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Singapore Social Commerce Market Intelligence and Future Growth Dynamics Databook - 50+ KPIs on Social Commerce Trends by End-Use Sectors, Operational KPIs, Retail Product Dynamics, and Consumer Demographics - Q1 2022 Update

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    Report

  • 54 Pages
  • April 2022
  • Region: Singapore
  • PayNXT360
  • ID: 5578551
According to Q1 2022 Social Commerce Survey, social commerce industry in Singapore is expected to grow by 52.6% on annual basis to reach US$808.9 million in 2022.

The social commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 43.9% during 2022-2028. The social commerce GMV in the country will increase from US$808.9 million in 2022 to reach US$6781.9 million by 2028.

With the social media platforms offering an avenue for buyers and sellers to interact, a shift is taking place towards organized commerce on these platforms in Singapore. Discovery, browsing, and purchasing on the same platform has compelled brands and businesses to use paid and organic posts on social media platforms and apps to drive traffic to their website.

This trend generated in China is also influencing the other regions of the world also. According to Q1 2022 Global Social Commerce Market Survey, Southeast Asians are the most avid social media users. Therefore, the social commerce market nearly doubled, with orders increasing by more than 100%. However, the growth in Singapore is weaker as compared to other Southeast Asian countries, with orders increasing by around 30% and gross merchandise value growing by almost 25%, establishing the fact that consumers are spending more on each order through social media.

The publisher anticipates as the established brands and start-ups explore the social commerce space with different strategies, seamlessness is the ultimate thing that will help these brands stay in business for a longer term. Brands and businesses which are working to establish a multi-channel presence to increase brand visibility and interact with consumers through livestreaming, conversational commerce to empower consumers with product information are likely to attract more customers, thereby generating revenue from medium to long term perspectives. This trend of omnichannel business driven by digital and technology is likely to boost the overall social commerce market in Singapore over the next four to eight quarters.

Live-streaming helping social commerce to gain momentum in Singapore


Though the livestreaming phenomenon started with the Chinese market, it saw high adoption across different countries in the Asia Pacific region. Live streaming sessions are considered to be highly interactive and help in engaging the customer for a long time, increasing the conversion rate. Moreover, pandemic led the stores and companies to shut down, consequently turning ‘livestreaming’ into the only option for ‘human-to-human’ interaction while shopping. Therefore, brands and businesses are boosting sales by providing a combination of digital and physical retail experiences through livestreams.

Live commerce became increasingly popular in Singapore with Facebook Live, Instagram Live, and YouTube Live and gained popularity among the millennials. For instance, @Rentadella is a Singaporean local fashion brand that sells its products through an IG LIVE sale every Tuesday night through an auction format for clothes, and it is considered a smart and effective strategy to drive high engagement from followers. Therefore, the publisher expects more brands and businesses to engage in livestreaming to drive revenue over the next four to six quarters in the country.

Singaporean social commerce platforms are expanding in other markets


Social commerce market in other major economies in Asia is growing rapidly. Social commerce market in countries such as India and China recorded significant growth in the last eight quarters. Consequently, eyeing this lucrative market opportunity, Singaporean social commerce platforms are expanding in these markets. For instance,
  • In April 2021, Singapore-based Browzzin, a social commerce platform that deals mainly in fashion, had expressed its interest to invest around US$5 million in its Indian business.
  • The company will enter into partnerships with marketplaces such as Amazon, Flipkart, and Myntra as well as with independent Indian brands to expand its business in the country.
  • Moreover, Browzzin intends to include influencers promoted Indian brands in its fashion catalog.
  • Browzzin, which allows fashion influencers to drive sales of brands through product discoverability, claimed to have 250000 downloads in India during its initial launch in the country.

The publisher projects the company, which aims to increase gross merchandise value (GMV) by over US$400 million for partner brands, will be able to acquire a significant customer base in the next four to eight quarters with the investment.

