With internet retailing becoming an indispensable part of every business in today’s world of seamless omnichannel retailing, Singapore is no exception, with internet retailing value sales growing strongly in 2018. This trend has predominantly been spurred by consumer behaviour.
The most popular product area for online retailing remains apparel and footwear. The ease of making price comparisons for fashion items on the internet, as well as the wide variety of apparel and footwear products displayed online, is a pull factor for consumers.
Relative to comparable economies like Malaysia, Japan and South Korea, Singapore’s cross-border e-commerce rate is significantly higher and is expected to continue growing over the forecast period. In addition to the high internet and smartphone penetration driving the incidence of cross-border e-commerce, various other factors are involved.
Qoo10 had a firm foothold in Singapore internet retailing in 2018. In addition to leading value sales, the brand also recorded the highest 2018 e-commerce traffic in Singapore among other online retailers.
Qoo10 also continues to dominate Singapore’s e-commerce scene due to its holistic business model. On the one hand, low prices have been a cornerstone of Qoo10’s business strategy, enticing consumers through discounts, limited promotions like Daily Deals and Group Buy, and gamified features like MameGo!, offering a fun shopping experience.
Ever since its entry into Singapore, Amazon has been facing challenges in executing a seamless click-and-mortar experience. In addition to facing threats from physical grocery retailers, which continue to be patronised by locals who prefer physical grocery shopping, the e-commerce giant also has to compete against the strongly-growing RedMart in the online space.
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This industry report originates from Passport, our Retailing market research database.