TikTok is the most popular platform among Singaporeans used for international online shopping, according to a report about global ecommerce trends by Tencent-backed fintech Airwallex and fintech consultancy Edgar, Dunn & Company.
The inaugural report finds that more than 60% of consumers in Singapore are likely to make online purchases from international merchants through social media platforms, one of the highest percentages across all surveyed markets.
TikTok emerged as the most popular social media platform, used by 25% of Singaporeans, followed by Instagram at 23% and Facebook at 22%.
The insights to the report comes from two sources — a global survey of over 3,000 consumers in Australia, China, Hong Kong, Singapore, the UK and US, and interviews with leading merchants and secondary research. It was conducted in the first quarter of 2024.
Globally, consumers in China, Hong Kong and Singapore showed the highest appetite for social media commerce, although the survey does not include findings from other Southeast Asia countries widely known to be popular regions for social commerce.
Accessing better deals and offers on social media platforms was the top global motivation for consumers to buy from international merchants, followed by personal recommendations and interactive online selling.
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Unlike in Singapore, consumers surveyed by Airwallex on global average used Facebook the most to make online international purchases, followed by TikTok and Instagram.
Meanwhile, the report finds that 54% of global consumers, and 62% of Singaporeans expect to increase the amount of international online shopping they engage in over the next six to 12 months.
This demand for cross-border shopping is driven by the enhanced online shopping experience, price competitiveness and broader product selection, according to the report.
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It found that 34% of consumers cited greater product options as the primary incentive for shopping internationally. This motivation closely competes with the desire for better quality products and lower prices.
Lower prices emerged as a significant driver for international shopping in the UK, the US, and Australia, whereas greater product availability and superior product quality were identified as key factors in China, Singapore, and Hong Kong
