联合国亚太经社会（UNESCAP）：新加坡B2C电子商务市场格局

THELANDSCAPEOFB2CE-COMMERCEMARKETPLACESIN

Country

Singapore

CountryBrief|Singapore

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Executivesummary

Singaporeshowsaparticularlyhighinternetpenetrationrate(96%)andasizeableproportionofe-commerceusers(62%).Inaddition.thedensityofB2Cmarketplacesisinthemiddlerangewithatotalof191e-commercewebsitesforapopulationof5.6million(3.8%ofthetotaltrafficintheregionstudied).

Overtheperiod2019-2022,trafficonthe191B2Cmarketplaceshasgrownsignificantly,apartfromaslightdecreasein2022,from771to862millionvisits.Amongthem,onlineshoppingmallsaccountforthelargestproportionofmarketplaces(46.1%)andcapturemostofthetraffic(66.7%).

Thee-commercemarketisdominatedbydomesticcompanies(37%),butcloselyfollowedbytheUnitedStates(24%).Ofthetotal191B2Cmarketplaces,thereisanimportantgeographicaldiversitygiventhe28othercountrieswithcompaniesholdingB2Cmarketplaces.

Thee-commercemarketisrelativelyconcentrated,withtheTop10leadingwebsitescapturing77.7%ofthetotaltraffic.ThisTop10islargelydominatedbyonlineshoppingmalls,6intotal,andwithcompaniesmainlyfromSingapore(7),theUnitedStates(2)andChina(1).

RegardingtheeaseofsellingontheseB2Cmarketplaces,only50%allowforeignsellerstooperateand55%offeropenregistrationtoonlinesellers.Almosthalfofthesemarketplacesarefullytransactional(48%)and,asacorollary,50%requiretradingfeestosellonline.

Singaporehasabalancedproportionofgeneric(56%)andspecializedB2Cmarketplaces(44%).Amongthe84specializedmarketplaces,30%specializeinfashion,accessories,andshoes(capturing18%ofthetraffic)and20%inautomotiveparts(25%ofthetraffic).Thetrafficdynamicsalsoshowthatconsumers’preferencesstronglyleantowardselectronics&IT(36%ofthetraffic).

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Acknowledgements

ThelandscapeofB2Ce-commercemarketplacesinSingaporewaspreparedbyMatthieuLevasseur,NikitaShahu,JinLee,ShuangningCao,andNesterJunAlcularundertheguidanceofSilvèreDernouhandtheoverallsupervisionofYannDuval,allfromtheTrade,Investment,andInnovationDivision(TIID)ofESCAP(EconomicandSocialCommissionforAsiaandthePacific).

Thecountrybriefisbasedondatacollectedbetween2019and2022byJesseWeltevreden,ProfessorofDigitalCommerceattheCentreforMarketInsightsofAmsterdamUniversityofAppliedSciences.CommentsandsuggestionsprovidedbyWitadaAnukoonwattakaandTengfeiWanghelpedinfurtherimprovingthecountrybrief.RenéZonneveldprovidedvaluableassistanceinshapingthecountrybrieftemplatelayoutandcoordinatingtheinternsteam.ThelayoutwasdesignedbyAromSanguanyuang,withhelpfromNatnichaSutthivanafortheprojectcommunication.

PreparationofthereportwasfundedbytheForumofEastAsia–LatinAmericaCooperation(FEALAC)aspartoftheprojectentitled:“SupportthestrengtheningofpoliciestomonitorandpromotetheparticipationofMSMEsincross-bordergoodsandservicese-commerceforaninclusiveandsustainablepandemicresponseandrecoveryinEastAsiaandLatinAmerica”.ThecountrybriefhasalsobenefitedfromthesupportoftheGovernmentofFrance.

