Quick Commerce, also known as Q-Commerce, is a rapidly growing market in Singapore. This market is characterized by its ability to deliver goods to consumers in a matter of hours, or even minutes, after an order has been placed.
Customer preferences: Singaporean consumers are increasingly seeking convenience and speed in their shopping experiences. The rise of e-commerce platforms has made it easier for consumers to purchase goods online, but the delivery times have often been a barrier to purchasing. Q-Commerce addresses this issue by providing fast and reliable delivery services. Additionally, the COVID-19 pandemic has accelerated the adoption of e-commerce and Q-Commerce, as more consumers prefer to shop from the safety of their homes.
Trends in the market: The Q-Commerce market in Singapore is expected to continue growing in the coming years. Major players in the market, such as Grab and Foodpanda, have expanded their services to include Q-Commerce, and new startups are emerging to compete in the space. The market is becoming more competitive, which is driving innovation and improving the quality of services offered. One trend in the market is the use of technology to improve delivery times. For example, some companies are using drones or robots to deliver goods to consumers. Another trend is the expansion of Q-Commerce services beyond food and groceries to include other goods, such as electronics and household items.
Local special circumstances: Singapore's small size and high population density make it an ideal market for Q-Commerce. The government has also been supportive of the development of the e-commerce industry, which has helped to create a favorable environment for Q-Commerce. Additionally, Singaporeans are known for their tech-savviness and willingness to adopt new technologies, which has contributed to the growth of the Q-Commerce market.
Underlying macroeconomic factors: The growth of the Q-Commerce market in Singapore is driven by a combination of factors, including the rise of e-commerce, changing consumer preferences, and technological advancements. Additionally, the COVID-19 pandemic has accelerated the adoption of e-commerce and Q-Commerce, as more consumers prefer to shop from the safety of their homes. The government's support of the e-commerce industry has also contributed to the growth of the Q-Commerce market. As these factors continue to drive growth, the Q-Commerce market in Singapore is expected to continue expanding in the coming years.
Data coverage:
The data encompasses B2C enterprises. Figures are based on Gross Merchandise Value (GMV) and represent what consumers pay for these products and services. The user metrics show the number of customers who have made at least one online purchase within the past 12 months.Modeling approach / Market size:
Market sizes are determined through a bottom-up approach, building on predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies, third-party studies and reports, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, GDP per capita, and internet connection speed. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing. The main drivers are internet users, urban population, usage of key players, and attitudes toward online services.Additional notes:
The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. GCS data is reweighted for representativeness.
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