Chart of the Day: Check out the expected boom in Singapore's e-commerce market

It is foreseen to grow to US$5.4b in 2025.

According to OCBC Investment Research, the growth of e-commerce will continue to shape the competitive scene of Singapore’s retail sector, and evolving consumer preferences will continue to create challenges for traditional retailers.

"According to a report by Google and Temasek, Singapore’s e-commerce market formed 2.1% of total retail sales in 2015 with a value of US$1b," it said.

OCBC added, “This is projected to increase at a CAGR of 18% to reach US$5.4b in 2025, and is expected to contribute 6.7% of Singapore’s retail market. Hence, although e-commerce sales are forecasted to increase at a faster pace as compared to traditional retail channels, we can see that the latter would still have significant weight in the value chain."