Over the past decade, the rise of online shopping has fundamentally changed the expectations consumers have for their favourite brands and retailers. But while eCommerce has seen remarkable gains in recent years, that growth has been surpassed by enterprise marketplaces — eCommerce sites that offer products from multiple sellers. According to the 2021 Enterprise Marketplace Index by Mirakl, marketplaces grew at more than double the rate of overall eCommerce growth.
The State of Online Marketplace Adoption1 , a new consumer survey from Mirakl, reveals that Singaporean shoppers are clear in their preference for online marketplaces. According to Singapore survey respondents, nearly half (45%) of their online shopping happens on marketplaces, with 54% reporting their use of marketplaces increased in the past 12 months. The future is just as bright: 94% of Singaporean consumers expect to use marketplaces at the same rate or more going forward. Notably, marketplace adoption among Singaporean consumers has remained steady from its remarkable rise in the early days of the COVID-19 pandemic: in 2019, 40% said they shopped “exclusively” or “a lot” on marketplaces; that figure rose to 65% in 2020 and then again to 66% in 2021 – a 65% increase since 2019.