By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
TechgoonduTechgoonduTechgoondu
  • Audio-visual
  • Enterprise
    • Software
    • Cybersecurity
  • Gaming
  • Imaging
  • Internet
  • Media
  • Mobile
    • Cellphones
    • Tablets
  • PC
  • Telecom
Search
© 2023 Goondu Media Pte Ltd. All Rights Reserved.
Reading: Singapore e-commerce sales to continue growing, post-pandemic: Meta, Bain report
Share
Font ResizerAa
TechgoonduTechgoondu
Font ResizerAa
  • Audio-visual
  • Enterprise
  • Gaming
  • Imaging
  • Internet
  • Media
  • Mobile
  • PC
  • Telecom
Search
  • Audio-visual
  • Enterprise
    • Software
    • Cybersecurity
  • Gaming
  • Imaging
  • Internet
  • Media
  • Mobile
    • Cellphones
    • Tablets
  • PC
  • Telecom
Follow US
© 2023 Goondu Media Pte Ltd. All Rights Reserved.
Techgoondu > Blog > Internet > Singapore e-commerce sales to continue growing, post-pandemic: Meta, Bain report
InternetMedia

Singapore e-commerce sales to continue growing, post-pandemic: Meta, Bain report

Alfred Siew
Last updated: September 6, 2022 at 4:30 PM
Alfred Siew
Published: September 6, 2022
4 Min Read
PHOTO: Hannes Edinger from Pixabay

Even as people in Singapore start heading to physical stores with pandemic restrictions consigned to the past, they will continue to spend more online in the next five years, according to a new report released today by Meta, the parent company of Facebook, and consultancy firm Bain & Company.

E-commerce sales in the country are expected to grow from US$8 billion last year to US$9 billion this year, it predicted. At a compound annual growth rate of 10 per cent, this will hit US$14 billion in 2027.

Though the growth rate is slower than the 73 per cent jump from 2020 to 2021, as the pandemic drove an online retail boom, the habit of buying goods and services digitally is here to stay.

According to the study, people here are spending more each time. Online shopping baskets, on average, are stuffed with US$131 of items now, up from US$119 a year ago.

The numbers come from a survey of 16,000 digital consumers and more than 20 senior executives in Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.

In Southeast Asia, e-commerce sales are growing as well, from US$75 billion in 2020 to US$129 billion this year and US$280 billion in 2027.

This is helped by the growing digital consumer population in the region, which Meta and Bain project to reach 370 million by end-2022 and 402 million by 2027.

Back to Singapore, one interesting finding is the way consumers explored online and sought engagement with brands before they made their purchases.

Some 34 per cent said they had switched their most-purchased brand in the last three months, while 46 per cent used business messaging for convenience and ease of communication.

Tellingly, almost one in four in Singapore said video was one of their top three channels to discover and evaluate products.

These findings may not seem surprising, given the high-profile sales of anything from Gucci handbags to live seafood on live video on Facebook.

However, for brands and online retailers, the way to reach consumers and sell to them may be changing fast, as habits evolve after the pandemic.

Besides their own websites and big e-commerce sites, they may need to reach out through alternative e-commerce platforms, such as business messaging services and group buy platforms.

Seventeen per cent of Singapore respondents in the study said they made purchases on these platforms. In-app retail, for example, enabling a purchase in a third-party app like Grab, may be another channel for sellers to look to.

They may also need to up their business messaging capabilities, say, by linking and integrating their e-mail, Facebook Messenger and WhatsApp on one platform to better connect with and engage customers.

And yes, according to the report, 44 per cent of Singapore respondents have used a metaverse-related technology, such as cryptocurrency, augmented/virtual reality or non-fungible tokens, in 2022.

If Meta has its way, of course, it would be happy to turn Facebook into a metaverse that is filled with shopping options to tempt people to part with their money all the time.

Goondu review: S$488 Sony Xperia go is a great mid-end phone
Ransomware detected 10 times more in 2017 in Asia-Pacific: Malwarebytes
Hands on: HP Pavilion Gaming 15 laptop targets budget-conscious gamers
NEC shows off tech that recognises faces behind tinted glass, sunglasses at Interpol World 2019
StarHub cable customers get more time to switch to fibre
TAGGED:Bain & Companye-commercefacebooklive online salesmetametaverseSingaporeSoutheast Asia

Sign up for the TG newsletter

Never miss anything again. Get the latest news and analysis in your inbox.

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Whatsapp Whatsapp LinkedIn Copy Link Print
Avatar photo
ByAlfred Siew
Follow:
Alfred is a writer, speaker and media instructor who has covered the telecom, media and technology scene for more than 20 years. Previously the technology correspondent for The Straits Times, he now edits the Techgoondu.com blog and runs his own technology and media consultancy.
Previous Article AI will change online commerce: Accenture
Next Article Nothing Phone 1 review: Handsome but appeal needs to be more than skin deep
Leave a Comment

Leave a ReplyCancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stay Connected

FacebookLike
XFollow

Latest News

Nothing CMF Phone 2 Pro review: Delivers the expected for S$399
Cellphones Mobile
June 19, 2025
Robots at Singapore’s Marina Bay Sands cut labour dependency by 30 per cent
Enterprise
June 18, 2025
Lenovo Yoga Slim 7i Gen 10 review: Powered-packed slim laptop on a budget
PC
June 17, 2025
Sedap review: Eh, faster kill the chicken lah, I cannot cook!
Gaming
June 17, 2025

Techgoondu.com is published by Goondu Media Pte Ltd, a company registered and based in Singapore.

.

Started in June 2008 by technology journalists and ex-journalists in Singapore who share a common love for all things geeky and digital, the site now includes segments on personal computing, enterprise IT and Internet culture.

banner banner
Everyday DIY
PC needs fixing? Get your hands on with the latest tech tips
READ ON
banner banner
Leaders Q&A
What tomorrow looks like to those at the leading edge today
FIND OUT
banner banner
Advertise with us
Discover unique access and impact with TG custom content
SHOW ME

 

 

POWERED BY READYSPACE
The Techgoondu website is powered by and managed by Readyspace Web Hosting.

TechgoonduTechgoondu
© 2024 Goondu Media Pte Ltd. All Rights Reserved | Privacy | Terms of Use | Advertise | About Us | Contact
Follow Us!
Never miss anything again. Get the latest news and analysis in your inbox.

Zero spam, Unsubscribe at any time.
 

Loading Comments...
 

    Welcome Back!

    Sign in to your account

    Username or Email Address
    Password

    Lost your password?