Singapore’s e-commerce market to grow by 48% predicts Worldpay

528
Photo: Facebook screengrab from NEO360.Digital/https://web.facebook.com/NEO360.Digital/videos/2138779526365444/

By 2022, Worldpay predicts a 48% growth in Singapore’s eCommerce market. Such growth amounts to US$7.4bn or 7% CAGR. Continued growth is also seen for eWallets at a rate of 14% CAGR. Currently 10% of the market, eWallets are forecasted to make up 13% by 2022.

Desktop sales are anticipated to stay sluggish, while mobile sales are rising at 13% CAGR. mCommerce is on course to outdo desktop sales this year, at which point it will make up 52% of all online sales.

The prospect for eCommerce all over Asia Pacific continues to be defined by astonishing growth. Globally, Asia Pacific is the leading eCommerce region and stands at the forefront of payment innovation, specifically in terms of mobile commerce and the ascent of frictionless, invisible payments that offer flawless convenience making payments is so simple and easy.

Other forecasts of Worldpay for Asia Pacific’s eCommerce market in 2019 and beyond include:

1. Asia Pacific will lead the way in the global transition to mCommerce, which is set to become the most popular online channel over the next four years in a number of Asia Pacific markets including Hong Kong (2019), Singapore (2019), Australia (2020) and India (2020). mCommerce is already the most popular in South Korea and China.

2. Asian consumers expect seamless ease and security in their digital lives, most of all when it comes to shopping and payments. This desire for frictionless payments will continue to make Asia Pacific a pioneer in the move to invisible payments, particularly as the popularity of eWallets continues to soar.

3. Dramatic shifts from cash to eWallets will occur at Point of Sale (POS) over the next four years, with eWallets set to grow from 27 percent of POS market share in 2018 to 42 percent by 2022. On the eCommerce side, Asia Pacific will continue to lead the world in the adoption of eWallets, which will account for two-thirds of regional payment volume by 2022.

Phil Pomford, general manager for Asia Pacific, Global Enterprise eCommerce at Worldpay, said: “In 2019, it’s more important than ever for merchants to tailor their mix of payment methods to match the preferences of local shoppers.”

“Asia leads the way in a trend we’ve seen across the globe – the rise of mCommerce and alterative payments like eWallets, both in-store and online, as consumers increasingly seek the most friction-free shopping and payment experience. With some of the highest rates of smartphone penetration in the world and a preference for digital payment methods like eWallets, it’s no surprise that consumers in Asia Pacific are eager for more opportunities to enjoy the shopping experiences they love via innovative new channels.”

“The most important advice for retailers is providing a consistent overall retail experience that matches brand attributes, so that consumers can enjoy seamless and secure shopping and payments from desktop, to mobile, to bricks-and-mortar,” Pomford concluded.