Singapore Online Grocery Market Share and Size, Growth Opportunity, Competition, Trends Analysis and Future Scope 2023-2033: SPER Market Research
A platform available through a website or app that enables people to buy groceries and necessary household items from the comfort of their homes is known as an online grocery market. In contrast to a physical store, people can easily browse through different product categories, add items to a virtual cart, and finish the transaction with a few clicks. Fresh fruits and vegetables, canned goods, packaged foods, cleaning supplies, and personal care products are all available in these online shops. Customers can receive their orders at their doorstep thanks to the delivery services offered by many online grocery stores. Those with hectic schedules or other difficulties finding time to visit a physical store will find this method of shopping to be especially helpful.
According to SPER Market Research, ‘Singapore Online Grocery Market Size- By Type, By Platform – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Singapore Online Grocery Market is predicted to reach USD XX billion by 2033 with a CAGR of XX%.
The Singapore online grocery market is impacted by a number of driving forces. First of all, as e-commerce has expanded and technology has become more widely used, people can now purchase groceries more easily online. Online grocery shopping has increased as a result of people becoming more accustomed to making purchases online as more people use digital devices. The hectic way of life of Singaporeans has also aided in the expansion of the online grocery sector. People frequently struggle to find time to visit physical stores because of their commitments to work and their families. People can purchase groceries at their convenience by using the time- and convenience-saving alternative of online grocery shopping.
The Singapore online grocery market has faced several challenges despite its growing popularity. One significant challenge is the high cost of logistics, which includes the cost of transportation, storage, and handling of goods. As online grocery stores offer a wide range of products, including fresh produce, they require a complex and expensive supply chain to ensure that products are delivered in good condition. Furthermore, the issue of sustainability is also a challenge for the online grocery market. With growing concern for the environment, customers expect online grocery stores to adopt sustainable practices, such as reducing packaging waste and offering eco-friendly products.
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The online grocery market in Singapore has been significantly impacted by the COVID-19 pandemic. The pandemic has made people less likely to shop in physical stores and more likely to order groceries online for delivery. Due to the increase in demand for online grocery shopping, more online grocery stores are now operating. Even after the pandemic is over, many people prefer to buy their groceries online thanks to changes in consumer behaviour brought on by the pandemic. As a result, the market has changed, and more conventional brick-and-mortar grocery stores are now operating online in order to keep up with the latest trends.
Furthermore, the Singapore online grocery market is part of the larger Southeast Asian online grocery market. Singapore, being one of the wealthiest countries in Southeast Asia, has a high level of internet penetration and digital literacy, making it an attractive market for online grocery stores. In terms of market share, RedMart, which was acquired by Lazada, is the leading online grocery store in Singapore. Other significant players in the market include NTUC FairPrice, Amazon, and Sheng Siong.
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Sara Lopes, Business Consultant — USA
SPER Market Research