Shopee stays a fast-growing competitor
Shopee demonstrates a significant improvement within a short period of time. It currently holds the third-biggest market share in total visits at 10%. It’s worth noting that the Singapore-based ecommerce firm was at sixth place in Q1 2018, with just 6% market share in total visits. This growth positions Shopee as a rapidly growing ecommerce competitor in Singapore.
It also experienced an immense growth of 40% in total visits between Q1 2018 and Q1 2019. Its app ranks third in MAUs in Singapore.
More remarkable shifts
The other most-visited ecommerce platforms in Singapore include StrawberryNet, Ezbuy, Zalora, and eBay, with a combined market share of 19% in total visits.
StrawberryNet saw an exponential growth of 97% in total visits between Q4 2018 (65,300 visitors) and Q1 2019 (2 million visitors). As a result, it ascended from 21st to fourth most-visited ecommerce platform in Singapore.
Established in 1998, StrawberryNet is one of the longest-running ecommerce firms globally, as it launched in the same era as Amazon, eBay, and PayPal. The company prioritizes early adoption of AI to understand shopper behavior and product trends. This strategy is probably one of the factors that contributed to its growth between Q4 2018 and Q1 2019.
Another remarkable player is Ezbuy, which was recently acquired by US-listed Chinese retailer LightInTheBox. According to LightInTheBox, Ezbuy’s solid supply chain management strengthens its emerging-markets strategy.
Additionally, the US$17.6 million investment Ezbuy received last year has allowed the company to further develop its shopping experience. This makes Ezbuy a growing competitor. Between Q4 2018 and Q1 2019, it ranked fifth in MAUs and saw an average of 1.5 million monthly visits.
Zalora remains a prominent player in Singapore as the sixth most-visited ecommerce platform in the city-state. It also garnered an average of 1.4 million monthly visits from Q4 2018 to Q1 2019. App Annie ranking shows that the Zalora app is sixth in having the most number of MAUs.
However, the Singapore-based e-tailer did face a decline in traffic, from 1.5 million visits in Q1 2018 to 1.3 million in Q1 2019. It’s also reportedly seeking fundraising opportunities in an effort to expand its product range.
US-based eBay maintains a 4% market share in total visits, garnering an average of 1.3 million monthly visits between Q4 2018 and Q1 2019.
Recently, the ecommerce company partnered with Singapore Institute of Retail Studies to conduct a program focused on small and medium-sized enterprises. The program was created to reinforce eBay’s growth in Singapore and Southeast Asia by encouraging SMEs to improve their businesses globally and sustainably through ecommerce.
This article was first published on TECH IN ASIA, on 19 July 2019. Information is correct at the time of publication.