SINGAPORE, April 24, 2018 /PRNewswire/ -- Singapore is a unique e-commerce market in Southeast Asian region, where the user experience is key for purchase decisions, among others. The Business to Consumer (B2C) e-Commerce market witnessed 33.1% quarter-on-quarter growth which translated into over US $800 million Gross Merchandising Value (GMV), as per a recent report released under Frost and Sullivan's e-Commerce market program.
"Besides Christmas, the year-end clearance sales and flash sales, country's e-Commerce market was positively impacted by 11.11 and 12.12 events," said Naveen Mishra, Program Director, Frost & Sullivan.
The aggressive promotions by leading online retail market players were prominent reasons behind continually increasing average number of order per person in the country. Qoo10 followed by Lazada collectively recorded nearly 20% of the total orders in the quarter.
According to Avinash Sachdeva, Principal Analyst, ICT Research at Frost & Sullivan Asia-Pacific, "High spending power, shopaholic consumers and high online-user penetration are primarily triggering the order volume in Singapore's e-Commerce market."
Companies like Shopee and Zalora are strongly focusing on customer engagement through their mobile apps and social networking pages are driving their sales.
In the context of this research, Frost & Sullivan defines "E-Commerce" as the sale of goods via an online medium which have been traditionally purchased via physical retail medium. The research excludes electronic sales of:
- Travel and holiday packages
- Tickets sale related to travel (air, rail and road) and events (sports, music concerts, etc.)
- Revenue generated by online gambling sites
- App store purchases, online gaming services and in-app purchases on such platforms.
- Ride hailing services and delivery of foods, magazines, household goods, and DVD rentals.
The research study primarily focuses on Business to Consumer (B2C) market, however the coverage includes individual sellers transacting on the e-commerce marketplaces such as Shopee, Lazada, Bukalapak and others. It excludes Person to Person (P2P) platforms (Mudah, OLX etc.) which primarily lists products and where the transaction does not conclude on the platform. Any revenue reported outside of the definition mentioned here is not part of the Frost & Sullivan's numbers reported here.
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SOURCE Frost & Sullivan