While businesses are struggling to meet their sales target with their traditional retail shop, it is important to note that online shopping is steadily growing over the years. As per Infocomm Development Authority of Singapore, the number of online shoppers has grown from 35% in the year 2007 to 50% in 2011. Of which, the biggest growth of online shoppers are those aged between 15 – 24 years old; with a staggering growth of 17% over a span of four years.
Purely from statistics point of view, we see an average annual growth rate of about 2.4% from 2006 to 2010 but 2011 alone sees an annual growth rate of 8%. Looking at the trend, online shopping is bound to grow given the fact that about half of those aged 15 years old and above spent an average of 30 minutes to less than 2 hours in a typical Internet session. Of which, 7 in 10 internet users used the internet at least once a day.
If we’re to break the statistics down by age group, we do see that the age group of 25 to 34 years old are the largest group among the rest: at 66%.
Bearing in mind that the fast growing trend of online shoppers in the age group of 15 to 24 years old as well as an ageing population, it seems that the online shopping trend still has a huge potential to grow.
The next question lies on what Singaporeans are purchasing online. It’s not hard to miss that blog shops selling clothes are getting more and more popular in Singapore, if we look at the statistics below.
All statistics above can be found on Infocomm Development Authority of Singapore’s website.