A report by Amazon Global Selling Singapore, the 2024 Amazon Global Selling Trend Report titled “Fostering Entrepreneurship & Building Global Brands,” details the opportunities in cross-border e-commerce (export e-commerce) for Singapore entrepreneurs, the performance highlights of local sellers on Amazon’s stores and the inspiring stories of successful local entrepreneurs.
According to the report, Singapore sellers maintained their momentum in 2023 and achieved double-digit sales growth on Amazon’s international stores.
By leveraging Amazon’s global tools and resources to reach worldwide customers on Amazon’s international stores, Singapore sellers hit record sales during Prime Day 2023.
Anand Palit, Head of Amazon Global Selling, Southeast Asia, said: “We believe that Singapore sellers have high potential in cross-border e-commerce industry, and we’re committed to fueling their success by providing the knowledge and online export expertise they need to thrive on a global scale.”
Three key takeaways from the 2024 Amazon Global Selling Singapore Trend report:
Singapore sellers are primed to capture the global e-commerce opportunity
The 2024 Amazon Global Selling Singapore Trend Report paints a promising future for Singapore sellers engaging in export e-commerce. Revenue from B2C e-commerce export is projected to more than double from $1.7 billion in 2022 to $3.9 billion by 2027, if they invest in cross-border e-commerce.
With 44% and 36% of Singapore MSMEs eyeing opportunities in the United States and United Kingdom, respectively, cross-border e-commerce allows sellers to bypass traditional B2B models and connect directly with a global customer base.
Singapore sellers are establishing themselves on Amazon’s international stores. Singapore sellers, with their high-quality products and brands, have received wide recognition from global customers on Amazon’s international stores.
Singapore Sellers empowered to scale globally.
Amazon Global Selling has set up a dedicated team in Singapore to introduce the export e-commerce opportunity since 2019 and has been committed to supporting Singapore entrepreneurs in tapping into this new business model. In 2023, Amazon Global Selling Singapore held its annual Amazon Global Selling Summit, the flagship event for aspiring, current, and experienced sellers in Singapore and Southeast Asia to unlock their selling journey on Amazon’s international stores. The team also worked to foster a thriving local seller community by connecting sellers through the Amazon Seller Ambassador program and by providing regular networking events and introductions on tools, programs, and policies on Amazon’s global stores.
On learning and development, the Amazon Seller Education team in Singapore has provided a comprehensive library of resources for Singapore sellers. The readily available content covers the sellers’ journey, from registration to launching and expanding their businesses globally. In 2023, the team launched an interactive training program, offering online courses with real-time interaction.
