Retail spending in Singapore expected to increase by 13.1% between 2022 to 2026
By 2026, online sales are expected to go over S$5.3 billion, a 46.2% increase from 2022 according to research commissioned by Amazon and done by data and analytics company GlobalData.
However, offline sales may not fall since Singaporeans consumers adapt a combined offline and online shopping approach.
More from OMY: Cards considered as Singapore’s top e-commerce payment method
Around 50% of Singaporean consumers prefer to check prices online, while 48.9% of respondents stated that they would go to physical stores to purchase the product, according to the study.
Around 57.3% said that they would look at online reviews and comparison sites before checking in physical stores. Meanwhile, 48.2% of respondents say that they visit stores for ideas before buying online.
“Consumers are increasingly integrating online with offline during their shopping journeys, with each channel offering different benefits. This shows that there is no separate online and offline retail sectors, but rather a single sector that is rapidly digitising,” said GlobalData.
Additionally, only 1 in 3 or 1 in 4 respondents use their mobile during their in-store shopping, and 39.4% of respondents check the prices of products on their phone while shopping in-store. Meanwhile, 30.8% look at reviews on their phone while shopping in-store.
GlobalData’s study made use of responses from 7,000 consumers across various countries. The study was conducted in November 2022.
More from OMY: The Best Buy Now Pay Later (BNPL) Service in Singapore