2THELANDSCAPEOFB2CE-COMMERCEMARKETPLACESINSINGAPORE

CountryBrief|Singapore

1.Countryoverview

191

B2C

marketplaces

96%

internetpenetration

153

visits

percapita

In2022,Singaporeisahighlyconnectedcountry,withoneofthehighestInternetpenetrationrates(96%)amongthecountriesstudied1.Moreover,SingaporehasoneofthedensestB2Cmarketplacelandscapeswithatotalof191websitesforapopulationof5.6million2.

62%

purchasedgoodsonline

Thise-commercediversitymayexplainwhySingapore’spopulationisoneofthemostactiveintheregionstudied,with153annualvisitspercapita3andanaveragee-commercebasketvalueamountingto$67.404.Nevertheless,thereisstillroomforimprovement,giventhatonly62%ofthepopulationpurchasesonline5.

EachB2Cmarketplaceisheldbyacompanyregisteredinaspecificcountry.Thesecompaniesaredistributedbycountryofregistrationinfigure1below.ThisfigureshowsthatSingaporeitselfhostsmostofthesemarketplaces,70intotal,accountingfor37%oftheoverallnumber.TheUnitedStatesfollowsasthesecondlargesthostcountry,contributing46marketplaces,whichmakesup24%ofthetotalmarketplacesexamined.OthercontributorsincludecountriessuchasChina(5%),India(4%),andGermanyandMalaysiabothhosting4marketplaces(around2%each).

Figure1.Locationofcompaniesholdingthemarketplaces

France1%

Spain1%

Japan1%

Georgia1%

Canada1%

NewZealand1%

UnitedArabEmirates1%

UnitedKingdom2%

Malaysia2%

Germany

Singapore37%

India4%

China5%

Others17%

UnitedStates24%

2%

3THELANDSCAPEOFB2CE-COMMERCEMARKETPLACESINSINGAPORE

RepublicofKorea Indonesia VietNam ThailandPhilippines

Malaysia

Singapore

MongoliaCambodia

BruneiDarussalamLaoP.D.R.

CountryBrief|Singapore

2.Marketplacetraffic

Althoughapopulationlimitedto5.6million(9thamongthecountriessurveyed),Singaporeaccountsfor3.8%ofthetraffictoe-commercemarketplaces(figure2).Thecountrycanrelyonahighinternetpenetrationrate(96%)andfrequentvisitspercapita(153).Moreover,thenumberofusersinthee-commercemarketisforecasttoincreaseby+19.02%percenttoreach4.33millionusersin20276.

InSingapore,onlineshoppingmallisthedominanttypeofmarketplacerepresenting46.1%ofthetotalnumber,followedbytheclassifiedsiteswith42.9%(figure3).Onlineshoppingmallscapturethehighestshareofthetotaltraffic(66.7%)whentheshareoftotalvisitsonclassifiedsitesdropsdownto28.1%.Therearealsoothertypesofmarketplaces(auctionsites,pricecomparisonsites,deals/couponssites)whichrepresent8.3%ofthetotalnumberofmarketplaces,butonly0.8%intermsoftraffic.

Figure2.Distributionofmarketplacestraffic,among

thecountriesstudied(2022)

Figure3.Typesofmarketplacesinnumber

andtraffic(2022)

87.56.1%3.8%

0.17%0.14%0.03%0.02%

11.2%.7%

%

27.

35.1%

2%

0%10%20%30%40%

Figure4.Traffictrendsbymarketplacepresence

Millions

1000

900

800

700

600

500

400

300

200

100

0

39.0%

49.3%

58.5%

62.0%

36.1%

309%

.

