Amazon Singapore report highlights double-digit sales growth in 2023

Amazon Global Selling Singapore has unveiled its 2024 Trends Report titled “Fostering Entrepreneurship & Building Global Brands.” The report highlights cross-border e-commerce opportunities for Singaporean entrepreneurs and provides performance metrics for local sellers on Amazon’s global platform. According to the document, Singaporean sellers saw double-digit growth in 2023 across Amazon’s international stores.

The report highlights how Singapore sellers leveraged Amazon’s global tools and resources to reach a global customer base, citing record-breaking sales during Prime Day 2023. Looking ahead, the Amazon Global Selling Singapore team is working with local sellers to prepare for the 10th Prime Day event scheduled for July 16 and 17.

Anand Palit, Head of Amazon Global Selling, Southeast Asia, commented: “We believe that Singaporean sellers have great potential in the cross-border e-commerce industry and we are committed to supporting their success by providing the online exporting knowledge and expertise they need to succeed on a global scale. This includes leveraging Amazon’s global resources and local efforts such as the Cross-border Brand Launchpad, launched in partnership with Enterprise Singapore and the Singapore Business Federation.”

Three key takeaways emerge from the 2024 Trends Report. First, the report paints a promising future for Singaporean e-commerce export merchants. B2C e-commerce export revenues are set to more than double from $1.7 billion in 2022 to $3.9 billion by 2027, contingent on investment in cross-border e-commerce. The report notes that 44% and 36% of Singaporean SMEs are looking for opportunities in the US and the UK, respectively. Cross-border e-commerce allows merchants to bypass traditional B2B models and engage directly with a global customer base.

Secondly, Singaporean sellers are strengthening their presence in Amazon’s international stores. KeaBabies, a homegrown brand offering eco-friendly baby products, is cited as a success story. Founded in 2017, KeaBabies initially sold its products on Amazon.com and has since expanded to Europe and other regions. KeaBabies achieved sales of over 1 million Singapore dollars on Amazon stores worldwide during Prime Day 2023, and its Baby Wrap Carrier became a best-seller in its category. “Selling on Amazon allowed us to expand to 10 countries in two years. 2023 was a phenomenal year for us, with global sales of 78 million Singapore dollars. Amazon has a solid infrastructure, logistics and credibility to provide our customers with a seamless shopping experience and ensure the credibility of our products,” said Jane Neo, Chief Business Officer and Co-Founder of KeaBabies.

Finally, the report highlights Amazon’s ongoing efforts to empower Singaporean sellers with innovative tools, programs, and services. Since 2019, Amazon Global Selling has had a dedicated team in Singapore to introduce e-commerce export capabilities to local businesses. The team held its annual Amazon Global Selling Summit in 2023, bringing together aspiring, current, and experienced sellers from Singapore and Southeast Asia. It also made efforts to support the local seller community through the Amazon Seller Ambassador program and regular networking events.

On the education front, the Amazon Seller Education team in Singapore has provided sellers with a comprehensive library of resources that cover the entire journey from sign-up to global expansion. In 2023, an interactive training program was launched, offering online courses with real-time interaction, attracting over 5,000 participants.