Singapore e-commerce set to hit $33.3b by 2028

It is expected to grow by 11.7% in 2024.

Singapore's e-commerce market is expected to grow at an 8.9% compound annual growth rate (CAGR) to $33.3b by 2028, according to GlobalData.

The growth will be driven by strong tech infrastructure, high-speed internet, and tech-savvy consumers.

E-commerce market grew at a 25.3% CAGR from 2020 to 2023, reaching $21.2b, and is expected to grow by 11.7% in 2024 to $23.7b.

GlobalData noted payment cards remain the most preferred method due to cashback, rewards, and installment options, whilst alternative tools like Apple Pay, PayPal, and Google Pay are also gaining traction.

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