The transaction volume in November 2020 accounted for 14.3% of the whole year, and Singapore's e-commerce boom continues to be hot!

Therefore, Singapore is also an e-commerce market that several international e-commerce giants are scrambling to get their hands on. Currently, Singapore has identified key e-commerce infrastructure that may pave the way for the development of global and regional e-commerce.

It is understood that these infrastructures include the establishment of local 5G networks, supply chain functions and payment platforms.

Other data showed that driven by the COVID-19 pandemic, online transactions in Singapore in November 2020 accounted for 14.3% of the total sales for the year, higher than 5.8% in January.

Singapore's Minister of Industry and Trade said that even after Singapore lifted its lockdown facilities in mid-2020, consumers' online shopping levels remained high.

This shows the strong development of online business in Singapore, and it is expected that consumers' shift to online shopping behavior will continue for a longer period of time.

To continue this momentum, the Singapore government will improve capabilities in areas such as digital infrastructure, supply chain resilience, cybersecurity and cross-border alliances.

For example, in recent years, Singapore has invested in digital connectivity, data analysis and payments to enhance its digital infrastructure, especially 5G networks, which may become the core of Singapore's digital economy.

Singapore's Minister of Industry and Trade said that two nationwide 5G networks are planned to be up and running by 2025, and 5G network coverage will reach 50% by 2023 , which will enhance the ability of businesses doing business online to handle large e-commerce orders.

In addition, the Singapore government has launched various assistance programs to help SMEs adopt digital technologies to conduct online business.

Last year, the Singapore government also collaborated with e-commerce platforms such as Amazon to launch a number of programs, including an e-commerce booster package.

In addition to basic software applications, logistics is also a focus of the government and small and medium-sized enterprises.

Singapore's Minister of Industry and Trade said that Singapore's logistics sector also needs to enhance the adaptability of its supply chain to ensure that the requirements of all online orders are met.

After all, during the epidemic, we all saw the impact of global supply chain disruptions caused by border closures and various export restrictions, as well as a series of logistics problems.

policy

Cross-border e-commerce market

Singapore