Amazon Singapore report highlights double-digit sales growth for 2023

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

The report underscores how Singapore sellers have leveraged Amazon’s global tools and resources to reach a worldwide customer base, citing record 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 Singapore sellers have high potential in the cross-border e-commerce industry, and we're committed to fueling their success by providing the knowledge and online export expertise they need to thrive on a global scale. This includes leveraging Amazon’s global resources and local efforts, such as the Cross-border Brand Launchpad Program collaboratively launched with Enterprise Singapore and the Singapore Business Federation.”

Three key insights emerge from the 2024 trend report. Firstly, the report paints a promising future for Singapore sellers in export e-commerce. Revenue from B2C e-commerce export is projected to more than double from USD $1.7 billion in 2022 to USD $3.9 billion by 2027, conditional upon investment in cross-border e-commerce. The report notes that 44% and 36% of Singapore MSMEs are eyeing opportunities in the United States and the United Kingdom, respectively. Cross-border e-commerce allows sellers to bypass traditional B2B models and connect directly with a global customer base.

Secondly, Singapore sellers are establishing a strong presence on Amazon’s international stores. KeaBabies, a home-grown brand providing 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. During Prime Day 2023, KeaBabies achieved over USD $1 million in sales across Amazon’s global stores, with its Baby Wrap Carrier becoming a Best Seller in its category. “Selling on Amazon enabled us to expand to 10 countries within two years. 2023 was a phenomenal year for us, achieving S$78 million in global sales. Amazon has the robust infrastructure, logistics, and trustworthiness to support a seamless shopping experience for our customers and establish credibility for our products,” said Jane Neo, Chief Business Officer & Co-founder of KeaBabies.

Lastly, the report highlights Amazon’s continued efforts to empower Singapore sellers through innovative tools, programs, and services. Since 2019, Amazon Global Selling has had a dedicated team in Singapore to introduce the export e-commerce opportunity to local businesses. The team organised its annual Amazon Global Selling Summit in 2023, bringing together aspiring, current, and experienced sellers from Singapore and Southeast Asia. Furthermore, efforts have been made to foster a local seller community through the Amazon Seller Ambassador program and regular networking events.

On the educational front, the Amazon Seller Education team in Singapore has provided a comprehensive library of resources for sellers, covering the entire journey from registration to global expansion. An interactive training program was launched in 2023, offering online courses with real-time interaction, attracting over 5,000 attendees.