Singapore e-commerce market to reach $24.8b by 2028

It is driven by the city state's advanced tech infrastructure and consumer readiness.

The e-commerce market in Singapore is anticipated to reach $24.8b ($33.3b) by 2028, growing at an 8.9% compound annual growth rate (CAGR) between 2024 and 2028, according to GlobalData.

The report said that the market grew at a rapid 25.3% CAGR from 2020 to 2023, hitting $15.8b in 2023. This momentum is expected to continue, with e-commerce sales anticipated to increase by 11.7% in 2024.

Shivani Gupta, senior analyst at GlobalData, attributed this growth to Singapore’s advanced tech infrastructure, consumer readiness, and major online shopping events like Black Friday.

Credit and debit cards remain the dominant payment methods due to benefits like cashback and rewards, but alternative payments (Apple Pay, PayPal, Google Pay) are also on the rise. Buy now, pay later (BNPL) options, such as those from Hoolah and Atome, are also gaining traction.

In May 2023, Atome partnered with Amazon to provide a pay-in-three option for Singaporean customers.