Live-selling start-ups are raising funds to expand their business


The growing social commerce market has been attracting huge investments globally for some quarters now. Consequently, social commerce start-ups in the country are using the fund to expand their customer base. For instance,
  • In December 2021, live-selling Singapore-based start-up, Upmesh, raised US$7.5 million in pre-series A funding led by Monk’s Hill Ventures.
  • According to the company, the fund will be utilized by the company to launch its Instagram live selling app together with logistic automation features, which will run in the backend process of the app.
  • Initially, the start-up raised a seed round of US$3 million, led by Leo Capital, together with Beenext, iSeed, Goto Financial and company’s founders.
  • Since its launch, the start-up has acquired around 300 live commerce merchants in Singapore, Malaysia, and the Philippines and is worth of annualized GMV of US$40 million.

Therefore, the publisher expects, with the start-up’s unique analytics tool, which helps the merchants to identify their best-selling products as well the preference patterns of buyers, helping them to grow their businesses, is likely to attract more funding in the next four to eight quarters in the country.

Scope


This report provides in-depth, data-centric analysis of social commerce in Singapore. Below is a summary of key market segments:

Singapore Ecommerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028


Singapore Social Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028


Singapore Social Commerce Industry Market Size and Forecast by Retail Product Categories, 2019-2028

  • Clothing & Footwear
  • Beauty and Personal Care
  • Food & Grocery
  • Appliances and Electronics
  • Home Improvement
  • Others

Singapore Social Commerce Industry Market Size and Forecast by End Use Segment, 2019-2028

  • B2B
  • B2C
  • C2C

Singapore Social Commerce Industry Market Size and Forecast by End Use Device, 2019-2028

  • Mobile
  • Desktop

Singapore Social Commerce Industry Market Size and Forecast by Location, 2019-2028

  • Domestic
  • Cross Border

Singapore Social Commerce Industry Market Size and Forecast by Location, 2019-2028

  • Tier-1 Cities
  • Tier-2 Cities
  • Tier-3 Cities

Singapore Social Commerce Industry Market Size and Forecast by Payment Method, 2019-2028

  • Credit Card
  • Debit Card
  • Bank Transfer
  • Prepaid Card
  • Digital & Mobile Wallet
  • Other Digital Payment
  • Cash

Singapore Social Commerce Industry Market Size and Forecast by Consumer Demographics & Behaviour,2021

  • By Age
  • By Income Level
  • By Gender

Reasons to buy

  • In-depth Understanding of Social Commerce Market Dynamics: Understand market opportunities and key trends along with forecast (2019-2028).
  • Insights into Opportunity by end-use sectors - Get market dynamics by end-use sectors to assess emerging opportunity across various end-use sectors.
  • Develop Market Specific Strategies: Identify growth segments and target specific opportunities to formulate social commerce strategy; assess market specific key trends, drivers, and risks in the industry.

