As TikTok continues to gain rapid popularity worldwide, the Southeast Asian market has emerged as a crucial hub for its e-commerce endeavors. Although Singapore’s market may be relatively small, it presents highly profitable opportunities that should not be overlooked.
Market Status and Challenges
Singapore’s e-commerce market is a bit “plain” compared to other Southeast Asian countries. Many e-commerce sellers who broadcast live on TikTok typically have an online audience of around 20 people. This is mainly because Singapore has a total population of about 5 million, compared to Shanghai’s population of more than 20 million, so the market size is naturally limited. In addition, Singapore’s well-developed offline retail market also reduces consumers’ reliance on online shopping.
The price sensitivity of Singaporean consumers also increases the competitive pressure on e-commerce. From 2023, all imported goods will be subject to 8% GST, which means that low-priced goods are less attractive. However, the high-margin nature of small marketplaces still attracts some sellers to enter.
High Margin E-commerce Opportunities
Despite the small market size, TikTok e-commerce in Singapore offers high-margin sales opportunities. Sellers find Singapore’s e-commerce market more profitable than other Southeast Asian countries due to high unit prices. The unit price of TikTok Shop is generally between $10 and $15, much higher than in countries like Indonesia and Thailand. This allows sellers to achieve significant sales with high-priced items even with fewer sales.
Popular Products In Singapore
Based on aftership data, in September 2024, Beauty & Personal Care💄is the top-performing category, generating the highest GMV among all categories, accounting for 22.50% of the total TikTok shop GMV. Following closely behind are Womenswear & Underwear and Menswear & Underwear, which also make significant GMV contributions, representing 12.56% and 8.06% respectively.
Integration of QuickSend with EasyParcel 🛒
Now, you may be facing trouble between selling through social media and using other websites for shipping. Feeling tired of entering orders one by one and processing them one by one? Let’s simplify the process!
With EasyParcel’s ✅QuickSend, you can easily integrate your TikTok platform to automatically import orders into EasyParcel. Simply send your unique link to your customers, no technical knowledge is required, and all the shipping information is pushed to the cart automatically and completely free of charge! This way you can save time and focus on promoting your business.
