Mobile shopping is set to increase by 42% to $1.2b.
If the new study by PayPal is anything to go by, then it would seem like Singaporeans will be spending a lot more on mobile shopping this year.
According to PayPal's study, mobile shopping expenditure is predicted to spike by 42% to $1.2b, forming almost a third of the expected total online spending at $3.5b.
Alongside the projected rise in mobile spend this year, total cross-border spend is estimated to increase by 23%. Last year. an estimated half a million Singaporeans spent an estimated $1.2b in cross-border online commerce alone. USA, China, and Japan rose as the top online shopping destinations.
More than three in four cited better prices as the reason for shopping online in other countries, while more than three in five said overseas online shopping gave them access to hard-to-find items. The top-three most popular cross-border purchase categories are clothing and accessories, travel, and cosmetics.
The study found out that Singaporeans are the most confident cross-border shoppers in Asia-Pacific, with one in two agreeing that they trust online stores from other countries as much as stores from the country they live. With the boom in mobile online spend, the survey revealed that Singaporeans are also turning their attention to spending on things they need from day-to-day. Such categories with a forecasted growth include household goods which are to see a 21% growth, groceries which are to spike up by 15%, and baby supplies which are to realise a 12% growth.
PayPal Southeast Asia general manager Rahul Shinghal said this year looks to be a year of growth and opportunities for firms that are equipped to take their sales online, on mobile, and in-app.
"This, in turn, provides endless choices and possibilities for the mobile-savvy generation as they live their lives on the go. But we understand that while people love to shop, they don’t love to pay, so PayPal takes care of that by making it as seamless, convenient and secure to check out the things you need and love. As leaders in digital payment, we are proud to enable merchants to take the best advantage of opportunities by connecting them with consumers regardless of place or space,” Shinghal noted.
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