Singapore has emerged as one of the fastest-growing e-commerce markets in Southeast Asia, with a market size expected to reach S$14.2bn (US$10.7bn) by 2025, according to a report by GlobalData. With a rapidly growing e-commerce market and a tech-savvy population, Singapore offers a lucrative opportunity for e-commerce sellers to tap into.
In fact, a report by Google and Temasek Holdings found that the country’s internet economy is expected to grow 22% to US$18 billion this year. With over 5.81 million people using the internet to shop online in Singapore, the e-commerce market has seen a steady increase in demand over the years.
One of the reasons for this growth is the rise of online marketplaces like Lazada, Shopee, and Qoo10, which have made it easier for e-commerce sellers to reach a wider audience. These marketplaces have seen a significant increase in traffic, with Lazada reporting 124 times bigger sales than normal days during the 11.11 Biggest One-Day Sale in 2022.
As an e-commerce seller in Singapore, it’s important to take advantage of the various sales events and promotions throughout the year to increase sales and gain exposure. In this article, we’ll cover the biggest sales events in Singapore in 2024 that every e-commerce seller should join to maximise sales and grow their business.
1. Chinese New Year Sale
Chinese New Year is a significant festival celebrated in Singapore and other Asian countries. It usually takes place in late January or early February, and e-commerce sellers can leverage this occasion by offering special deals and discounts.
The sale typically lasts for a week or two, and it’s an excellent opportunity for brands to increase their customer base and boost sales. According to a Department of Statistics Singapore report, Singaporeans spent $3.1 billion on retail shopping during the Chinese New Year in 2023. The total retail sales year-on-year were close to 12.7%.
2. Hari Raya Sale
Hari Raya is another significant festival in Singapore in May or June. It marks the end of the Islamic holy month of Ramadan, and it’s a time for family gatherings, feasting, and gift-giving.
E-commerce sellers can tap into this festive spirit by offering special promotions and discounts to attract shoppers.
In 2022, online shopping during the Hari Raya season accounted for 14% of total online sales, with Singaporeans spending $218.5 million on shopping, according to a report by Retail Asia.
3. The Great Singapore Sale
The Great Singapore Sale is one of the most popular shopping events in Singapore, usually in June or July. The sale offers significant discounts and promotions across various categories, including fashion, electronics, home appliances, and more.
It’s an excellent opportunity for e-commerce businesses to attract new customers and drive sales.
In 2022, the Great Singapore Sale rose 13.7 % year on year, cooling from the revised 14.9 % growth in June, according to the Department of Statistics figures. The event is expected to see even higher sales figures in 2024.
4. Mid-Year Sale
The Mid-Year Sale is a shopping event in July or August and is another opportunity for e-commerce sellers to drive sales. This sale offers promotions and discounts on various products, including electronics, fashion, and beauty products.
The event is relatively new, but it has been gaining popularity in recent years. According to a report by Qoo10, an online marketplace, sales during the Mid-Year Sale increased by 40% in 2022 compared to the previous year, and the trend is expected to continue in 2024.
5. National Day Sale
The National Day Sale in Singapore is one of the biggest events in the country, celebrating Singapore’s independence day. This sale is held every year in August and is a great opportunity for e-commerce sellers to offer amazing discounts and deals to their customers.
The National Day Sale usually lasts for a week. During this time, customers can expect huge discounts on a wide range of products, from electronics and gadgets to fashion and home appliances.
Historically, the National Day Sale has been a huge success for e-commerce brands in Singapore. In 2022, the sale generated a total of $1.5 billion in sales, with a record-breaking number of shoppers making purchases online.
With the rise of e-commerce and the increasing popularity of online shopping, the National Day Sale in 2024 is expected to be even bigger and better.
6. Black Friday Sale
Black Friday is one of the biggest shopping events in the world, and Singapore is no exception. This sale event occurs on the fourth Friday of November, following Thanksgiving Day. During this time, e-commerce brands in Singapore offer massive discounts on a wide range of products, including electronics, home appliances, fashion, and beauty products.
The Black Friday Sale in Singapore typically lasts three to four days, with deals and discounts available online and in-store. In recent years, online sales have been a major contributor to the success of the Black Friday Sale in Singapore, with many e-commerce brands offering exclusive online deals and discounts.
In 2021, the Black Friday Sale in Singapore showed a 511 % increase in sales compared to an ordinary day. Such high numbers are not uncommon. For example, in Australia, the growth is 871 per cent. In the United Kingdom — over 1708 per cent, and in Germany — over 2418 per cent.
E-commerce brands can expect the Black Friday Sale in 2024 to be even bigger as more consumers turn to online shopping and e-commerce continues to grow in popularity.
7. Cyber Monday Sale
Cyber Monday is another major shopping event in Singapore, following closely after Black Friday. This sale event takes place on the Monday following Thanksgiving Day and offers customers a second chance to score amazing deals and discounts on a wide range of products.
During the Cyber Monday Sale, e-commerce brands in Singapore offer huge discounts on electronics, gadgets, fashion, and home appliances, among other products. The sale typically lasts one day, but many e-commerce brands offer extended deals and discounts throughout the week.
