Singapore Social Commerce Market Intelligence Report 2022-2028 - Live-Selling Start-Ups are Raising Funds to expand their Business

DUBLIN, May 23, 2022 /PRNewswire/ -- The "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" report has been added to ResearchAndMarkets.com's offering.

Social commerce industry in Singapore is expected to grow by 77.5% on annual basis to reach US$940.9 million in 2022.

The social commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 45.8% during 2022-2028. The social commerce GMV in the country will increase from US$940.9 million in 2022 to reach US$7,411.1 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 the 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. 

• 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. 

• 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 head of merchant financial services Jonathan Barki, BukuWarung founders Abhinay Peddisetty and Chinmay Chauhan, and Zopim founders Royston Tay and Kwok Yang Bin.
• 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

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

For more information about this report visit https://www.researchandmarkets.com/r/i89ban

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