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Local Players Dominate Singapore's E-Commerce
ECONOMY Singapore

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; 

1. LAZADA

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.

CapitaLand Asia CEO Jason Leow with Alexis Lanternier, CEO of Lazada Singapore in the picture. It is reported that CapitaLand to launch online mall on Lazada Singapore © http://www.mumbrella.asia
CapitaLand Asia CEO Jason Leow with Alexis Lanternier, CEO of Lazada Singapore in the picture. It is reported that CapitaLand to launch online mall on Lazada Singapore © http://www.mumbrella.asia

2. EZBuy

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.

Founded in 2010 by a group of aspiring entrepreneurs, EZBuy quickly rose to become Singapore’s first and largest overseas shopping platform © I Am See Yin blog
Founded in 2010 by a group of aspiring entrepreneurs, EZBuy quickly rose to become Singapore’s first and largest overseas shopping platform © I Am See Yin blog

 3. ZALORA

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.

ZALORA Singapore is the largest online fashion retailer in Singapore. Carrying over 500 brands and thousands of products, ZALORA.sg redefines online shopping in Singapore
ZALORA Singapore is the largest online fashion retailer in Singapore. Carrying over 500 brands and thousands of products, ZALORA.sg redefines online shopping in Singapore

4. SHOPEE

This Singapore-based startup officially launched its mobile-first online marketplace in 2015, where people can buy and sell stuff just using their smartphone. Shopee is part of Singapore-founded internet and social platform Garena’s ecosystem of apps © The Smart Local
This Singapore-based startup officially launched its mobile-first online marketplace in 2015, where people can buy and sell stuff just using their smartphone. Shopee is part of Singapore-founded internet and social platform Garena’s ecosystem of apps © The Smart Local

5. REEBONZ

Reebonz co-founders Daniel Lim (far left) and Benjamin Han © The Straits Times
Reebonz co-founders Daniel Lim (far left) and Benjamin Han © The Straits Times

 6. LOVE, BONITO

Since its start in 2010, Love, Bonito has developed into one of Singapore’s most successful online fashion retail businesses. Rachel Lim (right) is the co-founders of Love, Bonito.
Since its start in 2010, Love, Bonito has developed into one of Singapore’s most successful online fashion retail businesses. Rachel Lim (right) is the co-founders of Love, Bonito.

 7.  FortyTwo

FortyTwo (previously BEDS.sg) first went
FortyTwo (previously BEDS.sg) first went "live" in September 2007 with barely 60 products under four mattress brands and four categories of beds. 7 years and over 80,000 satisfied customers later, they're now one of the largest online furniture shops in Singapore and an authority on Home & Decor issues in Singapore with the FortyTwo Magazine.

 Source : e7.co

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