Singapore, the Lion City, once identified as a humble fishing village has turned into a global financial hub for its economic growth, excellent infrastructure, and innovation. The bustling city has also emerged as a breeding ground for e-commerce giants. From established e-commerce giants to startups, Singapore is home to many e-commerce companies catering to every shopping need of customers.
E-commerce is very popular in Singapore. According to Statista, revenue in the e-commerce market in Singapore is projected to reach $5,001 million in 2024. But which are the top ecommerce companies in Singapore? In this blog, we will discover the leaders who are redefining online shopping in Singapore and providing the best e-commerce experience to shoppers in the island nation.
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Global Giants to Local Players: List of Ecommerce Companies in Singapore
According to EcommerceDB, Singapore is the 34th largest e-commerce market with revenue projected to reach $9,901.5 million by 2024. The country has grown as a hub for e-commerce business in Southeast Asia, thanks to its infrastructure, logistics systems, and economically affluent people.
This is the reason why many e-commerce companies have grown in a short span. Let's look at Singapore's top 11 e-commerce companies in terms of popularity, customer satisfaction, and revenue.
1. Shopee
Shopee is the largest ecommerce company in Singapore. Established in 2015, the company has grown exponentially and now provides e-commerce services in 11 countries, including China, Brazil, Indonesia, Thailand, Philippines, and many others.
Shopee's competitive pricing, timely delivery, and secure & flexible payment options have made it one of the preferred e-commerce platforms in the country. To increase traffic and attract potential customers, Shopee utilizes digital advertising methods, including search engine marketing, online display ads, and social media ads.
Founder: Forrest Li
CEO: Chris Feng
Product Categories: Electronics, home appliances, beauty and personal care products, and other categories.
Year Founded: 2015
Headquarter: Singapore
Company Size: 5,001-10,000 employees
Offline Presence: Yes
Revenue: $39.2 Million
Also Read: What is Omnichannel E-commerce Marketing?
2. Lazada
Lazada is one of the top ecommerce companies in Singapore and Southeast Asia, operating in the Philippines, Singapore, Indonesia, Malaysia, Thailand, and Vietnam. Its cutting-edge and user-friendly e-commerce platform enables customers to find products and checkout easily, ensuring a hassle-free, and enjoyable online shopping experience.
A large chunk of revenue comes from transaction fees from merchants in the Lazada Marketplace, which is their main source of revenue.
Founder: Maximilian Bittner
Group CEO: James Dong
Product Categories: Electronics, Home Appliances, Health & Beauty, Babies & Toys, Groceries & Pets, Home & Lifestyle, Women's Fashion, Men's Fashion, Sports & Lifestyle, etc.
Year Founded: 2012
Headquarter: Singapore
Company Size: 5,001-10,000 employees
Offline Presence: Yes
Revenue: $17.6 Million
3. Amazon
Amazon is the world's largest marketplace platform and one of the top ten companies in the world. Its success lies in its continuous endeavor to become the most customer-centric company in the world and invest in cutting-edge technologies and value-added services.
For example, Amazon Prime allows users to watch unlimited movies, TV shows, web series, and free shipping benefits. It has become one of the main revenue sources for Amazon.
President & CEO: Andy Jassy
Product Categories: Electronics, Home Decor, Computers, Sports & Fitness, Gift Cards, Toys & Games, Groceries and others.
Year Founded: 1994
Headquarter: Seattle, WA, USA
Company Size: 10,001+ employees
Revenue: $207.8 Million
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Achievements
Amazon was named among the world’s most admired companies for the eighth year in a row by ‘Fortune’ magazine.
Amazon was named as the best Place to Work for Disability Inclusion.
4. Qoo10
Qoo10 is another leading ecommerce marketplace in Singapore that provides a secure and user-friendly platform for your convenient shopping experience. The company was founded in 2010 when the e-commerce industry was in its early stages. Since then, it has grown steadily and established itself as one of the largest online shopping destinations in Singapore. Currently, Qoo10 is operating in Indonesia, Malaysia, Hong Kong, Singapore and Shanghai.
The company earns revenue through a service fee of 10-12 percent of the total transaction amount.
Founder & CEO: Ku Young Bae
Product Categories: Fashion, Beauty & Health, Baby & Kids, Home & Living, Digital & Mobile, Food & Dining, Sports & Leisure and others.
Year Founded: 2009
Headquarter: Singapore
Company Size: 501-1,000 employees
Offline Presence: Yes
Revenue: $15.8 Million
5. Ezbuy
Ezbuy is another top ecommerce company in Singapore and operates in other Southeast Asian countries, including Malaysia, Indonesia, and Thailand. The company leverages cutting-edge technologies to provide consumers with a fast, convenient, and secure online shopping experience.
Ezbuy's major revenue source is transaction fees. Besides this, it has launched a prime membership program at $39 per year, enabling customers to enjoy prime member benefits like flat $2.99 for international shipping.
