Singapore is among the fastest growing economies in South East Asia. With over 80 percent of the population relying on the internet as the main source of information, it’s not tough to see why e-commerce is increasing at a quick pace in the nation.
Recent reports suggested that the online market in not only Singapore but whole Southeast Asia is now $50 billion and it’s expected to exceed $200 billion by 2025.Research performed by iPrice Group indicates that e-commerce transactions exceeded $10 billion in 2017, up from 2015 $5.5 billion. Some of the important events which contributed significantly to this growth include the entrance of Amazon into the area through Singapore, the stunning growth rate of Lazada through its Online Revolution Campaign that generated $250 million in earnings, Shopee expanding market base in the region, greater investment by Chinese net gurus like Tencent and Alibaba. The crux of the above websites depends on becoming international shipping specialists in Singapore & abroad.
By way of instance, Alibaba spent $2 billion in Lazada in an attempt to improve its regional expansion plans.Singapore is presently undergoing an e-commerce industry boom as evident from numerous reports published on the internet. This past year, the industry revenue per user was $1,022.Based on the fact that 82 percent of the city-state population has access to fast internet connection and spend the majority of the time on the internet, the e-commerce market is predicted to grow by 11.2 percent by 2021. This growth will produce the market match Canada and Australia’s e-commerce penetration speed.