24.9%

21.9%

24.9%

19.8%

16.6%

16.1%

2019202020212022

100%90%80%70%60%50%40%30%20%10%0%

46.1%

66.7%

0.5%4.7%3.1%2.7%

0.1%0.1%0.6%4.4%

42.9%

28.1%

Totaltraffic(visits)

Numberofmarketplaces

OnlineshoppingmallClassifiedsiteDeals/Couponsite

AuctionsitePricecomparisonsiteOthersite

Apartfromaslightdecreasein2022,Singaporehasexperiencedacontinuousgrowthine-commercetrafficrisingfrom771millionvisitsin2019to900millionvisitsin2021,andthen862millionin2022.Thisgrowthaveraged4%overtheperiodstudiedandwasparticularlypronouncedbetween2019and2020(12%increase).ThisincreasemightbeattributedtobusinessesandconsumersswitchingfromofflinetoonlinesellingandshoppingduetothesanitarymeasurestakenduringtheCOVID-19pandemic(e.g.closingshops)andconsumers’fearofphysicalcontact(figure4).

Thisincreaseintraffichasmostlybenefitedmarketplaceswithaglobalpresence.Theirtrafficsharehassteadilyrisenfrom39%in2019to62%in2022.Onthecontrary,marketplaceswithregionalandnationalpresenceexperiencedadeclineintheirtrafficshare,of-14.2%and

GlobalpresenceRegionalpresenceNationalpresence-8.8%respectively.

4THELANDSCAPEOFB2CE-COMMERCEMARKETPLACESINSINGAPORE

CountryBrief|Singapore

3.Marketplacekeyplayers

Singaporeisamoderatelyconcentratede-commercemarketwiththeTop10leadingwebsitescapturingonly77.7%ofthetraffic(figure5).Logically,inthisrankingofthemostpopularmarketplaces,7ofthemareSingaporeancompaniescapturing57.1%ofthetraffic.WealsonotethepresenceoftwomarketplacesfromtheUnitedStates(16.8%ofthetraffic)andonefromChinaalthoughtheChinesemarketplacesonlyaccountfor5%oftotalB2CmarketplacesinSingapore.

Moreover,ninemarketplacesareonlineshoppingmalls,ledbyShopee,whichaccountsfor17.6%ofe-commercetrafficin2022.Shopee’spopularityislikelydrivenbyuniquelocalizationtechniques,suchasgamificationandtheomni-channelapproachthatincreasetheengagementlevelandthefrequencyofvisits7.WhiletheSingaporeane-commercelandscapeismainlycharacterizedbyonlineshoppingmalls,thisrankingalsoincludesthreeclassifiedsitesandafooddeliverysite.

17.6%

3.0

3.8%3.5%%

6.6%

10

.3%

13.3%

Figure5.Top10mostpopularmarketplacesinSingapore,in2022

ShopeeCarousell

A

Lazada

Hardwarezone

Taobao

Qoo10GrabMartSgcarmart

FairPrice

14.5%

2.6%

2.5%

Globalpresence

RegionalpresenceNationalpresence

Marketplacetrafficinmillionsofvisitsandin%share

ofthetotaltraffic.

Eachflagrepresentsthecountryofthecompanyholding

themarketplace.

Onlineshoppingmalls

ClassifiedsitesOthersites

020406080100120140160[inmillionsofvisits]

With5domesticmarketplacesinthisTop10fast-growinglist(table1),thealreadystrongpresenceofSingaporeinitsownmarketislikelytoremainatleastatthesamelevel,ifnotintensifyoverthecomingyears.TakingtheleadisTimeMarket,ahubforluxurywatches,followedbyAlcovault,amarketplacespecializinginrarewhiskyofferings,underliningtherisingconsumptionofluxuryitemsinSingapore.Finally,aninverserelationshipcanbeobservedwiththeTop10mostpopularmarketplacesintermsoftype,withonly1onlineshoppingmallforevery6classifiedsites.