Co-founder & CEO: Wenyu Liu
Product Categories: Women's Fashion, Men's Fashion, Home & Garden, Shoes & Bags, Mobile, PC & Home Appliances, Kids Wear & Toys, Beauty & Health.
Year Founded: 2010
Headquarter: Singapore
Company Size: 501-1,000 employees
Revenue: $28.4 Million
6. Zalora
Zalora is another leading Singapore-based e-commerce store that primarily sells high-end fashion and lifestyle goods. Besides Singapore, the company has a presence in Indonesia, Malaysia, the Philippines, Hong Kong, Brunei, and Taiwan.
The fashion retailer focuses on attracting customers from the 16 – 44 age group because of their interest in new fashion. It utilizes online and offline marketing through advertisements in newspapers, magazines, TV, and Social media.
CEO: Gunjan Soni
Product Categories: Women and Men Fashion, Beauty, Sports, Kids, Lifestyle, etc.
Year Founded: 2012
Headquarter: Singapore
Company Size: 1,001-5,000 employees
Offline Presence: Yes
Revenue: $41.0 Million
Achievements
Zalora was awarded The HR STARS AWARDS by the Chief of Staff Asia for Best Workplace Culture and Environment in 2023.
Zalora was awarded the Gold winner for best use of Omnichannel by The Marketing Events Awards in 2023.
7. RedMart
RedMart is a Singaporean online supermarket that sells groceries, and other everyday essential items. E-commerce giant Lazada, a part of Alibaba Group, acquired the company in 2016 but runs it separately.
RedMart's ‘Best Price Guarantee’ allows customers to get a refund of the price difference between the purchase price of a product on RedMart and similar platforms. It is a great strategy to retain existing customers and attract new shoppers.
Co-founder and CEO: Roger Egan
Product Categories: Rice & Cooking Essentials, Fruit & Vegetables, Meat & Seafood, Beverages, Household items, Mother & Baby items, Dairy items etc.
Year Founded: 2011
Headquarter: Singapore
Company Size: 1,001-5,000 employees
Revenue: $23 Million
8. HipVan
HipVan joins the e-commerce foray with a mission to provide high-quality and designer furniture, kitchen appliances, and cookware to Singaporeans at a very competitive price.
The company's website offers a pleasant shopping experience through easy navigation, distinct product categories, and an intuitive search option that enables users to find the products easily.
CEO: Danny Tan
Product Categories: Sofas, mattresses, beds, dining tables, other types of furniture, and lighting items for homes, offices, and hotels.
Year Founded: 2013
Headquarter: Singapore
Company Size: 51-200 employees
Offline Presence: Yes
Revenue: $11.9 Million
9. eBay
eBay is another US-based online marketplace operating in Singapore since 1995. eBay's dedicated mobile application for 190 countries, including Singapore, makes it easier for customers to shop anytime and on the go.
The ecommerce giant’s largest chunk of visitors comes through organic search, which contributes about 67.17% of its total traffic, showing its strong search engine optimization strategy.
Founder: Pierre Omidyar
President & CEO: Jamie Iannone
Product Categories: Motors, Electronics, Clothing & Accessories, Business & Industrial, Home & Garden, Jewelry & Watches etc.
Year Founded: 1995
Headquarter: USA
Company Size: 10,001+ employee
Revenue: $10.11 billion
Achievements
eBay is honored with the 2022 Employees’ Choice Award by Glassdoor.
10. Carousell
Carousell was founded by three friends Quek Siu Rui, Lucas Ngoo, and Marcus Tan in August 2012 to give their users a powerful tool to sell their used products. The platform saw tremendous growth in a few years and transformed into a full-fledged C2C online marketplace.
The main reason for Carousell's success was its decision to develop a cutting-edge mobile app that gives its users a seamless experience to buy or sell anything online. Carousell makes money from listing fees and advertising on its platform.
CEO: Quek Siu Rui
Product Categories: Electronics, Home Appliances, Apparel, Watches, Health & Nutrition, Sports Equipment, Food & Drinks, Car Accessories etc.
Services: Renovation, Curtain Cleaning, Sofa Cleaning, Carpet Cleaning, Mattress Cleaning, Dry Cleaning & Laundry Services etc.
Year Founded: 2012
Headquarter: Singapore
Company Size: 501-1,000 employees
Offline Presence: Yes
Revenue: $82.5 Million
11. Sephora
Sephora Singapore is a perfect beauty destination offering an unparalleled shopping experience to beauty enthusiasts across the nation. The store's vast array of exclusive products makes it a sought-after shopping destination for makeup, skincare, haircare, etc.
The France-based e-commerce giant generates most of its profit through retailing, where it buys products from manufacturers and sells directly to customers. Besides this, it also sells its own products; Sephora Collection.
