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Digital Consumer in Singapore

April 2021
USD 990
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Digital Consumer in Singapore

EXECUTIVE SUMMARY

COVID-19 has seen retailers and foodservice operators leverage remote and proximity e-commerce to enhance safety in-outlet
SGRediscovers campaign launched to support local tourism industry in recovery; online travel intermediaries engaged as booking partners
MAS awards digital full bank licences to Sea Ltd and Grab-Singtel consortium
Proximity mobile wallets as a remote e-commerce payments gateway
Cybersecurity labelling scheme launched to improve Internet of Things (IoT) security

E-COMMERCE IN THE REMOTE ENVIRONMENT

State of the Market
Leading Industries
Case Study: Shopee
Chart 1 Shopee Interface

E-COMMERCE IN THE PROXIMITY ENVIRONMENT

State of the Market
Leading Industries
Case Study: Network for Electronic Transfers Singapore (NETS)
Chart 2 Using SGQR at Hawker Centres in Singapore, facilitated by NETS’ Payment Infrastructure

SOURCES

Summary 1 Research Sources

Digital Landscape in Singapore

KEY DATA FINDINGS

PROSPECTS

Digital Connectivity: Broadband penetration rate approaches saturation point; working from home tests bandwidth of internet service providers
Device Ownership: All secondary school students to receive a laptop/tablet for personal use by 2021
Increase in social media usage amidst COVID-19 as consumers stay at home

COMPETITIVE LANDSCAPE

Fierce competition among mobile network operators in Singapore
Local 5G network licences awarded; nationwide coverage by 2025

E-Commerce (Goods and Services) in Singapore

KEY DATA FINDINGS

2020 IMPACT

Sharp uptake in proximity e-commerce within retailing and foodservice necessitated by COVID-19
Streaming services offer consumers a convenient avenue to keep themselves entertained during the pandemic
E-commerce categories related to tourism fare poorly amidst standstill in international travel

RECOVERY AND OPPORTUNITIES

Economic and travel recovery in the medium term expected to drive growth in discretionary spending
Buy-now-pay-later (BNPL) takes off amidst prudent economic outlook
Quick commerce thrives as consumers crave immediacy and are willing to pay
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