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%.
Monthly revenues
Monthly revenues in the Singapore eCommerce market
The monthly eCommerce revenue of the Singapore eCommerce market was US$828 million in November 2024. This refers to a growth of 0.2% compared to October 2024. Within the last 12 months, the monthly revenue share was the highest in December 2023 with 9.2% of the total 2023 revenue of the Singapore eCommerce market and the lowest in September 2024 with 7.5% of the total 2024 revenue.
Revenue Last Month
US$827.7m
The eCommerce revenue grew by 0.2% from October 2024 to November 2024.
Monthly revenue shares in the last 12 months
0-2024 | 1-2024 | 2-2024 | 3-2024 | 4-2024 | 5-2024 | 6-2024 | 7-2024 | 8-2024 | 9-2024 | 10-2024 | 11-2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue (in mUS$) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Monthly revenue share (in %) | 51.8 | 61.6 | 65.2 | 93.2 | 10.4 | 26.4 | 35.8 | 61.2 | 56.7 | 64.4 | 94.6 | 25.9 |
Market development
eCommerce revenue development 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$15,315.3 million by 2028. With an expected increase of 15.4% in 2024, the Singapore eCommerce market contributed to the worldwide growth rate of 10.1% in 2024. Like in Singapore, global eCommerce sales are expected to increase over the next years. Seven markets are considered by ECDB within the Singapore eCommerce market. Electronics is the largest market and accounts for 25.0% of the Singapore eCommerce revenue. It is followed by Fashion with 19.6%, Hobby & Leisure with 18.4%, Furniture & Homeware with 11.7%, Grocery with 10.6%, Care Products with 7.8%, and DIY with the remaining 7.0%.
eCommerce revenue development in Singapore
eCommerce revenue growth in Singapore
Net eCommerce revenue split by sub-category
2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | |
---|---|---|---|---|---|---|---|---|
Revenue (in mUS$) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Growth (in %) | 35.9 | 53.6 | 22.6 | 20.1 | 92.4 | 64.9 | 67.0 | 49.0 |
Top stores
Top five online stores in Singapore by net sales 2023
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.
eCommerce net sales generated in Singapore in 2023
Filtered revenue / share eCommerce net sales refer to the year 2023 | Global revenue eCommerce net sales refer to the year 2023 | Growth eCommerce net sales growth refers to 2023/2022 | |
---|---|---|---|
US$900.0m 20.7% | US$8,300.0m | 8.3% | |
US$550.0m 12.0% | US$4,600.0m | 12.4% | |
US$470.0m 3.9% | US$1,190.0m | 33.6% | |
US$430.0m 20.6% | US$2,122.0m | 18.0% | |
US$370.0m 20.7% | US$1,814.0m | 12.6% |
See further stores
Shop Software Solutions
Top 5 used shop software solutions in the Singapore eCommerce market
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.
Top 5 used shop software solutions in the Singapore eCommerce market
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