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Shopping online soars in Singapore

Due to ongoing nature of the coronavirus pandemic, online shopping in Singapore has surged since the beginning of the Covid-19 outbreak.

Research from data and analytics firm GlobalData suggests the effect on the country’s e-commerce market will be long-lasting, estimated to reach $9.5bn this year. Previously, e-commerce grew at a compound annual growth rate of 15.4 per cent between 2015 and 2019 to reach $6.2bn last year.

“The pandemic, which triggered fear of contamination, has resulted in change in consumer buying behaviour,” said GlobalData Banking and Payments Senior Analyst Sowmya Kulkarni. “Shopping centres are now being avoided and consumers are choosing online platforms for their day-to-day purchases.”

A separate data-driven analysis of Covid-19’s impact on the digital behaviour of Singapore consumers undertaken by multinational professional services firm Accenture predicts Singapore’s new digital economy will amass nearly $500M.