Singapore e-commerce to soar by at least half to $9.98bil in 2022 | The Independent

SG e-commerce to soar by at least half to $9.98bil in 2022 | The Independent

Singapore has a positive outlook for the e-commerce industry’s future. The country expects a 48% increase in e-commerce operations or about $9.98 (US$7.4) billion by 2022.

The mobile platform will be the driving force behind the expansion as the desktop approach takes a backseat.

Based on the research conducted by Worldpay, a payments technology firm, the Singaporean e-commerce sector is booming at a compound annual growth rate (CAGR) of 7%.

Earlier reports claimed, desktop sales are gradually declining while mobile commerce or mCommerce is set to break a milestone as the most famous channel for creating online sales in 2019. This accounts for more than half or 52% of all recorded online sales in the country, bringing a CAGR of 13%.

In a report released by CIMB, a commercial bank, it cited that online retail is seen to achieve 10.3% of Singapore’s total retail sales by 2022 compared to 5.3% record in 2017….