E-commerce is well on its way towards East and it is really no wonder that high-end brands have started formulating digital strategies to grab the attention of Asian markets.Even in these tough times of slow economic revival, e-commerce is doing quite well globally.
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Home > Web Blog > Growth Of E-Commerce Websites In Singapore
Growth Of E-Commerce
Websites In Singapore
10
May
2014
Tags: ecommerce ecommerce Singapore
E-commerce is well on its way towards East and it is really no wonder that high-end
brands have started formulating digital strategies to grab the attention of Asian
markets.Even in these tough times of slow economic revival, e-commerce is doing quite
well globally.According to recent studies conducted by various e-market researchers, in
2013 e-commerce has seen a growth of more than 15% over the last few years and
evidently Asia is driving this fast growth.In fact, Asia is accountable for more than 30%
year-over-year increase in e-commerce sales.
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2. Hermant Kalbag, partner and head of consumer products and retail practice in Asia
Pacific at A T Kearney said: "The opportunity for online retailers came because there was
inefficiencies in the system regarding sales commissions and real estate grades.So
Internet retail essentially eliminated almost 20 per cent of the cost that retailers had, by
operating in an online way."
[Source: http://www.mfa.gov.sg/]
Singapore, a country admired by many because of its high standards of living and avant-garde
facilities, has emerged as one of the key players of e-commerce in Asia. Improved
online sales coupled with a better-connected population has proved that where the web
goes, the money is sure to follow. even though Western Europe and US remain major
contributors to the overall development of global e-commerce sector, one can hardly
deny that Singapore is a significant contributor too.The figures speak for themselves.In
UK, an average Internet user spends about $2 per year on e-commerce, whereas in
Singapore, the figure rises to approximately $25 per Internet user, per year.
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3. It has to be mentioned here that rising labor costs and high rents are reportedly creating
impediments for businesses in Singapore.Despite these challenges the e-commerce
sector is steadily gaining momentum in the country.Giosis, the firm behind online
shopping site Qoo10 saw enjoyed massive increase in its transaction volume recently
and the company expects to continue this trend of enjoying double transaction numbers
in Singapore at least for the next three years.According to Giosis, Singapore is an
attractive market despite being a relatively smaller one.
Ku Young Bae, CEO of Giosis and founder of Gmarket said: "Singapore is pretty well
connected - Internet connectivity is good.The country itself is small.It's a city state, so
logistics and delivery is not a problem.But still, e-commerce is not yet very much
developed.I believe that the Singapore e-commerce (sales) volume as compared to the
total retail market size is less than one per cent."
[Source: http://www.mfa.gov.sg/]
E-commerce companies predict that this trend will only continue to grow as more and
more users around the country get comfortable with using Internet for shopping and
mobile-payment methods.And in Singapore, more than 75% of the population have
Growth Of E-Commerce
Websites In Singapore
10 May 2014
Even though Internet sales in
Singapore amount to only US$7
million a year, according to e-commerce
firms, Singapore is a
nice base to test strategies and
see if they are fit for other
Southeast Asian markets.
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already gone online. Zalora and Japanese e-commerce giant Rakuten have recently
entered the e-commerce Singapore.
Even though Internet sales in Singapore amount to only US$7 million a year, according to
e-commerce firms, Singapore is a nice base to test strategies and see if they are fit for
other Southeast Asian markets.
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