Singaporean shoppers are among the most sensitive to consumer prices, according to a study by Paypal.
More than two-thirds of Singaporeans participated in the digital economy in 2020, with e-commerce platforms experiencing a 23% growth in the first half of the year, according to latest data from Paypal.
The top five e-commerce sites visited by Singaporeans were Shopee, Lazada, Qoo10, Amazon, and Ezbuy, with 83% using their smartphones to surf the internet.
But what do Singaporeans look for when shopping online?
Nearly 56% of Singaporeans shop online to benefit lower prices and a greater access to products. Singapore registered the highest in consumer price sensitivity among the Asian/Oceanic countries polled by Paypal.
More than two-thirds, or 78% of Singaporeans, shopped cross-border, also the highest in the region. Broken down, 73% bought goods from Hong Kong, 49% from India, 39% from China and 21% in Japan.
Meanwhile, 62% Singaporeans picked China as the most popular foreign nation to buy goods online, followed by other Asian/Oceanic countries (21%) and South Korea (19%).
The main deterrent to online shopping for Singaporeans is delivery costs, especially when shopping from other markets. Approximately 22% of the respondents also said they would not shop if the store does not provide English customer support.
Credit card is the most popular payment method when shopping online, preferred by 67% of Singaporeans.
Nearly half of Singaporean shoppers are millennials, between the ages of 25-34.
Paypal advised merchants to utilize social media, noting that Facebook, Instagram and WhatsApp are the most popular social media avenues for Singaporean shoppers.
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