According to the 2009 Yearbook done by Asia Digital Marketing Association, 80% of the population in Singapore has tried their hands at online shopping. In 2009, online shoppers in Singapore spent an average of US$3,480, an amount that surpassed online shoppers in Japan, South Korea and Hong Kong. It was also predicted that an estimated amount of 1.8 million Singaporeans will turn to online shopping in 2010 (Asia Digital Marketing Association, 2009).
In a survey done by Mastercard Worldwide, it was reported that the online shopping revenues for Asia/Pacific countries have seen a significant increase from 2007 to 2010. In the context of Singapore, online shopping revenue increased from USD4.5billion to USD6.6 billion in just a span of three years (Refer to Figure 1 below). This exemplifies that online shopping in Singapore is indeed on the rise. Judging from this, it is safe to say that more people will do online shopping and because of this demand, more businesses will turn to the Internet in future to market their wares, if they have not already done so.
Figure 1: Asia Pacific Online Shopping Revenues (MasterCard Worldwide, 2008)
With the statistics showing clearly that there is a rising trend of online shopping in Singapore, we will look at how technological advancements in Singapore play a huge part in influencing Singaporeans to shop online. Please click here to proceed to "Technological Advancements".
