Demographics
Singapore is one of the three city-states in the world. It is located in Southeastern Asia next to Malaysia. Singapore is among the twenty smallest countries globally and based on 64 islands, many of which are uninhabited. The city is popular for its skyscrapers and man-made waterfalls.
Singapore has a population of 5.8 million and ranks 114th in the list of countries according to population. The ratio of male to female population is 1000:957 as per the Department of statistics Singapore. The whole of the population is urbanized, and different ethnicities are settled here.
| Population | Internet users | Social media users | Online shoppers | Popular modes of payment |
|---|---|---|---|---|
| 5.8 million | 5.14 million | 4.6 Million | 4.3 Million | Credit card, PayPal, Digital wallets |
Average Salary
The working-age in Singapore is 17 to 62, and people mostly earn in Singapore Dollar. The average salary of a working adult is around 8,450 SGD monthly. The average salary calculation is centered on 37,700 SGD being the highest average salary and 2,140 SGD being the lowest average.
Economy
Singapore is a stable, high-income economy with a GDP per capita higher than the USA. The economy majorly relies on tourism, financial services, and exports, including electronics. According to a list published by the World Bank, Singapore is considered to have the second most convenient business policies.
E-commerce has also become a crucial part of the Singapore economy, and dropshipping to Singapore can be a profitable business. But keep in mind that chewing gum is prohibited in the region.
E-commerce in Singapore
Despite the limited population, Singapore possesses a B2C e-commerce market of $4.9 billion. Every person spends at least $1,456 on online shopping annually. M-commerce is making its way and is expected to account for a significant part of the total e-sales. It already makes up 43% of the total e-commerce sales. The growth of e-commerce is also related directly to the reliable and high-speed internet network availability. It has also lead to an increased mobile penetration by users, with 4.75 million people using the internet on mobile phones.
Payment Gateways
98% of people have an account with a financial institution, and 49% have a credit card. A large number of online payments are made through credit cards, along with some other digital wallet options. Common payment gateways in Singapore include PayPal, SmoovPay, Stripe, Braintree, and eNETS.
Popular Products
Electronics are the most popular products in Singapore. $1.60 billion was spent on electronics and physical media, whereas $4.62 billion was spent traveling through online means (tickets, reservations, etc.) The e-fashion market is not as extensive as other parts of the world and generated sales of around $296 million.
Future of E-commerce in Singapore
Experts anticipate a growth in the e-commerce revenue to reach $2,793 million in 2021. With the consistent expansion of e-commerce in the city, it is projected to be at $4,079 million by 2025. Electronics are the largest segment of the market and would add to the revenue in the coming years as well.
Dropshipping to Singapore
Wefullfill is the best possible option for you to make the best out of the current situation and dropship your products to Singapore. We offer reliable and swift delivery within 4 to 9 business days without any shipping charges.
