eCommerce market in Singapore

Market development

eCommerce revenue development in Singapore

Singapore is the 34th largest market for eCommerce with a predicted revenue of US$9,901.5 million by 2024, placing it ahead of Norway. Revenue is expected to show a compound annual growth rate (CAGR 2024-2028) of 12.0%, resulting in a projected market volume of US$15,584.0 million by 2028. With an expected increase of 15.4% in 2024, the Singapore eCommerce market contributed to the worldwide growth rate of 10.4% 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%.

eCommerce revenue development in Singapore

in million US$

eCommerce revenue growth in Singapore

in %
20202021202220232024202520262027
Revenue (in mUS$)0.00.00.00.00.00.00.00.0
Growth (in %)90.128.947.671.672.589.10.453.8

Online share

eCommerce online share in Singapore

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.

eCommerce online share in Singapore

in %
20202021202220232024202520262027
Online share (in %)74.1%48.1%26.6%50.6%63.2%42.7%19.3%44.4%

Top stores

Top five online stores in Singapore by net sales 2023

The biggest player in the Singapore eCommerce market is apple.com. The store had a revenue of US$211.2 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.

eCommerce net sales generated in Singapore in 2023

in million US$
Filtered revenue / share
Global revenue
Growth
US$900.0m
20.7%
US$8,300.0m8.3%
US$550.0m
12.0%
US$4,600.0m12.4%
US$470.0m
3.9%
US$1,190.0m33.6%
US$430.0m
20.6%
US$2,122.0m18.0%
US$370.0m
20.7%
US$1,814.0m12.6%