September 3, 2019 by Sanjay Narayanan

What is the eCommerce market size of Singapore?

Singapore, despite its small population, has the most mature eCommerce market in Southeast Asia and Singaporeans are the most active eCommerce users in the region. Over 50% of the population is accustomed to purchasing products from overseas which has transformed Singapore into a leading cross-border market for Asia commerce.  The retail sector in Singapore is valued at $108 billion, of which B2C eCommerce businesses selling physical goods accounts for about 4.5% to $4.9 billion. This sector is expected to show an annual growth rate (CAGR 2019-2023) of 14.7%, resulting in a market volume of $8.6 billion by 2023.

In this blog post, we have estimated the Total Addressable Market (TAM) of the B2C eCommerce companies selling physical goods in Singapore and then profile the TAM distribution by Product Categories, Web Sales and Shopping Carts.

How is Singapore’s eCommerce market distributed by product category?

Based on secondary research and validation and analysis of proprietary data, we estimate that across Brands, Retailers (<- Build a list of top retailers from around the world in minutes), and marketplaces, there are approximately 5,000-7,000 eCommerce companies in Singapore.

The market’s largest segment is Electronics (25.1%), followed very closely by Fashion (24.8%), and Home Furnishings & Appliances (18.1%).

Online sales distribution in Singapore

We profiled a sample of Singapore’s universe of eCommerce (<- Build eCommerce lists with our DIY eCommerce insights platform) companies to analyze its distribution by Web Sales.

The distribution pattern reflects the long-tail nature of Singaporean eCommerce where a majority of the companies make less than a million dollars in web sales.

Shopping Cart distribution in Singapore

We profiled a sample of Singapore’s universe of eCommerce companies ( <- want a list of ecommerce companies in the USA?) to analyze its distribution by Shopping Carts.

Shopify (<- Check this out if want to build a list of top Shopify or Magento stores from around the world in minutes) emerged as the most popular choice, followed by Woocommerce, Magento and OpenCart. Collectively, these four shopping cart technologies cover over 60% of the Singaporean eCommerce market. 

Top eCommerce companies in Singapore

Below is a list of leading eCommerce players – both local and international – in Singapore together with their web traffic and Facebook/Instagram follower data. The landscape is similar to Malaysia; Lazada and Shopee emerge as the top players, followed by Lelong, Zalora, GoShop, eBay, and ezbuy.

Local eCommerce companies

International eCommerce companies

Conclusion

eCommerce in Singapore is dominated by a few major marketplaces such as Shopee, Lazada, and Lelong, followed by thousands of long-tail companies that sell through their own websites, via social media platforms, and marketplaces. Electronics and Fashion are the popular product categories and Shopify emerges as the preferred shopping cart platform.  While social has been a popular commerce channel across Asia and its growth has been driven by major social sites like Facebook and Twitter, a different kind of social commerce has taken off in Singapore – Blogshops or blogs selling goods and services via platforms like Blogger or Livejournal are widely popular.

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Sanjay Narayanan

Customer Success Strategist @ PipeCandy

An autodidactic ambivert;)