eCommerce market in Singapore

Singapore is the 31st largest market for eCommerce with a predicted revenue of US$9,730.8 million by 2024, placing it ahead of Greece. Revenue is expected to show a compound annual growth rate (CAGR 2024-2028) of 12.0%, resulting in a projected market volume of US$15,315.3 million by 2028. With an expected increase of 15.4% in 2024, the Singapore eCommerce market contributed to the worldwide growth rate of 10.1% in 2024. Like in Singapore, global eCommerce sales are expected to increase over the next years. Seven markets are considered by ECDB within the Singapore eCommerce market. Electronics is the largest market and accounts for 25.0% of the Singapore eCommerce revenue. It is followed by Fashion with 19.6%, Hobby & Leisure with 18.4%, Furniture & Homeware with 11.7%, Grocery with 10.6%, Care Products with 7.8%, and DIY with the remaining 7.0%.

The online share refers to the proportion of the retail volume that is transacted via the Internet. It includes purchases via desktop PC, tablet or smartphone, both via website or app. Only retail of physical goods is taken into account. In the Singapore retail market, the online share is 16.8% and will increase by an average of 11.2% to 25.6% by 2028.

The biggest player in the Singapore eCommerce market is amazon.sg. The store had a revenue of US$222.9 million in 2023. Store rankings include every store that generates revenue in Singapore. These stores can either have a national focus and only sell in their main country or operate on a global scale. For this evaluation, only revenue created in Singapore was considered.

Although Shopify holds a commanding lead with 33.4% of online stores using the shop software solution, the Singapore eCommerce market in 2023 remains vibrant and competitive. This is due to the presence of several other shop software solutions, including WooCommerce, Magento, Salesforce Commerce Cloud, and OpenCart, which collectively hold a significant share of the market.