Top Logistics Companies in Singapore Logistics Market

1. Growing Demand in Singapore’s E-Commerce Sector

Click to know: Major Players in Singapore Logistics Market

The demand in e-commerce sector in Singapore was exponential and the e commerce GMV grew from $2.5 Bn in 2019 to $6.2 Bn in 2022 this paved path for the growth of logistics market. E-commerce companies invested in new technologies and explored new ways to fulfilling the demand in the market.

Shopee was the most frequently visited e-commerce site in the fourth quarter of 2021, according to the Price group, with 16.15 Mn monthly online visitors. Shopee is followed by the Singapore-based online retailers Lazada and Amazon with 9.2 and 5.2 million visitors, respectively.

Singapore, which has a population of 5.87 million people, is a digitally literate nation with an internet penetration rate of 88.9% and a financial inclusion rate of 97.9%. Additionally, according to the Ministry of Trade and Industry, as of 2021, about 52.3% of all Singaporeans had made an online purchase, indicating an increase in the adoption of e-commerce businesses. The business services sector, which made up about 3.6% of all e-commerce trade in 2019, had the smallest share of the market.

2. Government Assistance to the Logistics Sector

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Singapore’s announced the launch of an S$ 18 Mn Supply Chain 4.0 Initiative in 2021.
Aims to integrate more technology to assist SMEs.
Singapore launched the Singapore Trade Data Exchange (SGTraDex) in mid-2021 and facilitates the secure sharing of data between supply chain ecosystem partners through a common data highway.
The ITM is a government-led initiative aimed at driving the transformation and growth of the logistics and supply chain industry in Singapore.
The ITM aims to accelerate the adoption of digital technologies, such as automation and artificial intelligence, and to enhance the productivity and competitiveness of the sector.
The Productivity Solutions Grant (PSG) supports companies keen on adopting IT solutions and equipment to enhance business processes.
PSG covers sector-specific solutions including the retail, food, logistics, precision engineering, construction and landscaping industries.