- 4 min read
- April 12, 2018
Easy shipping and delivery options have made it easier for customers to depend on online retail. In fact, they encourage the purchase of bulkier goods like furniture, appliances and even vehicles. There are tons of commodities available on the internet. So, what are the best-selling products online, in Singapore?
[ Note: Want to be a Power Seller? Here's how you can become one]
A survey, by Singapore Polytechnic, showed that 90% of buyers (study respondents) shop online for a wider selection of items and brands. It also revealed that people look for affordable products online. The categories that present the best opportunity to sell products online, we have included in the following list.
Singapore’s Best Selling Products Online
Figuring out what to sell online isn’t a tough question. All you need to know is what are the current top performing products to sell online. Based on our research, these are the future of online selling in Singapore -
This is a leading category in the Singaporean online retail market. Data of the overall retail segment shows that -
- Revenue from consumer electronics is US$770 million in 2018
- The expected revenue growth rate is expected to be 10.1% for a market volume of US$1,130 million by 2022
- Current user penetration is 21.5% and is likely to be 22.9% by 2022
There is a good scope for consumer electronic products to sell online. These include TVs, stereo systems, laptops, smartphones, and other electronic devices.
The online fashion category is believed to be a fast-growing retail segment in Singapore. It is a primary category in online retail. At the same time, it has multiple products to sell which engage high demand. Based on information of the overall fashion segment -
- In 2018, revenue earned by Singapore’s fashion segment is approximately US$882 million
- By 2022, the expected revenue growth rate is likely to be 11.6% which will translate to a market volume of US$1,367
- Currently, the largest subcategory in this segment is clothing
The best selling products online, in this category with a good scope are shoes, clothes, leather wear and accessories.
Singapore has ranked as a top logistics hub in Asia for 10 years in a row. The overall transport infrastructure development has helped this category flourish. Collective data on this retail segment in Singapore shows that -
- Revenue in 2018 amounted to US$528 million
- In 2022, the annual growth of revenue is likely to reach 13%, providing a market volume of US$860 million
- Furniture and homeware are the largest subcategories in this segment and are worth US$373 million
Be selective when deciding what to sell online in this category. You will have big competitors to take on like IKEA which makes varied quality furniture that is affordable. So, pay attention to customer behaviour as well for this category.
[ Note: Have many products to sell? Know how you can manage their listings on multiple channels]
4.Hobby and stationary
When it comes to the toys, DIY and hobbies segment, sell products online related to hobbies and stationary. They are the top sellers and according to sources -
- They are valued at US$577 million in 2018
- With toys, hobbies and DIY products, the segment amounted US$925 million
- In 2022, the annual growth of this category will be 7.9% with a market volume of US$1,253 million
Baby products, sports and outdoor goods also do well as products to sell online.
Now that you know which are the best selling products online, you can influence retail demands. Just remember to offer something unique. It will set you apart in the vast ecommerce space and deliver the returns you expect.
What products do you (want) sell online? Let us know your thoughts in the comments below. Do you see your products as the next top category in Singapore online retail?
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