Singapore Online Grocery Market: Predicted to Register Nearly 4.8% CAGR Through 2024
As per the research report by Report Cube, the Singapore Online Grocery Market is estimated to grow at a CAGR of about 8% during the forecast period, 2024-32.
To make online grocery more effective & user-friendly, a wide market ground has been created due to the increasing usage of smartphones, the increasing penetration of the internet connection, and the rising deployment of cutting-edge technology, such as AI-driven recommendation bots & automated delivery systems. Furthermore, a large variety of products that are occasionally unavailable in offline stores are becoming more & more available with the growth of e-commerce, drawing clients seeking niche products.
In today’s time, customers' preference for the convenience of placing orders while lounging on their comfy couches at any time & from anywhere is contributing to the expansion of the Singapore Online Grocery Market. Individuals with hectic worklife face difficulty to physically visiting offline stores frequently to purchase things, hence they are adopting online platforms to order daily essentials, like groceries. In a country, where people value time & have fast-paced lives, online grocery shopping services are growing in popularity. Also, for those who would rather not waste their time physically shopping for food, online grocery delivery offers a simple alternative.
Moreover, several technological upgrades & innovations, such as automated delivery systems, contactless payment methods, same-day delivery options, quick deliveries (within a few minutes), etc., are aiding in augmenting the industry expansion. Additionally, these platforms’ user-friendly interface & efficient delivery services have improved the consumer experience, which has enriched customer satisfaction in the market of Singapore, further states the research study, Singapore Online Grocery Market Analysis, 2024.
Analyzing the Singapore Online Grocery Market Segmentation
Express Delivery to Dominate the Singapore Online Grocery Market
By mode of payment, the Singapore Online Grocery Market is bifurcated into: Cash on Delivery & Online Payment.
In the upcoming years, it is projected that the Online Payment Mode would capture the greatest share of the Singapore Online Grocery Market, owing to the rising digitization of payment methods & the increasing adoption of e-commerce. By expediting the checkout procedure & allowing customers to make payments online, the online grocery platforms reduce friction & enhance the whole shopping experience. Additionally, as more & more consumers are turning to online shopping services, the majority of the providers are accepting online or digital payments in order to offer their clients comfort & convenience.
Singapore Online Grocery Market Companies Analysis
With the strategic analysis & market study the leading companies, including Lazada Group, FairPrice Online, Shopee, Cold Storage Online, Amazon Singapore, Komalas Vegemart Pte Ltd., Sheng Siong, Grocer, Food Panda, and Others (Nature’s Glory, Sasha’s Fine Foods, etc.), are predicted to contribute in the growing market outlook.