,Singapore

Singaporeans embrace e-marketplaces amidst explosive mobile usage

They are amongst APAC’s biggest patrons of food delivery and ride-sharing platforms.

Over three quarters (77%) of Singaporeans have visited an ecommerce marketplace to buy or sell something in the past twelve months, according to a report by Stripe. 

Eight in 10 locals believe that marketplaces serve an important function by helping them find products and services they wouldn’t otherwise find.

More than 80% cite the ability of marketplaces to track and cancel orders, input discounts during checkout, discover new offerings and connect with relevant products and services as the main strengths of online marketplaces.

“These marketplaces aren’t just changing the way we travel, shop and commute, they are fundamentally changing the internet economy, creating new commercial experiences that cannot exist in the offline world and driving the next wave of growth online,” Piruze Sabuncu, Head of Southeast Asia and Hong Kong, Stripe said in a statement.

In fact, 67% of Singaporeans claim that they spend more money on online marketplaces than anywhere else, a figure higher than the global and APAC average of 56% and 60% respectively. 

Residents of the Lion City were also the biggest users of food delivery (52%) and ride-sharing platforms (52%) out of the nine countries surveyed although their use of marketplaces dealing with hotel and hospitality and restaurant reservation is second to Hong Kong.

In terms of access, half (55%) of locals access marketplaces via their smartphones. Credit cards still remain as the top preferred payment method of Singaporeans at 51% followed by debit (27%) and digital wallet (18%)

“The unique scalability of the online marketplace model has been absolutely central to this growth. Sellers will always want a larger potential customer base, whilst buyers want added value and options tailored to their needs,” said Chris Urban, Managing Director (Singapore), honestbee.

Join Singapore Business Review 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!

Venture, Genting Singapore and Keppel Corporation showed the most growth.
Meanwhile, a record 583 non-landed homes sold for more than $2m each in the first nine months of the year.
The merger will create a flagship pan-Asia logistics and high-tech S-REIT.
It is followed closely by the identification app SingPass.
The index tracks REITs in the APAC region with higher dividend yields and positive environmental attributes.
Both companies will create training programs to support digital entrepreneurship and digital upskilling for Grab partners.
The deal is focused on M1’s network assets. 
This is a part of the Lion City's bid to become a global maritime knowledge and innovation hub.
Risks, however, are present with the financial troubles faced by the real estate sector in China. 
This comes as more Singaporeans turn to gaming in the midst of the pandemic. 
Retail sector has experienced the “most disruptions” with the changing restrictions.
The company was commended for being a global and regional sector leader in five categories.
The CEO designate said he aims to drive development in the company’s business units.   Gary Ho,  who played an instrumental role in the Initial Public Offering (IPO) of Nanofilm Technologies International Limited, has been appointed Chief Executive Officer of the company.
Analysts said strong leasing activity in Q3 played a factor.
Islandwide prime retail rents saw a dip by 0.6% q-o-q.