The vivid signs of an B2B e-commerce boom in Singapore, with an increase of 87%, reaching a turnover of 4 billion dollars have not prevented, however, that its digital economy was affected by the covid-19 pandemic.
This has contributed to a drop of 24%, representing about 3 billion dollars, which means, in the digital economy as a whole, about 9000 million dollars this year, according to a report by Google, Temasek and the consulting firm Bain & Company, according to information published by The Strait Times portal.
However, the report has given off some optimism by stating that Singapore’s digital economy is on track to reach a turnover of around $22 billion in GMV, which is the Growing Merchandising Value, for its acronym in English, which represents the total amount of sales of products or services in a marketplace over a period of time) by 2025, as the sectors severely affected by the pandemic generated by covid-19 are expected to recover.
The annual Southeast Asian e-Economy Study, first published in 2016, covers Singapore, Malaysia, the Philippines, Thailand, Vietnam, and Indonesia.
It examines trends and data from seven sectors of the digital economy: B2B e-commerce, transportation and online travel, media, food, digital financial services, and newly added sectors of the health technology (healthtech) and educational technology (edtech). Excluding travel, Singapore’s digital economy grew by 20% to $7.6 billion.
A partner and a senior member in Southeast Asia at Bain & Company, says that Singapore’s B2B e-commerce segment including innovative companies like SG Arrival Card, Visafly or Passport Visa, has overtaken that of online travel and is expected to grow in the coming years to become the largest sector in this country. Travel within the country is still expected to be slow.
Almost one-third of all Singapore digital service consumers were new customers. More than nine out of 10 new consumers are expected to continue to use at the very least, one digital service.
For its part, the transportation sector fell 26% to $ 2 billion this year as more people work from home and some avoided shared transportation.
As a consequence of the new situation, the population spends more time online, 30 minutes more compared to 3.6 hours in the pre-pandemic, according to the study. Additionally, with more time at home, consumers have become fonder of video games and other products, boosting the online media segment by 24% to $ 1.8 billion.
Digital financial services have also been given a boost, with increased use of mobile banking applications, including a host of wealth management platforms.
The total value of investments in Singapore’s digital economy increased to $ 2.5 billion in 325 deals till July, including a whopping $ 1.8 billion in the second half of last year.
The report notes that Singapore continues to be a regional hub for various sectors of the digital economy, such as fintech software solutions, due to its strong startup ecosystem. The city-state is home to the regional headquarters of B2B e-commerce unicorns like Lazada and Shopee’s owner Sea.
Finally, the report notes that Southeast Asia’s digital economy as a whole will exceed $ 300 billion (€ 253.25 billion) by 2025, driven by B2B e-commerce and online media consumption.
Table of Contents
Now, here are the 10 best B2B eCommerce sites in Singapore:
1. eWorldTrade
eWorldTrade is one of the world’s biggest B2B e-commerce marketplace. It has managed to set a strong hold in the Asia Pacific region, and like China and South Korea, Singapore is another prominent market in the radar of eWorldTrade. The B2B e-commerce company continues to make major strides in the business, offering buyers and sellers a healthy ecosystem.
It has global trading channels so you are likely to find international option in terms of product range and product accessibility. The platform continues to be a one-stop shop for a wide category of products ranging from diverse supplier categories.
2. Qoo10
Qoo10 is an online marketplace that connects buyers and sellers from around the world. Qoo10 was founded in 2010 by Mr. Chan Pui Kin who wanted to create a platform where people could easily find their desired products at discounted prices. Today, over 450 million products are available on the site with more than 300 thousand orders being processed monthly!
You can find anything your heart desires at Qoo10: clothing, electronics, kitchenware, furniture and so much more! There’s no need to leave your home as you can shop for all of these items right here on our website or through our mobile app!
3. Carousell
Carousell is a mobile application that provides an online marketplace for people to buy and sell items. It was founded in Singapore by Sean Lee, Marcus Tan, and Quek Siu Rui. Carousell currently has over 10 million users around the world who use the app to trade goods such as clothing, shoes, second-hand electronics and other goods. The company’s slogan is “Buy & Sell from Your Friends” which emphasizes their focus on connecting buyers with sellers who are close to home or at school or work near them.
Carousell was launched in November 2012 and raised $1 million USD in funding within its first year of operation from investors including 500 Startups founder Dave McClure and former Yahoo! president Jeff Weiner.
4. Zalora
Zalora is the leading fashion platform in Southeast Asia, offering products from over 2000 global brands to more than 10 million customers. Zalora’s mission is to empower consumers with access to the best of international fashion and lifestyle brands at affordable prices. They offer worldwide delivery, easy returns and free shipping on all orders for both men and women. With their recent launch into India (Zalora’s largest market outside of SEA), they are looking forward to making shopping easier for Indian shoppers by bringing their unique mix of great products at unbeatable prices right at their doorstep!
