Singapore e-commerce gross merchandise value reached S$12.3 billion in 2024.

Market Sizing and Growth Trajectory

Singapore’s e-commerce gross merchandise value (GMV) reached an estimated S$12.3 billion in 2024, reflecting the market’s continued expansion despite a deceleration in regional growth rates. This figure represents total transaction value across platform and non-platform channels, inclusive of orders that may later be cancelled or refunded, as is standard for GMV measurement.

Comparable regional data from Momentum Works indicates that Singapore’s platform-based e-commerce GMV grew 12% year on year to US$4.9 billion in 2024, up from US$4.4 billion in 2023. The S$12.3 billion figure encompasses a broader definition that includes non-platform transactions—such as purchases on brand.com sites, social commerce via open-loop platforms like Facebook, and orders through chat applications like WhatsApp—which collectively accounted for approximately US$16.8 billion in GMV across Southeast Asia in 2024, per the same consultancy.

The 12% platform growth rate placed Singapore at the lower end of regional performance, trailing Thailand (21.7%), Malaysia (19.5%), and the regional average of 12%. Southeast Asia’s total e-commerce platform GMV reached US$128.4 billion in 2024, decelerating from 15.2% growth in 2023 as major platforms shifted focus toward profitability and sustainable unit economics.

Competitive Landscape and Platform Dynamics

Competition intensified in 2024 as social-commerce entrants challenged established incumbents. Shopee retained regional leadership with an estimated 48% market share, though TikTok Shop’s rapid ascent—reaching US$16.3 billion in GMV in 2023 across Southeast Asia—signaled a structural shift toward content-driven commerce. Lazada achieved its first monthly profit by July 2024 after integrating artificial intelligence into user-incentive algorithms, underscoring the sector’s pivot from growth-at-all-costs to profitability-focused strategies.

In Singapore specifically, Shopee, Lazada, and AliExpress were the most-clicked e-commerce sites as of March 2025. Shopee led with 13.21 million monthly visitors, while Lazada and Amazon Singapore competed for the second and third positions. Platforms are increasingly blending content and commerce, funding creator tools and revenue-sharing models designed to deepen user time-on-site.

Structural Advantages of Singapore’s Market

Singapore’s e-commerce market is distinguished by its maturity and premium positioning. With internet penetration at 96%—representing 5.79 million users—and nearly 60% of online consumers purchasing weekly, the market exhibits the highest average order value in Southeast Asia at US$137.40. This premium dynamic is driven by the Central Region, which generated the largest share of GMV in 2024 due to dense commercial activity, luxury retail concentration, and affluent households with the highest per-capita online spend.

E-commerce penetration reached approximately 58.8% in 2023, and the government has actively promoted digitalization—including zero-fee e-payment registration for small merchants—further embedding online commerce into daily life. Efficient payment systems offering interest-free installments, combined with rapid delivery networks and corporate sustainability initiatives, have deepened adoption across product categories spanning consumer electronics, fashion, food, cosmetics, furniture, and DIY hobbies.

Growth Rate (%) (%)Source: Orionmano Industries

Channel Evolution and Cross-Border Dynamics

Cross-border e-commerce accounted for US$2.4 billion in retail sales in 2023, representing 52.0% of Singapore’s total e-commerce retail market, while domestic e-commerce comprised US$2.2 billion (48.0%). This near parity reflects Singapore’s role as a regional transit hub and its consumer base’s comfort with international purchases, particularly from platforms like AliExpress that specialize in cross-border trade.

Livestreaming has gained significant traction, accelerating during the COVID-19 pandemic and persisting as a key engagement channel. Platforms now integrate gamification features alongside live commerce, and social media platforms contribute materially to e-commerce adoption. The government has simultaneously stepped up enforcement against online scams and cyber threats—a growing concern as transaction volumes rise.

Outlook

Singapore’s e-commerce sector is projected to maintain mid-to-high single-digit growth through 2028, with CAGR estimates ranging from 8.8% to 11% depending on the methodology. Conservative forecasts place GMV at approximately US$10 billion (roughly S$13.5 billion) by 2025, while optimistic projections extend to US$25.3 billion by 2028—a figure that would require sustained acceleration in non-platform commerce and deeper penetration in categories currently underpenetrated online.

The market’s trajectory will be shaped by three factors: (1) the continued integration of social commerce and livestreaming into mainstream retail, (2) platform-level competition driving investment in AI and logistics infrastructure, and (3) the extent to which non-platform e-commerce—currently tracked for the first time in 2024 at US$16.8 billion regionally—captures share from marketplace models. Singapore’s position as the most mature, highest-spend market in Southeast Asia suggests continued premiumization, with quality and service level becoming the primary differentiators over price in the years ahead.