Despite its small population size of only 5.6 million people, Singapore is a prominent e-commerce market in Southeast Asia. In 2021, the Singaporean business-to-consumer (B2C) online market is predicted to increase at an annual rate of 8.35%. In addition, COVID-19 drove more physical retail businesses to adopt the e-commerce trend as the pandemic shifted consumer preferences causing the digital economy to gain huge traction in 2020, with some enterprises tripling their regular growth!
These emerging categories shared here in the BrandIQ Flash Insights report show a clear increase in demand for Digital Vouchers (+3,267%) as brands adapt their online strategy to offer deep discounts in a very price-competitive environment. In addition, brands are harnessing marketplaces to encourage shop visits through online voucher purchases and offline redemption.
The report confirms that sales of sportswear continue to grow during the pandemic after gyms closed in Singapore due to the restrictions. This led to an increase in demand in categories such as Men’s Sports Shoes (+444%) and a significant rise in sales of Sports Equipment (+246%) with the rising popularity of home workouts.
Workers and students are forced to work and study remotely resulting in a massive increase in demand in Laptops (+169%) and Desktop Computers (+169%) categories.
Lastly, the report revealed a surge in the Furniture (+205%) and Home Audio (+330%) categories as people are upgrading their existing work-from-home environments to accommodate their new lifestyle.
“Since granular data and analytics are vital for companies, having real-time data on your competitors’ sales, promotions, and orders, ” said Paul Srivorakul, Group CEO of aCommerce. “Providing end-to-end analytics to companies is critical for refining their E-commerce operation and automating operations that save money and increase sales. Whenever a specific product or brand begins to sell well, for example, our software automatically notifies marketing to increase advertising spend, then prompts customer service to increase assistance, then requests the supplier to place a greater order and notifies logistics to prepare for an increase in orders.”, he added.