Chart of the Day: Qoo10 beats Amazon and Apple in Singapore's e-commerce market
It ate up 32.6% of market share, compared to Amazon and Apple's 11.5% and 11%.
This chart from CGS-CIMB shows that Qoo10.sg captured the largest market share of Singapore’s online retail sales (value) in 2017 at 32.6%.
Amazon and Apple Inc trailed behind with 11.5% and 11.0%, respectively.
Alibaba raised its stake in Lazada to 83% (increased its stake in March 2018 from 51% previously) and acquired 100% of (acquired in 2016) of Redmart. Lazada and Redmart are estimated to have had a cumulative market share of 8.3% in 2017.
Euromonitor estimated that Singapore’s online retail sales rose by a CAGR of c.21.3% over 2012-17. It led the growth in the ASEAN region, however, it still lagged markets like China (23.1%), Japan (7.5%), and Korea (16%).
Experts cited that Singaporeans still prefer to shop in person and deal with a service provider face-to-face.
CGS-CIMB cited PayPal, which said Singapore’s cross-border share of the e-commerce market stood at 55%.