"2024 Singapore E-Commerce Market Overview Report": Singapore’s Cross-Border E-Commerce Opportunities Highlighted, Scale Nearly 10 Billion USD
The Singapore e-commerce market has maintained rapid growth in recent years, and under the support of government policies and the demand of consumers for cross-border shopping, it has become one of the most promising markets in Southeast Asia.
The “2024 Singapore E-Commerce Market Overview Report” released by Dashu Cross-Border comprehensively combs through the overview of the Singapore e-commerce market and consumption situation, helping enterprises and sellers grasp the current situation and trends of Singapore.
Market Scale
Singapore’s e-commerce scale continues to expand. In 2023, the scale of the Singapore e-commerce market reached 8 billion USD, and it is expected that by 2025 the market scale can reach 10 billion, with an annual compound growth rate of 32%.
The Singapore government supports the development of e-commerce, exempting tax fees for imported goods under 400 SGD, and online shopping consumers have a strong willingness for cross-border shopping.
Data shows that more than 86% of Singaporean consumers accept and are willing to conduct cross-border shopping, higher than Japan’s 6%.
Consumption Habits
Singapore’s population is beginning to show signs of aging, with more than 30% of the population over 55 years old, and the Chinese population accounting for nearly three-quarters. The high population density has spurred the demand for online shopping.
With the continuous improvement of internet infrastructure, Singapore’s internet penetration rate has gradually increased, reaching as high as 96%. Users’ online shopping habits have already been established, with mobile online shopping becoming the first choice.
Singapore’s online shopping users are highly active in the evening, and the top three categories of online shopping are fashion and beauty, electronic products, and food & personal care.
Recommendation
For sellers exploring the opportunities of Singapore’s booming e-commerce market, managing cross-border orders, compliance, and financial reconciliation can be challenging. This is where Windingflow can help.
Windingflow provides automation solutions that:
- Centralize and integrate reports from multiple e-commerce platforms.
- Automate ASN submission and compliance checks to reduce penalties.
- Streamline cross-border order processing and financial reconciliation.
With Windingflow, sellers can spend less time on manual operations and focus more on capturing the growth opportunities of Singapore’s rapidly expanding cross-border e-commerce market.
