33.4 C
Tuesday, December 1, 2020
Home Business Singapore’s eCommerce Economy Shrink 24% as Online Travel Sector Got Hit by...

Singapore’s eCommerce Economy Shrink 24% as Online Travel Sector Got Hit by COVID-19

Despite companies embarking on digitalisation, Singapore’s eCommerce economy shrank by 24% to SG$12.1 billion in gross merchandise value (GMV) this year as the online travel sector got restricted by lockdowns and travel bans. 

With various sectors expected to rebound, Singapore’s economy is gradually recovering and is now back on track to reach US$22 billion in GMV by 2025. 

Read the entire article here: https://www.straitstimes.com/business/economy/singapores-internet-economy-shrinks-24-on-online-travel-hit-despite-e-commerce-boom

Most Popular

Salesforce provide grants to Singapore SMEs

American software company Salesforce has partnered with the Singapore Business Federation to provide $960,000 in cash grants to eligible businesses. This initiative is expected...

Sony’s PS5 was Launched and Sold Out Online amid COVID-19

On Thursday, Sony Corp launched its newest PlayStation 5 (PS5) console online in the hope to maintain social distancing. Due to the COVID-19 pandemic,...

Forrest Li, Founder of e-Commerce Platform Shopee named Businessman of the Year

On Tuesday (Nov 24), Mr. Forrest Li, the billionaire founder and group chief executive of tech giant company called Sea, who owns e-Commerce platform...

Nov 2020 Update: Singapore Business Outlook amid COVID-19

Despite the uncertainties brought by the COVID-19 pandemic, three-quarters of Singaporean business owners remain discouraged and optimistic, continuously looking forward to what’s ahead of...