Despite the Singaporean e-commerce sector being relatively new, it is one of the fastest-growing markets in Southeast Asia. It is predicted to hit S$9.5billion in 2020. Call it kiasu-ism but what’s driving this growth is how most Singaporeans preferred shopping online due to the ability to score better bargains and deals.
For aspiring online retailers or established business owners looking to expand their existing offerings, sourcing for the right high demand product to sell is a significant challenge. To save you the hassle of product research, we put together a list of the predicted best selling products in Singapore.
In the age of COVID-19, the rise of self-care and attention to health and fitness has been observed. In turn, consumer attitudes have shifted to reflect this preference in their clothing choices.
While physical retail sales in Singapore fell a record 52.1% on a year-on-year basis in May 2020, e-commerce fashion retailers saw a sharp spike in at-home wear and fitness-related clothing.
The work from home situation brought on by the COVID-19 pandemic has rendered an appetite for presentable and comfortable loungewear.
According to the Straits Times, independent retailers and brands such as 6ixty8ight, Bells & Birds, Kydra, Pomelo have reported an uptick in their sales for nightwear, loungewear and robes.
Even in a post-pandemic world, brands have predicted that the demand for loungewear will endure.
While demand for evening and party wear dipped, sales in the sports and health categories for trendy exercise clothes and shoes soared. Till a suitable vaccine is developed, mass communal fitness classes are likely to be unavailable.
Even then, the lifestyle shift towards an emphasis on health and fitness gives the athleisure trend staying power.
In 2020 and beyond, waist-trainer belts, padded rear underwear popularised predominantly by American social media influencers will take centre stage. Other types of shapewear to invest in include postpartum girdles and chest enhancers.
Best selling beauty products include stick on nails and pimple patches
In 2019, Singaporeans spent USD296million on beauty and fashion products. High demand products in skincare typically contain Asian ingredients, use natural and organic ingredients, and/or have no toxic ingredients.
Due to COVID-19 health concerns, press-on nails or stick on nails have become a viable instant alternative to traditional manicures. Available nail designs follow the latest trends, come in every colour, finish, shapes and lengths.
Accompanying the rise of self-care, men are also increasingly buying cosmetic and beauty products. In a study conducted by Shopee, it was found that men bought 70% more beauty and cosmetic products in 2019 than 2018. One high demand cosmetic item was pimple patches.
Millennials are now aged between 24 to 39 years old. Most of them are at the stage of life where they are looking to settle down and have a family. When purchasing baby products, they look out for visually appealing, high quality, durable products that afford them convenience.
Alongside baby carriers, baby wraps allow mums (and dads) to keep their baby close to them while going hands free.
Diaper bags provide a solution for new parents who want a stylish, convenient way to contain their baby’s essentials. The multiple pockets ensure parents can stay organised and items remain secure.
The demand for pets in Singapore is at an all-time high. According to Euromonitor, pet ownership has increased 19% in the past 5 years. While pet beds and pet food have consistent demand, there is much potential for the pet toy sector.
‘Pawrents’ recognise the importance of providing toys for their fur kids as toys provide fun, comfort and stimulation. As a result, there has been growing interest in procuring multiple types of pet toys for their pet’s different needs.
Consumer electronics has been a leading category in the Singaporean online retail market. Currently, the general trend in consumer electronics tends toward wireless technology and smart devices.
Due to the COVID-19 pandemic, more are staying indoors, resulting in a surge in demand for infotainment at home. Consequently, consumers are investing in audio devices and sound systems for their homes.
With more content being consumed on the go, audiophiles are looking into wireless audio devices which offer them value and convenience. The market size for wireless audio devices is slated to grow from USD57.3 billion in 2020 to USD134.2 billion by 2025.
Choosing the right in-demand product is only one part of building a successful e-commerce business. You also require persistence and an understanding of digital marketing strategies to get your best selling product to the masses. One way to boost your online sales presence is to put up advertisements on social media platforms such as Facebook and Instagram.
If you intend to pay for online advertisements, spend wisely by paying with debit cards that offer cashback savings. For instance, you can use the Aspire cashback reward card to get 1% cashback for digital marketing and Software-as-a-Service (SaaS) spend. View the full list of eligible merchants here.
To get this free virtual card which has no annual fees or hidden charges, register here.
.png)
