Merchants are looking for opportunities to expand their business in the Southeast Asian market. Singapore stands out in this race, being the most prominent country in Southeast Asia. Among so many top eCommerce websites in Singapore, determining which site to opt for business remains the most challenging question.
Moreover, many merchants are already benefiting themselves by trading their products in the Singapore market. Do you know the top eCommerce sites in Singapore where you can start from scratch and make a fortune out of it?
Even in the Covid-19 pandemic, Singapore’s eCommerce market is growing at an unprecedented rate. According to the iPrice Group, the epidemic forced people to stay back at home, but their love for shopping has increased over time. The sector saw a surge in transactions for both essential and non-essential goods.
Almost 5 million people in Singapore use the internet today and have the highest smartphone penetration rates globally, making it a mature market for eCommerce.
Singapore’s internet users reached 4.9 million in 2019 out of a 5.8 million population. As per Statistauser penetration is likely to hit 64.3% by 2024.
eCommerce market in Singapore is increasing, with average spending of S $113 online from January to June 2020. Data reveals strong consumer confidence in eCommerce when eCommerce platforms in Singapore experienced a growth of 23% in total web visits throughout the first half of 2020.
Statista is expecting Singapore’s eCommerce market value to hit the US $3.9 billion in 2024.
What’s Navigating Singapore’s shift towards eCommerce?
- A wide variety of products
- Products at cheap rate
- Easy payment methods
- Customer satisfaction
- Amazing deals and discounts
Singapore, however, is considered the hub for the eCommerce industry. Let us look at reasons that make Singapore an eCommerce hub.
Singapore an eCommerce hub – Reasons
Singapore is the fastest-growing economy in Southeast Asia with a stable economy, high-speed internet, and a growing number of online shoppers. Recent years have seen a hike in eCommerce in Singapore, making it one of the world’s wealthiest countries.
Reports suggest that the eCommerce industry in Singapore will be worth US $5.4 billion by 2025.
Here are the reasons why Singapore is known as an eCommerce hub-
Technology at its best
Singaporeans consider themselves tech-savvy, and a vast majority of them prefer transacting online rather than visiting physical stores to make their purchases.
The daily internet usage by Singapore’s population is more than 80%. The high internet speed enables users to browse for products and services faster.
As the number of internet users and mobile phone users continue to soar, the eCommerce boom is sure to continue for many years.
Multiple Payment Options
Credit cards as a payment mode have provided an edge for people to go more for online shopping. Multiple payment options have a massive impact on eCommerce.
The eCommerce sector’s credibility increases when people are encouraged to adopt different payment gateways like Paypal, credit cards, bank transfers, etc. It motivates people to shop online actively.
The major payment gateways supported in Singapore include Ayden, NMI, BlueSnap, PayPal powered by Braintree, PayPal express checkout, Paymetric, and Stripe.
Location and Infrastructure of Singapore
Singapore, located at the heart of South Asia, makes it pertinent for logistics and world trade. Retailers can quickly ship products into Singapore as it lies in the middle of many shipping routes.
Thus allowing retailers from surrounding countries to import their products and services in Singapore and enjoy benefits from such a fast-growing eCommerce market.
Convenient payment options and a variety of products make online shopping an attractive option.
Crowned eCommerce product categories in Singapore
With the upsurge of eCommerce in Singapore and its growth in online shoppers, which site to opt for selling remains one of the most demanding questions.
Top eCommerce sites in Singapore
Expanding your business in Southeast Asian countries can be very beneficial as eCommerce in these countries is growing exponentially.
Uplift your online business by selling on these top 10 eCommerce sites in Singapore –
- FairPrice On
Let’s get to know about them in detail.
Lazada, being the pioneers in the eCommerce platforms, started its operation in 2011. It has aimed at becoming the “Amazon of Southeast Asia,” according to the weekly newsletter by Chris Osborne.
It attracts vast audience attention as it charges zero commission fees. Lazada helped 35,000 sellers to grow their business. It is, therefore, known as one of the best eCommerce websites in Singapore.
Qoo10, founded as a joint venture between the Korean eCommerce site Gmarket and eBay, entices a large customer base by selling fashion goods and is most famous for its Korean products.
It offers products from sunglasses to shoes, makeup items to mobile phones, kitchen devices to Korean food, anything and everything you could need.
Qoo10, indeed, has gained a recognized name in the Singapore market. It is one of the fastest-evolving and popular eCommerce sites in Southeast Asia.
Shopee is the leading online shopping platform in Southeast Asia. It offers retailers to list their products for FREE.
More customers are attracted to Shopee because it allows free shipping of the products and charges no commission to online retailers. It is thus enabling them to automate their online selling process.
Amazon chose Singapore as its first choice in Southeast Asia to launch itself in the country with various products.
Acquiring popularity as “Amazon Sg,” it enables sales in multiple categories rather than just the groceries and household essentials as it was in 2017.
Amazon’s launch in Singapore will also feature small and medium-sized businesses, along with big brands.
Asia’s leading online fashion destination, Zalora, encourages small business owners to come into the limelight with their products.
It offers special services like advisory, helps in warehouse and production to grow your business. The fact that you need not spend thousands on marketing and promoting your store is the reason enough that you should give Zalora a try.
eBay is popular with retailers because of its broad customer base. eBay is well known in the US and another part of the world, making it one of the top eCommerce platforms in Singapore.
It has more than 168 million active buyers offering an extensive base of sellers to choose from.
Carousell became the most popular online marketplaces in Singapore. It allows its users to buy and sell items, old and new, within a safe community.
It is a mobile platform to make sales and purchase; all you need to do is install the app. Offering a wide variety of products, Carousell has gained a recognized name on its own.
The platform deals with products, including family, home, beauty, clothing, and many more. It offers products mainly from America, Taiwan, and Korea.
Ezbuy drives traffic of more than 1.5 million visitors. The company has a flat fee for its Prime customers, which is less than $3, thereby becoming a significant pull for new customers.
It is the eCommerce portal of FairPrice, the leading grocery retailer in Singapore.
FairPrice On allows its customers to buy household goods from fresh food to home and baby products to get delivered or picked up conveniently.
Sephora is originally a chain of specialized stores for cosmetics and beauty products founded in France in 1969.
It has successfully evolved into becoming a leader in online beauty and cosmetics retail in Singapore.
Get your products listed in the easiest way possible!
It is no less than a nightmare to get your products listed into the specific categories and updating every minute detail manually.
Listing products one by one and keeping a record of all the transactions can be very tormenting.
But getting facilitated by automated syncing of your eCommerce stores can be of great help!
Connecting your stores with marketplaces with the help of integration services is the best choice you can make. The features offered are as follows-
- Upload products in bulk in just a click
- Centralized product management
- Get live email notifications
- 24*7 customer support