Table1.Top10fastest-growingmarketplacesinSingapore

MarketplaceName

Typeofmarketplace

GeographicalScope

%change2021-2022

TimeMarket

Classifiedsite

National

+26679%

Alcovault

Auctionsite

Regional

+4934%

ClassifiedsFree.co

Classifiedsite

Global

+2005%

Alibris

Onlineshoppingmall

Global

+1759%

CollectiblesAuctionAsia

Auctionsite

National

+819%

WatchExchange

Other

National

+563%

FreeAdsH

Classifiedsite

Global

+376%

SingaporeS

Classifiedsite

National

+260%

All-Biz

Classifiedsite

Global

+234%

Everycar

Classifiedsite

Global

+193%

5THELANDSCAPEOFB2CE-COMMERCEMARKETPLACESINSINGAPORE

CountryBrief|Singapore

4.Easeofsellingonmarketplaces

Theeasewithwhichsellerscanoperateandselltheirproductsonmarketplacesisparticularlysignificantinshapingthecountry’se-commercelandscape.Inthiscontext,thissectionanalysesthemainfactorsforassessingtheeaseofsellingonmarketplaces,providingabetterunderstandingoftheenvironmentandthechallengesfacedbysellers.Thesefactorsinclude1)theopennessofmarketplacestoforeignsellers2)thetypeofregistration,3)theimpositionoftradingfeesand4)thetypeoftransactionalmarketplaces.

1)Marketplacesopentoforeignsellers

InSingapore,foreignsellersareallowedtocarryoutbusinesson50%ofalltheB2Cmarketplacewebsites,justbelowtheaverageacceptancerateinthecountriesstudied(52%).Indeed,eventhoughthecountrycountsasubstantialproportionofforeign-ownedmarketplaces(63%asindicatedinfigure1),onlyapartofthemisopentodomesticsellers.

Onlineshoppingmalls,themostcommontypeofmarketplace(46.1%),andauctionsites,haveaglobalizedapproach(78%areopentoforeignsellers)eventhoughitmaybeconsideredmoderateincomparisontoothercountries.Meanwhile,classifiedsites,thesecondmostcommontypeofmarketplace,aremainlyclosedtoforeignsellers(76%),asarepricecomparisonsites(67%).Lastly,deals/couponsandothersites(targetingthedomesticfashionmarketandgrocery/fooddeliveryapps)exclusivelyonboarddomesticsellers.

100%90%80%70%60%50%40%30%20%10%0%

80%

Figure7.Onlineregistrationtypes

5%

1%

6%

2%

17%

13%

52%

78%

66%

100%

81%

40%

22%

20%

17%

Verified

Both

Unclear

Open

registration

registration

100%90%80%70%60%50%40%30%20%10%0%

Figure6.Marketplacesopentoforeignsellers

6%

2%

22%

16%

67%

76%

100%

100%

78%

78%

33%

22%

Auctionsites

Onlineshoppingmalls

Pricecomparisonsites

Classifiedsites

Othersites

Deals/Couponsites

Unclear

OpenRestricted

2)Onlineregistrationtypes

InSingapore,55%oftheB2Cmarketplacesallowopenregistration,suchthatsellerscanopenanaccountandstarttradingdirectly.Meanwhile,38%undertakeaverificationprocedurebeforeonboardingsellers.Interestingly,2%useacombinationofbothregistrationmethodsbasedontheseller/productcharacteristics(theregistrationprocessisunclearfor5%ofthemarketplaces).

Alargeproportionofclassifiedsites(81%)haveopenregistrationwhileonly13%undertakeaverificationprocess.Anotableshareofonlineshoppingmalls(40%)offersopenregistration,butamajority(52%)invitesandverifiesprospectivesellers.Asmallshareofbothmarketplacetypesoffersbothoptions(2%).Incontrast,alldeals/couponwebsites,andanoverwhelmingnumberofothermarketplacetypes(auction,pricecomparison,andothertypesofwebsites)optforverifiedregistration.

