Chart of the Day: BNPL gains traction in Singapore

Buy Now, Pay Later saw a 109% YoY download growth in H1 2022.

E-commerce (Retail) shopping apps are the most downloaded applications in Singapore in the first half of 2022, increasing by 9% year-on-year (YoY) with around 1.26 million downloads, according to a chart from a report by data.ai.

However, the It’s Not Luck, It’s Skill: Make Every Marketing Dollar Coun This Holiday Season report, showed that buy now, pay later (BNPL) applications posted the highest download growth at by 109% YoY to around 423,000 from 203,000 in the same period last year.

READ MORE: BNPL code launched, outstanding payments limited to $2,000 without credit assessment

E-commerce (Consumer-to-consumer) is the second most downloaded shopping app but declined by 14% YoY to over one million. It is followed by Coupons & Rewards with 20% YoY download growth to 678,000, and E-commerce (business-to-business) which rose 26% to 625,000.

Meanwhile, Reselling-related apps saw a 3% YoY download growth to 277,000, whilst other shopping apps climbed 8% to around 97,000.

According to the report, marketers are faced with new challenges to growth this season, which include marketing budget cuts and reduced consumer income. Data.ai also said personalisation would be crucial, and mobile is considered the “battleground” where the competition is on the rise.