E-commerce has become central to economies around the world and Singapore is no exception. 

There are reportedly 3.51 million e-commerce shoppers in Singapore, all of whom contributed to its estimated market value of $18.08 billion in 2024. 

The Singaporean government actively bolsters its e-commerce market through its Smart Nation 2.0 plan to help technological innovations, including those surrounding e-commerce, to flourish.

Singapore’s market value shows strong potential as consumer preference continues to shift towards online shopping and its business’ willingness to adapt to consumer needs. Let’s take a deep dive into one of Southeast Asia’s largest e-commerce economies. 

Which country is number one in e-commerce?

Before we dive into some more Singapore e-commerce stats, let’s consider Singapore’s economy in the global market. 

China is home to the largest e-commerce market in the world. A report by PPRO found that 62% of cross-border e-commerce sales in Singapore were from China. 

After other large economies such as the United States, Canada, and Germany, Singapore is ranked as the 34th largest e-commerce market in the world. Within the Southeast Asian region, Indonesia has the largest e-commerce market and contributes the most to the region’s GMV; Indonesia’s e-commerce revenue is estimates to reach $95 billion by 2025.

However, while it is comparatively small next to the world’s leading e-commerce market and the smallest in the Southeast Asian region, Singapore should not be overlook in its importance. 

Two of the largest e-commerce operators, Shopee and Lazada, have their headquarters in Singapore. Singaporean consumers are also more affluent and tend to shop online more frequently and spend more on each e-commerce order. The average e-commerce order was $137.4 and almost 60% of internet users in Singapore are purchasing an item online at least once a week. 

What is the GMV of Singapore e-commerce?

The gross merchandise value is a metric often use in e-commerce that can indicate a company’s or market’s health. 

The Singaporean e-commerce market recorded a GMV of $8 billion in 2023 and is predicted to top $10 billion by 2025. Bullish estimators of Singapore’s GMV predict that it could reach $25.3 billion by 2028. 

We will go into detail about where Singaporeans prefer to shop digitally, but in terms of GMV, two platforms come out on top. Shopee contributed the most to Singapore’s GMV in 2022 (53%), while Lazada was second at 35%. This ranking is consistent among other countries in the Southeast Asian region.

The country’s compound annual growth rate (CAGR) is expected to record a growth of 8.80% between the years 2024 and 2028. 

Image source: Research and Market

Quick reminder: if you need a refresher on what GMV means in terms of e-commerce, visit Cube Asia’s glossary pages. There you can find explanations of commonly-used e-commerce terminology. 

How many people in Singapore shop online?

Thanks to the efforts of Singapore’s government and its developed information and communication technology (ICT), the majority of Singaporeans are online and have access to high-speed internet. 

With the government working to ensure the growth of technological advancements and innovations, including innovations in e-commerce, the long-term forecast of Singapore’s market holds promise. 

Singapore had an e-commerce penetration rate of roughly 58.8% in 2024–a number that could increase to 80.4% by 2029–and there are an estimated 3.51 million e-commerce shoppers in the country. Singapore also boasted an incredibly high internet penetration rate of 96.0% at the beginning of 2024, translating to 5.79 million internet users. 

The country’s businesses have adapted and cater to consumers looking for the convenience of a digital shopping experience. Singaporean e-commerce businesses follow strict regulations surrounding e-commerce, which have been put into place to help increase consumer confidence in shopping online. 

What is the largest marketplace in Singapore?

As is the case for many Southeast Asian countries, Shopee is Singapore’s most popular shopping app. In fact, Shopee’s online traffic boasts 13.21 million monthly visitors. This is over double the number of monthly visitors to Lazada, which the second most visited app in Singapore. 

Following Shopee and Lazada is Amazon with 5.04 million monthly visitors and AliExpress, who recorded 3.49 million visitors. Singapore was the only country in Southeast Asia that ranked Amazon as a top e-commerce platform.

Increased competition from relatively new players in the space, such as TikTok Shop and Temu, will likely challenge this order. 

Images source: Upwork

Another important factor in the e-commerce marketplace is the method of payment. Currently, payment cards are the preferred choice, but other ways to pay have seen increased usage, and tools such as Apple Pay, PayPal, and Google Pay are on the rise. These payment methods, which are considered a part of digital wallets, are expected to grow hand-in-hand with the e-commerce market. 

Computers and telecommunications equipment contributed a large portion of online sales, followed by furniture and household equipment. Similar to other Southeast Asian markets, popular digital purchases include fashion, food, cosmetics or personal care, and toys. 

What is the forecast for e-commerce in Singapore?

Most outlooks for Singapore’s e-commerce sector look positive. Here are some trends to keep an eye on in 2025:

• Trends such as live commerce are especially suit well for Singapore, as a high social media rate is crucial. A Statista study, in cooperation with Cube Asia, found that 71% of respondents engaged with live commerce to search for good deals, and 66% watched live commerce for reviews of products. 
• Singapore’s consumers are hungry for convenience and businesses continue to deliver. One innovation to watch in 2025 is the English food and grocery company Deliveroo’s introduction of Deliveroo Shopping. Launched in November 2024, the service fulfills a need for access to non-food items such as health and pharmacy, beauty products– and more. 
• In addition to alternative payment methods like Apple Pay, consumers’ adoption of buy now, pay later (BNPL) payment methods is likely to grow. One study reported a growth of 13.5% on an annual basis to reach $1.19 billion in 2024. 
• Increased internet and social media usage, and the Singaporean government’s commitment to high-speed internet access to all its citizens, will undoubtedly continue to support the growth of digital shopping.

In addition to the predicted success of Singapore’s e-commerce numbers, the overall Southeast Asian e-commerce market is poised for growth in 2025. Want to learn more about the opportunities 2025 may bring? Check out this article by Cube Asia about 2024 highlights and 2025 predictions.