See how mobile commerce is skyrocketing in Singapore

Singapore’s mobile commerce is growing at a skyrocketing pace, according to a study attached.

Singapore’s online purchase spending reached S$1.4bn in 2011, which translate to about $280/person for a population of 5 million, and increased to a forecasted $846/person spending for a 5.2 million population.

That’s a mind boggling 302% increase! It seems like Singapore’s tremendous adoption of smartphone and along with it the online shopping is driving this flourishing mobile commerce.

According to the report - airline tickets, fashion, financial services, travel packages and books were the top five online spending categories.

With such a rapid take-up rate for m-commerce, it is no wonder local, regional and global companies are very eager to use the city-state to experiment with new m-commerce technologies.

This could signal an exciting time for the sprouting of a fast growing m-commerce market, as well as supporting industries required.

It appears there would be many untapped opportunities awaiting keen and creative enterprenurs who could uncover and seize them. “Singapore boasts excellent telecoms infrastructure, with a wireless broadband penetration rate of 162%, and a mobile penetration rate of 150% in October 2012, according to government figures.

A study called Online and Mobile Shopping Insights 2011, released in May 2012 by PayPal and research company Nielsen, put total online spending in Singapore at S$1.4bn (US$1.1bn), up by 33% on 2010.

The total number of online shoppers grew by 50%, to 1.8m shoppers. With little sign of growth slowing, the report predicted that the market will expand to S$4.4bn by 2015.”

View the article here.