6THELANDSCAPEOFB2CE-COMMERCEMARKETPLACESINSINGAPORE

CountryBrief|Singapore

3)Tradingfeespolicytosellonline

InSingapore,50%oftheB2Cmarketplacesalwaysimposeatradingfee,while21%offerbothfreeandfee-basedsellingoptions,and16%donotchargeanyfee(for13%ofallthemarketplaces,itremainsuncleariftheychargetradingfees).Alargeshareofonlineshoppingmallsandauctionwebsites(78%each),aswellasanotableshareofpricecomparisonwebsites(67%)andothertypesofmarketplaces(60%),imposefees.Forinstance,onlineshoppingmallsandauctionmarketplacesmaychargeacommissionbasedonthesaleorhammerprice,whilepricecomparisonwebsitestypicallyusea“costperclick”model.Incontrast,classifiedsitesaremorediversewith45%offeringoptionalpromotionalservicesforafee,32%requestingnofees,and16%consistentlyimposingtradingfeesonsellersforenhancedfeaturestogrowtheirbusiness(thefeestructureofdeals/couponssiteisunclear).

Figure8.Tradingfeespolicytosellonline

100%16%3%22%33%20%7%

80%3%32%

20%

60%

100%

40%78%78%67%60%45%

20% 16%

0%

OnlineAuctionsitesPriceOthersitesClassifiedsitesDeals/Coupon

shoppingmallscomparisonsitessites

TradingfeesmandatoryTradingfeesbutalsofreeoptionNotradingfeesUnclear

4)Typesoftransactionalmarketplaces

InSingapore,anequalshareofmarketplacesisfully-transactional(48%),providingintegratedpaymentoptions,aswellasnon-transactional(48%).Meanwhile,4%aresemi-transactionalprovidingintegratedpaymentoptionsonlyforcertainproducts.Thispatternmaybearesultoftheincreaseintheuseofdigitalpaymentplatforms.Asreportedbya2020studyconductedbyIDCandcommissionedby2C2P,Singaporehasalreadyamassed1.5millionmobilewalletusers8.Infact,GrabPayledtheSingaporee-walletmarketwitha35%share9.Alldeals/couponsitesand98%ofonlineshoppingmallsarefullytransactional,providingaseamlessshoppingexperienceforconsumers.Fromtheseller’sperspective,integratedpaymentsystemsalloweffectivemanagementandsecurityoftransactions.Incontrast,allpricecomparisonsitesand96%ofclassifiedsitesarenon-transactional,requiringdirectpaymentsbetweenbuyersandsellers.Thetypologyofauctionsitesandothertypesofmarketplacesisdiverse.Indeed,56%ofauctionsitesarenon-transactional,33%arefullytransactionaland11%aresemi-transactional.Forothermarketplaces,20%arenon-transactionalandanequalproportionaresemi-andfully-transactional(40%each).

Figure9.Typesoftransactionalmarketplaces

1%1%

20%

56%

100%

98%

40%

96%

100%

40%

33%

4%

100%80%60%40%20%0%

11%

Othersites

Deals/Couponsites

AuctionsitesClassifiedsites

Online

shoppingmalls

Pricecomparisonsites

FullytransactionalSemi-transactionalNon-transactional

7THELANDSCAPEOFB2CE-COMMERCEMARKETPLACESINSINGAPORE

CountryBrief|Singapore

5.Productrangeandcharacteristics

InSingapore,56%ofthe191B2Cmarketplacesarequalifiedasgeneric,meaningtheysellabroadrangeofgoodswhile44%arespecialized,indicatingtheyoffertobuyalimitednumberofproducts(figure10).Apartfromthedeals/couponsiteswhichbynaturearegeneric,classifiedsitesandpricecomparisonsitesaremostlygeneric,73%and67%respectively.Meanwhile,mostonlineshoppingmallsandauctionsitesarespecialized,57%and78%respectively.

