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Chart of the Day: Check out the expected boom in Singapore's e-commerce market
Chart of the Day: Check out the expected boom in Singapore's e-commerce market
It is foreseen to grow to US$5.4b in 2025. According to OCBC Investment Research, the growth of e-commerce will continue to shape the competitive scene of Singapore’s retail sector, and evolving consumer preferences will continue to create challenges for traditional retailers. "According to a report by Google and Temasek, Singapore’s e-commerce market formed 2.1% of total retail sales in 2015 with a value of US$1b," it said. OCBC added, “This is projected to increase at a CAGR of 18% to reach US$5.4b in 2025, and is expected to contribute 6.7% of Singapore’s retail market. Hence, although e-commerce sales are forecasted to increase at a faster pace as compared to traditional retail channels, we can see that the latter would still have significant weight in the value chain."
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