1 About this Report
1.1 Summary
1.2 Methodology
1.3 Social Commerce Definitions
1.4 Disclaimer
2 Singapore Ecommerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators
2.1 Singapore Ecommerce - Gross Merchandise Value Trend Analysis, 2019-2028
2.2 Singapore Ecommerce - Average Value Per Transaction Trend Analysis, 2019-2028
2.3 Singapore Ecommerce - Transaction Volume Trend Analysis, 2019-2028
3 Singapore Social Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators
3.1 Singapore Social Commerce - Gross Merchandise Value Trend Analysis, 2019-2028
3.2 Singapore Social Commerce - Average Value Per Transaction Trend Analysis, 2019-2028
3.3 Singapore Social Commerce - Transaction Volume Trend Analysis, 2019-2028
4 Singapore Social Commerce Key Market Insight and Innovation
4.1 Singapore Social Commerce Key Trends and Drivers
4.2 Singapore Social Commerce Competitive Landscape and Growth Strategies
4.3 Singapore Social Commerce Market Share Analysis by Key Players
5 Singapore Social Commerce Industry Market Size and Forecast by Retail Product Categories
5.1 Singapore Social Commerce Market Share by Retail Product Categories (%), 2021 Vs. 2028
5.2 Singapore Social Commerce Clothing & Footwear - Gross Merchandise Value Trend Analysis, 2019-2028
5.3 Singapore Social Commerce Beauty and Personal Care - Gross Merchandise Value Trend Analysis, 2019-2028
5.4 Singapore Social Commerce Food & Grocery - Gross Merchandise Value Trend Analysis, 2019-2028
5.5 Singapore Social Commerce Appliances and Electronics - Gross Merchandise Value Trend Analysis, 2019-2028
5.6 Singapore Social Commerce Home Improvement - Gross Merchandise Value Trend Analysis, 2019-2028
5.7 Singapore Social Commerce Other - Gross Merchandise Value Trend Analysis, 2019-2028
6 Singapore Social Commerce Industry Market Size and Forecast by End Use Segment
6.1 Singapore Social Commerce Market Share by End Use Segment (%), 2021 Vs. 2028
6.2 Singapore Social Commerce B2B Segment - Gross Merchandise Value Trend Analysis, 2019-2028
6.3 Singapore Social Commerce B2C Segment - Gross Merchandise Value Trend Analysis, 2019-2028
6.4 Singapore Social Commerce C2C Segment - Gross Merchandise Value Trend Analysis, 2019-2028
7 Singapore Social Commerce Industry Market Size and Forecast by End Use Device
7.1 Singapore Social Commerce Market Share by End Use Device (%), 2021 Vs. 2028
7.2 Singapore Social Commerce by Mobile - Gross Merchandise Value Trend Analysis, 2019-2028
7.3 Singapore Social Commerce by Desktop - Gross Merchandise Value Trend Analysis, 2019-2028
8 Singapore Social Commerce Industry Market Size and Forecast by Location
8.1 Singapore Social Commerce Market Share by Location (%), 2021 Vs. 2028
8.2 Singapore Social Commerce by Cross Border - Gross Merchandise Value Trend Analysis, 2019-2028
8.3 Singapore Social Commerce by Domestic - Gross Merchandise Value Trend Analysis, 2019-2028
9 Singapore Social Commerce Industry Market Size and Forecast by Location
9.1 Singapore Social Commerce Market Share by Location (%), 2021 Vs. 2028
9.2 Singapore Social Commerce by Tier-1 Cities - Gross Merchandise Value Trend Analysis, 2019-2028
9.3 Singapore Social Commerce by Tier-2 Cities - Gross Merchandise Value Trend Analysis, 2019-2028
9.4 Singapore Social Commerce by Tier-3 Cities - Gross Merchandise Value Trend Analysis, 2019-2028
10 Singapore Social Commerce Industry Market Size and Forecast by Payment Method
10.1 Singapore Social Commerce Market Share by Payment Method (%), 2021 Vs. 2028
10.2 Singapore Social Commerce Payment by Credit Card - Gross Merchandise Value Trend Analysis, 2019-2028
10.3 Singapore Social Commerce Payment by Debit Card - Gross Merchandise Value Trend Analysis, 2019-2028
10.4 Singapore Social Commerce Payment by Bank Transfer - Gross Merchandise Value Trend Analysis, 2019-2028
10.5 Singapore Social Commerce Payment by Prepaid Card - Gross Merchandise Value Trend Analysis, 2019-2028
10.6 Singapore Social Commerce Payment by Digital & Mobile Wallet - Gross Merchandise Value Trend Analysis, 2019-2028
10.7 Singapore Social Commerce Payment by Other Digital Payment - Gross Merchandise Value Trend Analysis, 2019-2028
10.8 Singapore Social Commerce Payment by Cash - Gross Merchandise Value Trend Analysis, 2019-2028
11 Singapore Social Commerce Industry Market Size and Forecast by Consumer Demographics & Behavior
11.1 Singapore Social Commerce Spend Share by Age Group, 2021
11.2 Singapore Social Commerce Share by Income Level, 2021
11.3 Singapore Social Commerce Share by Gender, 2021
12 Further Reading
12.1 About the Publisher

