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Singapore e-commerce market set to grow to $33.3B by 2028 Singapore News

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SINGAPORE: Singapore’s e-commerce sector is poised for significant growth, with a compound annual growth rate of 8.9% projected to propel the market to $33.

3 billion by 2028, according to a report by GlobalData.

The sector has already seen remarkable growth in recent years, with the e-commerce market surging at a CAGR of 25.3% between 2020 and 2023, reaching a valuation of $21.2 billion. In terms of payment preferences, traditional payment cards continue to dominate the landscape, largely due to benefits such as cashback, rewards programs, and instalment options.

 

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