Preface

Singapore ranks among the world’s most affluent and digitally advanced markets, serving as a regional leader in e-commerce and financial innovation. Its online retail landscape is shaped by highly connected, digital fluent population, with younger consumers driving rapid adoption of new payment technologies. Supported by widespread credit card usage and near-universal access to real-time bank transfers, Singapore leads Southeast Asia in digital payment penetration and transaction value. The growing popularity of digital wallets further reinforces Singapore’s position at the forefront of regional payment innovation, as the nation continues to define the standard for seamless, secure, and connected commerce in the region.

Key Insights

• Singapore has a GDP per capita of USD 84,734, placing it first in Southeast Asia and fifth globally.
• Young and middle-aged consumers (under 44) are the primary drivers of online retail, with 85% of online shoppers in Singapore making up this segment.
• 48% of consumers believe an enhanced self-checkout process is key to a better online shopping experience.
• Digital payment penetration in Singapore is57% in 2024, placing it the highest in Southeast Asian nations, with over USD 39.37 billion transaction values.
• Singapore leads Southeast Asia in bank card penetration, with 80% of residents holding credit cards. In 2023, credit card payments made up 71% of e-commerce transactions and are projected to reach 75% by 2028. Supporting credit card payments is vital for merchants to enhance revenue.
• In 2024, the most popular payment method in e-commerce was digital wallets, followed closely by credit cards.
• Merchants in Singapore can leverage expanding cross-border payment networks (such as Alipay+) in Southeast Asia to facilitate real-time cross-border transactions through digital wallets.
• 80% of consumers and businesses in Singapore now use the national real-time payment network PayNow. Antom helps merchants quickly integrate with PayNow, therefore supporting 99% of bank transfers and other mainstream payment methods in Singapore.
• Antom partners with GrabPay, one of the most popular digital wallets in Singapore, providing mini program support, Buy Now, Pay Later services, and other customised marketing solutions.

A profile of Singapore: economic and market factors fuelling e-commerce expansion

Singapore market overview

Singapore has a population of 5.92 million with a balanced gender split, of which around 72.2% are of working age (15–64). The official languages are English, Mandarin, Malay and Tamil.

In 2023, Singapore’s GDP reached USD 501.4 billion, with a per capita GDP of USD 84,734, ranking first in Southeast Asia and fifth globally. This economic strength fuels a thriving e-commerce market, which attracted over 3.23 million shoppers in 2023. Projections from Statista indicate a sustained compound annual growth rate (CAGR) of 10.76% between 2024 and 2029.

High levels of financial inclusion are evident, with a savings account ownership rate of 64%, and 56% of the population owning and using credit cards.

The following section examines the country’s wider economic landscape, the foundation of which provides an ideal environment for both digital and traditional commerce to flourish.

Economic overview of Singapore

Singapore’s consumer market is dominated by the 70% of the population aged 15 to 64. The country’s economy is heavily service-oriented, with this sector accounting for 72.4% of the GDP. After a rise during the pandemic, the unemployment rate dropped to 1.93%, comparing favourably to major global economies.

Singapore’s role as a major trade hub is evident from USD 423.4 billion in merchandise imports in 2023, led by machinery and transport equipment. Data from 2022 shows that China stands out as the nation’s largest trading partner, both in imports and exports.

With the market’s economic fundamentals established, we will now examine specific consumer trends that define the country’s retail landscape.