The company was founded in 2011 by Rocket Internet SE which invested US$10 million in its operations. The headquarters is located in Singapore, though they have warehouses in several places. They have been operating since 2008 and are headquartered in Singapore. Zalora has more than 2,000 employees and operates over 40 online stores throughout the region with more than 3 million customers worldwide. Their product range includes women’s clothing, men’s clothing, kids’ clothing as well as beauty products from brands such as Clinique, Estee Lauder and L’Oreal Paris.
5. Redmart
Redmart is a Singapore-based online grocery store. What makes it different? It’s the first and only one of its kind in Asia that has live seafood delivered by air freight from all over the world, including New Zealand and Australia. They offer more than 2,000 fresh products and 10,000 food items for delivery or pick up. But they don’t stop at groceries—they also have household goods like beauty supplies and cleaning products.
Redmart is a marketplace that provides grocery items to individuals and businesses. Whether you are looking for fresh produce, meats or household goods, Redmart has it all at competitive prices. For the business owner Redmart offers bulk orders of groceries on a monthly basis with no minimum order requirement. We also provide delivery services nationwide across Singapore.
6. Rakuten Singapore
Rakuten Singapore is a new and exciting online marketplace that offers many products to its customers. From fashion, to electronics, it has something for everyone. It also makes shopping easier by having the option of buying with cash on delivery or credit card payment.
The site features an easy-to-navigate interface where you can find what you are looking for by using filters or categories that best suit your needs. You can even search for items based on price range, product type, brand name or popularity rank in order to filter out irrelevant results. The Rakuten Singapore website makes everything much more convenient without all the hassle!
7. eBay
eBay is a website where you can sell your products, find people to buy them from you, and buy products from other sellers. It’s also a place for buying used items that are in good condition. The site was created on September 3rd 1995 by Pierre Omidyar as an auction site for the one-time live event of James Franco and Pamela Anderson’s wedding which took place at the height of their celebrity status. In 1999 eBay became more than just auctions with the introduction of its classifieds section where users could post free ads about anything they wanted to sell or buy. This section allowed buyers to browse through different categories instead of having to go back and forth between pages like on most websites.
eBay offers several different types of listing formats including auction-style listings where bidders compete with one another by submitting bids or “buy it now” fixed price listings which are available only to certain sellers who meet specific criteria. Buyers can search through these listings and purchase items they find interesting. If you’re looking to make money as a seller on eBay, there are some tips below!
eBay is a website that houses listings for all sorts of items, both new and used. Sellers can list their products on the site in order to reach an
8. Shopback
Shopback has been around for a while now, but it’s still one of the best-kept secrets in Singapore. This is because it’s not an app or website – instead, Shopback is a cash back site that uses your online shopping history to give you discounts on anything from clothes to food!
It works by giving you points every time you buy something online and then gives those points back as cash when you shop at participating retailers. For example, if I spend $100 on clothing at Zalora, I would get 100 points which equates to $1 off my next purchase there. The more items and higher value items I buy, the more points I’ll earn per dollar spent with Shopback.
It is an app that provides cash-back rebates on purchases. It’s a great way to find new brands, stay up to date with trends, and save money! The best part? You can use Shopback every day.
9. EZBuy
EZBuy Singapore is an online marketplace that allows users to buy and sell their products with other users. EZBuy’s goal is to be the go-to destination for all your B2B ecommerce needs, by providing you with a platform where you can connect with buyers and sellers of any product imaginable. Whether it’s clothes, shoes, or even gadgets – if it can be sold on EZBuy then we’ll find someone who wants to buy!
EZBuy Singapore has been in operation since 2016. The company was founded by two friends who are passionate about entrepreneurship and wanted to make some ground-breaking changes in the way goods are traded online.
10. Shopee
Shopee is an online shopping platform that provides the best deals on all of your favorite products. Shopee’s mission is to provide consumers with a more convenient and trustworthy way of shopping, by providing them with access to both local and international brands at affordable prices. With over 150 million users around the world, you can find anything you’re looking for anywhere in Asia.
Shopee has everything from clothes, furniture, beauty products (including make up), food (including groceries), electronics, home appliances – even pets!
Honourable Mention: Amazon
Amazon is the world’s largest online retailer with over 40,000 employees and $1.3 billion in revenue for 2016. Amazon was founded by Jeff Bezos in 1994 and has grown to be one of the most recognizable brands on the internet.
There are many different services that Amazon offers such as Prime, Fulfillment by Amazon (FBA), AWS, Kindle Direct Publishing, Alexa Internet Business Solutions and Web Services, Lab126 (a research and development subsidiary) among others. It also owns a publishing company called CreateSpace Independent Publishing Platform which produces books from independent authors who want to make their work available on Amazon’s various retail websites without giving up copyright control or dealing with burdensome contracts.
These are the most popular B2B eCommerce sites in all of Singapore.