Deals/CouponsitesClassifiedsites

PricecomparisonsitesOnlineshoppingmallsOthersites

Auctionsites

Figure10.Productrangebymarketplaces

100%

73%

27%

67%

33%

43%

57%

40

%

60%

22%

7

8%

0%20%40%60%80%100%

GenericmarketplacesSpecializedmarketplaces

Amongthe84specializedmarketplacesoperatinginSingapore,30%specializeinfashion,accessories,andshoes(figure11).Thisisindicativeofaconsumerbasewithapronouncedinterestinlifestyleproducts,especiallythefashionmarketwhichisprojectedtoincreaseby14.68%eachyear,reachingUS$2.07millionby202810.Followingthis,thesecondmostrepresentedsectorcomeswithautomotiveparts(20%ofthespecializedmarketplaces),spotlightingthesignificantconsumerinterestinautomotiveparts.Whilethemarketplacessellingfashion/shoesaccountfor30%,theirtrafficsharedropsto18%,whilethetrafficshareofthe20%ofmarketplacesdedicatedtoautomotivepartsjumpsto25%.Unexpectedly,althoughthenumberofmarketplacessellingelectronics/appliancesonlyaccountsfor7%,consumerpreferencesleantowardsbuyingtheseproducts,giventhatthesemarketplacescapturethelargestshareofthetotaltraffic(36%).Itisalsonoticeablethatalthoughmarketplacesspecializinginbooksandhobbiesaccountfor7%ofthetotalnumber,theirtrafficrepresentsonly1%ofthetotalvisits.

Shareofonlinemarketplaces

Shareoftraffic

Figure11.Product-specificmarketplaces,bynumberandtraffic(2022)

1%2%1%

30%

20

%

7%

7%6%5%5%

4%

4%

4%

1%

2

%

1%

1%

18%

25%

36%

8%8%

0%20%40%60%80%100%

Fashion,accessories,andShoes

Cars/Motorcycles/Motorparts

Booksandhobbies

Electronics/ITandAppliances

ArtandCollectibles

Home&Living

Musicandsport

Beauty,HealthandPersonalcare

Foodandbeverages

Banknotes&Coins

Grocery

Gifts

LuxuryProducts

DIY

OtherVehicles

PetItems

8THELANDSCAPEOFB2CE-COMMERCEMARKETPLACESINSINGAPORE

CountryBrief|Singapore

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Sources

[1]WorldBank.(2022).IndividualsusingtheInternetinSingapore(%ofpopulation)

(Source)

.

[2]Basedonauthors’calculations:Thecurrentsampleofcountriesrangefrom155marketplacesto

275.5mpeople(1:1.8millionpeople)inIndonesiato65marketplacesto0.6mpeople(1:6154people)inBruneiDarussalam.Therangegoesfromlowdensitytohighdensity.PopulationdataretrievedfromWorldBankWDIinNovember2023.

[3]Basedonauthors’calculations:Annualvisitspercapita=Totaltrafficpercountryin2002/Populationin2022.

[4]Administration,I.T.(2022,April20).Singapore’se-commercemarket

(Source)

.

[5]Statista.(2023).MARKETINSIGHTS:DIGITAL

(Source)

.

[6]Statista.(2023).Numberofusersofe-commerceinSingapore2018-2027

(Source)

.

[7]Atlantispress.(2020,January).Hyper-LocalizationWithinShopeeMarketplace

(Source)

.

[8]SingaporeComputerSociety.(2023).16PopularE-WalletsinSingaporeForCashlessPayments

(Source)

.

[9]Ibid.

[10]Statista.(2023).Fashion–Singapore.StatistaMarketInsights

(Source)

.

9THELANDSCAPEOFB2CE-COMMERCEMARKETPLACESINSINGAPORE

CountryBrief|Singapore

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Projectbackground,methodologyanddefinitions

ProjectBackground–TheCOVID-19pandemichassignificantlyimpactedmanyeconomies,alteringbusinessmodels,especiallyformicro,small,andmedium-sizedenterprises(MSMEs),andconsumerbehavior.Despitethis,manyMSMEsseepotentialine-commerceanddigitalplatformsforcross-bordertr