Local Players Dominate Singapore's E-Commerce
The e-commerce market in Singapore is expected to be worth US$5.4 billion (S$7.46 billion) by 2025. With one of the highest internet penetration rates in the region at 82%, Singapore will continue to lead the way in Southeast Asia.
In the midst of this highly contested market, iPrice, a Kuala Lumpur-based privately owned online shopping aggregator has released their first interactive e-commerce study, comparing 31 e-commerce websites in Singapore. Users can filter e-commerce information based on different parameters such as traffic (based on SimilarWeb), application downloads, and social media followers.
Users can filter e-commerce information based on different parameters such as traffic (based on SimilarWeb), application downloads, and social media followers.
The data was gathered from April to July 2017.
One of the interesting findings is that out of the top 10, seven local players are dominating the local e-commerce scene. They are comprised of these;
Lazada leads with 4.3 million average monthly visits, according to SimilarWeb.
Lazada gained regional news back in April 2016 when Alibaba acquired controlling interest of the company for US$1 billion dollars. Alibaba has since invested another US$1 billion to up their stake to 83%.
Most speculate this is largely to strengthen their presence in the region for the arrival of Amazon.
EZBuy, formerly known as 65daigou, trails at third place with 2.2 million average monthly visits.
EZBuy secured US$20 million in funding for their series B round in March 2016. Acting as a middleman, their website allows users to shop for items available in overseas online stores and handles everything from purchasing the items to shipping and importing them.
Fashion heavyweight Zalora comes at fifth place with 1.2 million average monthly visits.
The fashion e-commerce store concentrated their effort on high potential, high growth markets like Indonesia and Singapore following the sale of their Thailand and Vietnam businesses.
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Source : e7.co
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