List of Figures

Figure 1: Methodology Framework
Figure 2: Singapore Ecommerce - Gross Merchandise Value (US$ Million), 2019-2028
Figure 3: Singapore Ecommerce - Average Value Per Transaction Trend Analysis (US$), 2019-2028
Figure 4: Singapore Ecommerce - Transaction Volume (Million), 2019-2028
Figure 5: Singapore Social Commerce - Gross Merchandise Value (US$ Million), 2019-2028
Figure 6: Singapore Social Commerce - Average Value Per Transaction Trend Analysis (US$), 2019-2028
Figure 7: Singapore Social Commerce - Transaction Volume (Million), 2019-2028
Figure 8: Singapore Social Commerce - Market Share Analysis by Key Players (%), 2021
Figure 9: Singapore Social Commerce Market Share by Retail Product Categories (%), 2021 Vs. 2028
Figure 10: Singapore Social Commerce Clothing & Footwear - Gross Merchandise Value (US$ Million), 2019-2028
Figure 11: Singapore Social Commerce Beauty and Personal Care - Gross Merchandise Value (US$ Million), 2019-2028
Figure 12: Singapore Social Commerce Food & Grocery - Gross Merchandise Value (US$ Million), 2019-2028
Figure 13: Singapore Social Commerce Appliances and Electronics - Gross Merchandise Value (US$ Million), 2019-2028
Figure 14: Singapore Social Commerce Home Improvement - Gross Merchandise Value (US$ Million), 2019-2028
Figure 15: Singapore Social Commerce Other - Gross Merchandise Value (US$ Million), 2019-2028
Figure 16: Singapore Social Commerce Market Share by End Use Segment (%), 2021 Vs. 2028
Figure 17: Singapore Social Commerce B2B Segment - Gross Merchandise Value (US$ Million), 2019-2028
Figure 18: Singapore Social Commerce B2C Segment - Gross Merchandise Value (US$ Million), 2019-2028
Figure 19: Singapore Social Commerce C2C Segment - Gross Merchandise Value (US$ Million), 2019-2028
Figure 20: Singapore Social Commerce Market Share by End Use Device (%), 2021 Vs. 2028
Figure 21: Singapore Social Commerce by Mobile - Gross Merchandise Value (US$ Million), 2019-2028
Figure 22: Singapore Social Commerce by Desktop - Gross Merchandise Value (US$ Million), 2019-2028
Figure 23: Singapore Social Commerce Market Share by Location (%), 2021 Vs. 2028
Figure 24: Singapore Social Commerce by Cross Border - Gross Merchandise Value (US$ Million), 2019-2028
Figure 25: Singapore Social Commerce by Domestic - Gross Merchandise Value (US$ Million), 2019-2028
Figure 26: Singapore Social Commerce Market Share by Location (%), 2021 Vs. 2028
Figure 27: Singapore Social Commerce by Tier-1 Cities - Gross Merchandise Value (US$ Million), 2019-2028
Figure 28: Singapore Social Commerce by Tier-2 Cities - Gross Merchandise Value (US$ Million), 2019-2028
Figure 29: Singapore Social Commerce by Tier-3 Cities - Gross Merchandise Value (US$ Million), 2019-2028
Figure 30: Singapore Social Commerce Market Share by Payment Method (%), 2021 Vs. 2028
Figure 31: Singapore Social Commerce Payment by Credit Card - Gross Merchandise Value (US$ Million), 2019-2028
Figure 32: Singapore Social Commerce Payment by Debit Card - Gross Merchandise Value (US$ Million), 2019-2028
Figure 33: Singapore Social Commerce Payment by Bank Transfer - Gross Merchandise Value (US$ Million), 2019-2028
Figure 34: Singapore Social Commerce Payment by Prepaid Card - Gross Merchandise Value (US$ Million), 2019-2028
Figure 35: Singapore Social Commerce Payment by Digital & Mobile Wallet - Gross Merchandise Value (US$ Million), 2019-2028
Figure 36: Singapore Social Commerce Payment by Other Digital Payment - Gross Merchandise Value (US$ Million), 2019-2028
Figure 37: Singapore Social Commerce Payment by Cash - Gross Merchandise Value (US$ Million), 2019-2028
Figure 38: Singapore Social Commerce Share by Age Group (%), 2021
Figure 39: Singapore Social Commerce Share by Income Level (%), 2021
Figure 40: Singapore Social Commerce Share by Gender (%), 2021

