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Join Singapore’s Thriving eCommerce Market and Get Paid in Singapore Dollars!

Yael FeldheimYael Feldheim
April 18, 2022

Did you know? Singapore ranks as the fastest growing eCommerce industry in Southeast Asia. In addition, the country is home to a very stable economy and English-speaking residents who have plenty of disposable income, making it an ideal region for cross-border sellers like you.

And now, with Payoneer’s Singapore Dollar (SGD) receiving account, it’s easier than ever to start selling and get paid in SGD!

Singapore’s Growing Economy & Booming eCommerce Market

Home to 5.72 million people, in which 85% of them are internet users, Singapore has always had a reputation as Southeast Asia’s center of business and trade with a GDP per capita that is projected to reach close to $61,000 in 2021.

In fact, a recent report found that 28% of residents make an online purchase at least once a week, while 58% shop online at least once a month.

Here are some more encouraging statistics on Singapore eCommerce you should know about as a seller:

  • eCommerce revenue is expected to reach $2.8 billion by the end of 2021.
  • The market’s largest segment is electronics and media, with a market volume of $668 million in 2021.
  • By 2025, the eCommerce market is expected to reach a whopping $7.5 billion.
  • Singapore holds the highest number of eCommerce companies in the region.

Furthermore, Singapore has a robust digital payments infrastructure. Local online shoppers prefer to pay online by credit card and aren’t interested in cash-on-delivery purchases, making it easier for sellers like you to receive online payments.

What do Singaporeans Buy Online?

Due to the COVID-19 pandemic, Singaporeans have been finding themselves searching for goods to help them adapt to the new norm. Products such as groceries, clothing, computer monitors, video game consoles, kitchen appliances and indoor exercise equipment have all seen a major surge in sales. With non-essential businesses, such as beauty salons, being forced to shut down, beauty products were in high demand, driving many local consumers to purchase items such as face masks and beauty DIY kits.

When it comes to mobile shopping, Singaporeans are like the rest of the region and like to shop on Southeast Asian marketplaces like Lazada and Shopee. But for web-based purchases, their favorite marketplace is Amazon.

Expand Your Business and Succeed in Singapore’s eCommerce Market

Now that you’re up-to-date on Singapore’s eCommerce phenomenon and local consumers’ preferences, it’s time for you to dip your toes into this flourishing market and expand your business! Here at Payoneer, we enable you to do just that.

We offer SGD receiving accounts which means you can use Payoneer to get paid in Singapore Dollars on marketplaces like Lazada, Shopee, and Amazon Singapore. After receiving an SGD payment, you’ll enjoy zero fees and fast transfers as well as secure ways to withdraw funds into your local bank account and in local currency.

This SGD receiving account joins the existing receiving accounts offered by Payoneer, including; EUR, GBP, USD, CAD, JPY, AUD, CNH, and MXN accounts.

With Payoneer, we make it easy for you to expand into new markets and grow your business!

Ready to dip your toes into Singapore’s flourishing eCommerce market?

Get my SGD receiving account!

Not yet a Payoneer user? Register today!

The content provided in this article including any information relating to pricing, fees, and other charges is accurate and valid only as of the date it was published. In addition, changes in applicable regulations, policies, market conditions, or other relevant factors may impact the accuracy of the mentioned pricing and fees and other associated details. Accordingly, it is further clarified that any information regarding pricing, fees and other charges is subject to changes, and it is your responsibility to ensure you are viewing the most up to date content applicable to you. Payoneer will provide the most up to date and accurate information relating to pricing and fees as part of the account registration process. Registered customers can view this information via their online account.

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