Benchmark KPIs in the Singapore eCommerce market

In the Singapore eCommerce market, the present add-to-cart rate of 8.9%, coupled with a cart abandonment rate of 82.8%, and a conversion rate at 1.5% in 2023, together signify the level of user engagement, potential areas for improvement, and the success in turning interest into sales. Simultaneously, an average order value (AOV) of US$160, complemented by a discount rate of 10.3% and a return rate of 6.5% in 2023, provides insights into typical spending habits, strategic pricing influences, and responsiveness to post-purchase experiences within the Singapore eCommerce market.

Conversion Funnel KPIs

Conversion funnel KPIs in the Singapore eCommerce market

Key performance indicators (KPIs) for the conversion funnel in the Singapore eCommerce market include the current add-to-cart rate of 8.9%, the cart abandonment rate of 82.8%, and the conversion rate at 1.5% in 2023. These metrics highlight the path taken by users, beginning with their initial engagement (add-to-cart), potential points of improvement in the user experience (cart abandonment), and the successful conversion of interest into finalized sales (conversion rate).

Conversion funnel KPIs in the Singapore eCommerce market in 2023

in %

Note: Numbers may not add up due to roundings.

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Reading aid
8.9% of all website visitors add at least one item to their shopping cart. Out of those, 82.8% abandon their cart without making a purchase (this corresponds to 7.4% of all website visitors). As a result, 1.5% of all website visitors finalize their purchase.

Add-to-cart rate development in the Singapore eCommerce market

Currently, in the Singapore eCommerce market for 2023, the add-to-cart rate, which indicates the proportion of users adding items to their shopping carts, is at 8.9%.

Add-to-cart rate development in the Singapore eCommerce market

in %

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Cart abandonment rate development in the Singapore eCommerce market

The cart abandonment rate reflects the proportion of users who do not finalize the purchase out of all users who add at least one item to their shopping carts. This rate is noted as 82.8% in the Singapore eCommerce market for 2023.

Cart abandonment rate development in the Singapore eCommerce market

in %

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Conversion rate development in the Singapore eCommerce market

In the Singapore eCommerce market during 2023, 1.5% signifies the proportion of website visitors who complete a purchase, illustrating the conversion rate.

Conversion rate development in the Singapore eCommerce market

in %

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Overview of conversion funnel KPIs in the Singapore eCommerce market

2020202120222023
Add-to-cart rate (in %)7.973.953.112.2
Cart abandonment rate (in %)94.285.948.228.2
Conversion rate (in %)29.86.40.93.7

Transactional KPIs

Transactional KPIs in the Singapore eCommerce market

The transactional KPIs in the Singapore eCommerce market consist of an average order value (AOV) at US$160, a discount rate of 10.3% (19.7 USD/order), and return rate of 6.5% (11.2 USD/order) in 2023. These metrics provide insights into the financial dynamics of the market, revealing typical spending habits (AOV), the influence of strategic pricing through discounts (discount rate), and the market's responsiveness to post-purchase experiences, as reflected in the return rate.

Transactional KPIs in the Singapore eCommerce market in 2023

in US$

Note: Numbers may not add up due to roundings. The KPIs highlighted in green are examined in more detail below.

Source:

Average order value (AOV) development in the Singapore eCommerce market

The average order value (AOV) is a metric that measures the average amount of money spent by customers on each order placed. It is recorded at US$160 in the Singapore eCommerce market in 2023.

Average order value (AOV) development in the Singapore eCommerce market

in US$

Note: AOV after the deduction of discounts and returns excluding VAT. Data shown is using current exchange rates.

Source:

Average order value (AOV) growth in the Singapore eCommerce market

in %

Note: AOV after the deduction of discounts and returns excluding VAT. Data shown is using current exchange rates.

Source:

Discount rate development in the Singapore eCommerce market

In the Singapore eCommerce market for 2023, the discount rate, which shows the percentage by which product prices are reduced, stands at 10.3%, playing a significant role in influencing consumer purchasing decisions.

Discount rate development in the Singapore eCommerce market

in %

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Average discounted value per order in the Singapore eCommerce market

in US$

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Note:
Within the same year, it is possible that the discount rate increases but the discounted value per order decreases (or vice versa). This can be attributed to fluctuations in the average order value (AOV). If the average order value (AOV) decreases, the discounted value per order may also decrease, even if the discount rate increases, and vice versa.

Return rate development in the Singapore eCommerce market

The return rate measures the percentage of revenue returned after purchase, standing at 6.5% in the Singapore eCommerce market in 2023.

Return rate development in the Singapore eCommerce market

in %

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Average returned value per order in the Singapore eCommerce market

in US$

Source:

Note:
Within the same year, it is possible that the return rate increases but the returned value per order decreases (or vice versa). This can be attributed to fluctuations in the average order value (AOV). If the average order value (AOV) decreases, the returned value per order may also decrease, even if the return rate increases, and vice versa.

Overview of transactional KPIs for the Singapore eCommerce market

2020202120222023
AOV net (after deductions, in US$)0.10.60.60.0
Discount rate (in %)81.348.292.128.8
Return rate (in %)75.227.587.255.0

Select KPI

  • Conversion Funnel KPIs
    • Add-to-cart rate
    • Cart abandonment rate
    • Conversion rate
  • Transactional KPIs
    • Average order value (AOV)
    • Discount rate
    • Return rate