, Singapore
353 views
Photo by Alesia Kozik via Pexels

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.

Join Retail Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

Miniso launches flagship store in Thailand
This is a key step in the group’s strategy to expand in Southeast Asia.
Stores
Gen Alpha set to dominate consumer market by 2040
Although they don't earn money yet, they are already influencing household spending.
Technology
Australia’s back to school spending set to reach $1.7b in 2025
About 5.1 million Australians aged over 18 plan to spend an average of $525 on BTS items.

Exclusives

Urban Revivo opens biggest branch in Bangkok
The Chinese fast fashion retailer’s 3,000-square meter store targets consumers aged 18 to 35.
Samsonite harnesses data to boost sales
The US luggage maker is boosting its online channel to drive revenue across Southeast Asia.