Singapores ecommerce market was valued at USD 1 billion in 2015, with online shopping making up 2.1% of retail sales, the highest proportion of all Southeast Asian countries surveyed, according to a report by Temasek and Google, channelnewsasia.com reports.
The report also highlighted the growth of ride-sharing services such as Grab and Uber. In 2015, the Singapore market was valued at USD 800 million, tying with Indonesia. Overall, the regions ride-sharing market was worth USD 2.5 billion in 2015, with the figure expected to exceed USD 13 billion by 2025.
The report found that, as of 2015, Singapore has seen 37% of deal quantity and 72% of deal value. Activity was mainly driven by two startups – Grab and Property Guru – which recorded investments of about USD 350 million and USD 130 million, respectively.
The Southeast Asia is the worlds fastest growing internet region, with a user base of 260 million. This is expected to grow to 480 million users by 2020. Consequently, the internet economy in Southeast Asia is expected to exceed USD 200 billion by 2025, driven mostly by the growth of the ecommerce market, followed by online media and online travel.
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