S’pore’s e-economy will reach $ 15 million by 2021 – Wired PR Lifestyle Story

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Singapore’s internet economy is expected to grow by 35 per cent from $ 11 billion in 2020 to $ 15 billion this year.
By 2025, it is expected to reach $ 27 billion in the sixth edition of the e-Conomy SEA report released today (November 10) by Google, Temas and Bain & Company.
It directs e-commerce to two-thirds of its value-added growth (GMV) improvements. The segment rose 106 percent from a year ago because e-commerce showed significant innovations in electronic foods.
Overall, Singapore has the highest proportion of digital consumers among all Internet users in Southeast Asia, at 97 per cent. The regional average is 80%. Singapore’s digital merchants are also more likely to delve deeper into the use of digital services.
A recovery for the wider economy in sight
The report also showed that pre-pandemic users have consumed an average of 2.9 times more services since the start of Covid-19.
It is also stuck in digital users when they return in search of more, with 99 per cent of users intending to continue using digital services in the future.

Digital financial services also maintained attention, as the Singapore Monetary Authority (MAS) licensed four digibank and made major investments in financial market infrastructure.
The report noted that travel demand is showing early signs of a recovery, from $ 1.8 trillion in 2020 to $ 2.3 trillion in 2021, up 28%. Rails (VTLs).

“On the day Singapore announced VTLs with Germany and Brunei, German search trends rose by 700 per cent,” the report said.
Digital merchants have high confidence in internet sales
In Singapore, 38 per cent of digital traders believe they would not survive the pandemic if it were not for digital platforms.
“While digital merchants use an average of two digital platforms, profitability remains a major concern. Digital financial services are also becoming critical enablers, as 89 percent of digital merchants support digital payments,” the report says.

Meanwhile, 37 percent of digital merchants are taking digital loan solutions.
Many are also taking digital tools to connect with customers, and 43% expect to increase their use of digital marketing tools over the next five years.
Here funding continues to reach new levels
In the first half of 2021, the activity of the agreements recovered significantly in Singapore and is on track to surpass the activity of recent years.
In doing so, investors become accustomed to “new normalcy” in making deals through digital channels and meetings.
The report noted that Singapore has added the most new acorns this year and remains an attractive site for the region’s digital economy.
“The investment appetite remains strong in digital services that grew as a result of Covid-19, such as e-commerce, e-commerce enablers and FinTech,” he noted.
Singapore is a comprehensive player in transferring funds to the SEA
In terms of investor interest, a recovery is seen as the value of the regional deal reached $ 4.3 billion in the first half of 2021. This is due to the interest of the Special Purpose Purchasing Companies (SPACs) and the government’s focus on making Singapore the destination of the chosen list. .
Florian Hoppe, Bain & Company’s Pacific Asia partner and head of digital practice, said Singapore’s internet economy is showing “long-term resilience” and has shown stronger growth since the contraction in 2020.

“While we anticipate a tremendous expansion for growth in the next digital decade, Singapore needs to guide and map growth paths as a leader in the region’s digital innovation,” he said.
The continued growth of the Internet economy has created a whole new range of opportunities in Southeast Asia, and Singapore “is well positioned for Southeast Asian countries to be a model for preparing its talent, SMEs and new businesses for the digital decade,” added Stephanie Davis of Southeast Asia. vice presidents.
The Republic will continue to play a vital role in driving the growth of the region’s Internet economy, being a gateway to technology and funding and talent, according to chief investment strategist Rohit Sipahimalani; The head of Southeast Asia, Temas.
This is seen through the efforts of the public and private sectors to promote innovation, build infrastructure and develop talent, he said.
Featured Image Credit: Ninja Van
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