design and web optimization. We are a top Singapore e-commerce development company that specializes in building e-commerce sites using the Magento e-commerce shopping cart software. We’re involved in every step of your journey – from page design and management to search engine optimization, reporting, dynamic catalog management, mobile e-commerce, and more.
If you’re serious about taking your business to the next level then make sure you hire the right Singapore e-commerce development company to help you along the way! Contact us at your earliest convenience and we will help you grab a piece of Singapore’s e-commerce money pie!