The biggest ones may need to find new ways to pass down savings to customers.
Being the biggest e-commerce site in Singapore may not necessarily mean having the cheapest prices, as the less prominent online shopping sites have some of the best deals to customers, according to data from ValueChampion.
The report noted that the city's most popular e-commerce sites are Shopee and Lazada. However, it is Qoo10 that has the cheapest prices on average out of the city's four biggest e-commerce platforms, having the lowest prices for 35 out of 73 items analyzed. Prices were also typically 10.97% cheaper than average.
It is followed by Amazon, with 30 items that averaged 4.55% cheaper than average. In contrast, Singapore's most popular e-commerce site Lazada is 15.97% more expensive on average for the categories analysed.
Qoo10 is the price leader in the electronics, health, games and puzzles, and literature categories, with prices ranging from 14.23% to 28.42% below average. Menawhile, Amazon controlled the household and food and drink categories, with prices 10.14% to 11.08% below average.
ValueChampion's junior research analyst Alex Noonan commented that Amazon’s rapid traffic growth may indicate that it may cause a shake-up as consumers move towards platforms that provide the same goods for less.
"For instance, despite being the most recent entrant in Singapore’s e-commerce space, Amazon has aggressively climbed the ranks with a 61.02% increase in traffic since March 2020," Noonan said.
On the other hand, he advised both Lazada and Shopee that they may need to find new ways to pass down savings to their customers or to provide different value-adding elements.
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