Global CEO & President: Guillaume Motte
Asia President: Alia Gogi
Product Categories: Makeup, Skincare, Hair, Bath & Body, Fragrance, Gifts, etc.
Year Founded: 1969
Headquarter: Neuilly sur Seine, Ile de France
Company Size: 10,001+ employees
Offline Presence: Yes
Revenue: $30.8 Million
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Achievements
Sephora is awarded as the best Large Places to Work in San Francisco.
Sephora ranks #293 out of 600 in Forbes America’s Best Large Employers.
| S.No | Company name | Year Founded | Revenue |
|---|---|---|---|
| 1. | Shopee | 2015 | $39.2 Million |
| 2. | Lazada | 2012 | $17.6 Million |
| 3. | Amazon | 1994 | $207.8 Million |
| 4. | Qoo10 | 2009 | $15.8 Million |
| 5. | Ezbuy | 2010 | $28.4 Million |
| 6. | Zalora | 2012 | $41.0 Million |
| 7. | RedMart | 2011 | $23 Million |
| 8. | HipVan | 2013 | $11.9 Million |
| 9. | eBay | 1995 | $10.11 Billion |
| 10. | Carousell | 2012 | $82.5 Million |
| 11. | Sephora | 1969 | $30.8 Million |
Top 5 Reasons for the Success of Ecommerce Companies in Singapore
Singapore may be a tiny market but it boasts an excellent infrastructure, stable economy, smart transportation system, and access to the internet and smartphones, making it a perfect place for e-commerce businesses. Let's look at the top factors that contributed to turning Singapore into an e-commerce hub in Southeast Asia.
1. Increased access to mobile technology
One of the main reasons for the success of top ecommerce companies in Singapore is the high smartphone penetration. According to a ChannelNewsAsia report, citizens in Singapore have access to smartphones which has reached about 97 percent, making it easier for them to shop online anytime. Besides, e-commerce companies have developed mobile-friendly websites and intuitive mobile applications, leading to higher engagement and sales.
2. Competitive pricing
Be it Singapore or any other part of the world, price is a major factor that impacts customers’ decision to buy a product or service, and this holds true for online shopping. Ecommerce companies in Singapore offer competitive pricing due to low overhead costs compared to traditional retailers. They can pass on the savings to customers, which helps them attract more customers and drive sales.
3. Expansion of logistics infrastructure
Logistics and infrastructure plays a critical role in e-commerce success. Singapore has a world-class infrastructure and a robust logistics system, including efficient transportation networks and advanced fulfillment centers. It facilitates timely delivery and seamless supply chain management for e-commerce businesses, contributing to the growth of these companies.
4. Government policies favoring e-commerce
Another factor contributing to the success of e-commerce companies in Singapore is the business-friendly policies of the Singapore government. An ASEANBriefing report reveals Singapore has the world’s most business-friendly tax regimes that have helped the island country to emerge as a major financial economic hub in Asia. Moreover, businesses have low entry barriers, making it easy for e-commerce companies to set up in Singapore.
5. Flexible payment
E-commerce listed companies in Singapore offer diverse payment methods that allow customers to choose their preferred payment mode. Almost every e-commerce company makes payments through traditional credit/debit cards, digital wallets, and even installment options, making it easier for customers to make payments. This boosts conversion rates and customer satisfaction.
Wrapping Up
Singapore's e-commerce ecosystem presents exciting opportunities for entrepreneurs looking to enter this industry. This blog discusses the top 11 companies from the list of ecommerce companies in Singapore.
The success of these e-commerce companies is due to the adoption of mobile-centric e-commerce platforms, robust logistics infrastructure, competitive prices, and flexible government policies. It is a great time to enter the e-commerce business in Singapore.
At MCS, we craft tailored e-commerce solutions to help businesses establish a strong online presence. From intuitive app and website development to seamless integration of payment gateways and CRM and logistics systems, MCS can build an e-commerce platform that will help you stand out in the e-commerce business in Singapore and achieve sustainable growth.
Frequently Asked Questions
1. What are the essential features I need for my e-commerce platform?
The key features you need to consider in your e-commerce platform include user-friendly navigation, mobile-friendliness, efficient search functionalities, robust inventory management systems, and others.
2. How do I ensure my ecommerce platform is user-friendly?
Focus on intuitive design, easy navigation, clear product categorization, efficient search functionalities, mobile-friendliness, and a smooth checkout process to build a user-friendly e-commerce platform.
3. How can I optimize my ecommerce website for search engines?
You need to implement the SEO best practices, such as keyword optimization, meta tags, and high-quality content, and ensure the website loads quickly to improve visibility and attract organic traffic to your website.
4. How do I choose the right e-commerce development company for my project?
You should check the company's technical expertise, previous projects, client reviews, and their track record in e-commerce platform development to ensure you choose the right e-commerce development company for your ecommerce project.
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