List of Tables

Table 1: Singapore Ecommerce - Gross Merchandise Value (US$ Million), 2019-2028
Table 2: Singapore Ecommerce - Average Value Per Transaction Trend Analysis (US$), 2019-2028
Table 3: Singapore Ecommerce - Transaction Volume (Million), 2019-2028
Table 4: Singapore Social Commerce - Gross Merchandise Value (US$ Million), 2019-2028
Table 5: Singapore Social Commerce - Average Value Per Transaction Trend Analysis (US$), 2019-2028
Table 6: Singapore Social Commerce - Transaction Volume (Million), 2019-2028
Table 7: Singapore Social Commerce Clothing & Footwear - Gross Merchandise Value (US$ Million), 2019-2028
Table 8: Singapore Social Commerce Beauty and Personal Care - Gross Merchandise Value (US$ Million), 2019-2028
Table 9: Singapore Social Commerce Food & Grocery - Gross Merchandise Value (US$ Million), 2019-2028
Table 10: Singapore Social Commerce Appliances and Electronics - Gross Merchandise Value (US$ Million), 2019-2028
Table 11: Singapore Social Commerce Home Improvement - Gross Merchandise Value (US$ Million), 2019-2028
Table 12: Singapore Social Commerce Other - Gross Merchandise Value (US$ Million), 2019-2028
Table 13: Singapore Social Commerce B2B Segment - Gross Merchandise Value (US$ Million), 2019-2028
Table 14: Singapore Social Commerce B2C Segment - Gross Merchandise Value (US$ Million), 2019-2028
Table 15: Singapore Social Commerce C2C Segment - Gross Merchandise Value (US$ Million), 2019-2028
Table 16: Singapore Social Commerce by Mobile - Gross Merchandise Value (US$ Million), 2019-2028
Table 17: Singapore Social Commerce by Desktop - Gross Merchandise Value (US$ Million), 2019-2028
Table 18: Singapore Social Commerce by Cross Border - Gross Merchandise Value (US$ Million), 2019-2028
Table 19: Singapore Social Commerce by Domestic - Gross Merchandise Value (US$ Million), 2019-2028
Table 20: Singapore Social Commerce by Tier-1 Cities - Gross Merchandise Value (US$ Million), 2019-2028
Table 21: Singapore Social Commerce by Tier-2 Cities - Gross Merchandise Value (US$ Million), 2019-2028
Table 22: Singapore Social Commerce by Tier-3 Cities - Gross Merchandise Value (US$ Million), 2019-2028
Table 23: Singapore Social Commerce Payment by Credit Card - Gross Merchandise Value (US$ Million), 2019-2028
Table 24: Singapore Social Commerce Payment by Debit Card - Gross Merchandise Value (US$ Million), 2019-2028
Table 25: Singapore Social Commerce Payment by Bank Transfer - Gross Merchandise Value (US$ Million), 2019-2028
Table 26: Singapore Social Commerce Payment by Prepaid Card - Gross Merchandise Value (US$ Million), 2019-2028
Table 27: Singapore Social Commerce Payment by Digital & Mobile Wallet - Gross Merchandise Value (US$ Million), 2019-2028
Table 28: Singapore Social Commerce Payment by Other Digital Payment - Gross Merchandise Value (US$ Million), 2019-2028
Table 29: Singapore Social Commerce Payment by Cash - Gross Merchandise Value (US$ Million), 2019-2028

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