In 2022, the Cyber Monday Sale in Singapore generated over $1 billion in sales, with online sales playing a major role in the event’s success.
With the continued growth of e-commerce in Singapore, the Cyber Monday Sale in 2024 is expected to be even bigger, with more e-commerce brands offering exclusive online deals and discounts.
8. Christmas & New Year Sale
The Christmas & New Year Sale in Singapore is another major shopping event in December. During this time, e-commerce brands in Singapore offered huge discounts and deals on a wide range of products, making it an excellent time for consumers to buy gifts for their loved ones.
The Christmas & New Year Sale typically lasts for the entire month of December, with e-commerce brands offering exclusive deals and discounts online and in-store. Consumers can expect massive discounts on electronics, gadgets, fashion, beauty products, and more during this time.
In recent years, the Christmas Sale in Singapore has become increasingly popular, with more consumers turning to online shopping and e-commerce brands offering exclusive online deals and discounts.
E-commerce brands can expect the Christmas & New Year Sale in 2024 to be even bigger and more successful than ever before.
Benefits of Participating in Sale Events as an E-commerce Seller
As an e-commerce seller, taking advantage of these event events can help you reach a wider audience, clear inventory, and offer exclusive deals and discounts to attract and retain new customers.
This section will discuss the benefits of participating in sale events as an e-commerce seller.
- Increased sales and revenue
Participating in sale events is an excellent way for e-commerce sellers to increase their sales and revenue. With the massive influx of shoppers during these events, you can reach a wider audience, showcase your products and services, and ultimately increase your chances of making a sale. This is especially true during popular events like the Great Singapore Sale, 11.11 Singles’ Day, and Black Friday, where consumers specifically seek discounts and deals.
By taking advantage of these events, you can increase your sales volumes and improve your revenue streams. This can be particularly helpful if you’re trying to grow your business or break into a new market segment.
- Exposure to a wider audience
Sale events are not only great for boosting sales, but also for increasing brand awareness and exposure. These events attract a huge number of shoppers from all over Singapore, and beyond, who are looking to find the best deals and discounts.
By participating in these events, you can get your brand in front of a much larger audience than you can reach on your own. This increased exposure can help you to attract new customers, build your brand reputation, and ultimately grow your business.
- Opportunity to clear inventory and make way for new products
Sale events are also an excellent opportunity to clear out old inventory and make way for new products. If you have items in your warehouse for a while, this can be a great chance to move them out and free up space for new products.
By offering special deals and discounts on these items during the sale events, you can attract customers who might not have otherwise been interested in buying them. This can help you move more inventory and generate additional revenue while making room for new products.
- Ability to offer exclusive deals and discounts
One of the consumers’ biggest draws of sale events is the opportunity to get exclusive deals and discounts. As an e-commerce seller, you can take advantage of this by offering special promotions and discounts during these events.
Offering exclusive deals and discounts can attract more customers and generate more sales during the event. This can help to build customer loyalty, encourage repeat business, and ultimately grow your revenue streams.
Participating in sale events can be an excellent way for e-commerce sellers to boost their sales, increase brand exposure, and generate additional revenue. By taking advantage of these events, you can offer exclusive deals and discounts, clear out old inventory, and reach a wider audience.
Tips for E-commerce Sellers to Maximize Sales During Sale Events
Participating in sales events can be an effective way to boost sales and revenue for your e-commerce business.
However, it’s important to approach these events strategically to ensure that you’re getting the most out of them. In this section, we’ll share tips to help you maximise sales during sale events.
- Plan your inventory and stock up on popular items
Before the sale event begins, it’s important to take stock of your inventory and ensure you’re well-stocked on the products that are likely to be popular. This will help you avoid stockouts and ensure that you can fulfil orders in a timely manner.
Analyse sales data from previous events to inform your inventory planning for upcoming events.
- Create a dedicated landing page for the sale event
Creating a dedicated landing page for the sale event can help you focus your marketing efforts and develop a sense of excitement around the event. This page should feature information about the event and details about the products that will be on sale.
Use eye-catching graphics and calls to action to encourage visitors to make a purchase.
- Offer exclusive deals and discounts
One of the most effective ways to drive sales during a sale event is to offer exclusive deals and discounts to customers. These can include percentage discounts, free shipping, or buy-one-get-one-free offers.
Ensure that your offers are compelling and provide real value to your customers.
- Leverage social media and email marketing
Social media marketing and email marketing can be powerful tools for promoting your sale event and driving traffic to your website. Use social media to create buzz around the event and encourage your followers to share your posts with their networks.
Send email campaigns to your subscriber list, highlighting your exclusive deals and discounts and providing a link to your dedicated landing page.
- Optimise your website for a seamless user experience
During a sale event, your website is likely to experience increased traffic, so it’s important to ensure that it’s optimized for a seamless user experience. This includes optimising load times, providing your checkout process is streamlined, and ensuring your site is mobile-friendly.
- Use scarcity tactics to create a sense of urgency
Creating a sense of urgency can be an effective way to encourage customers to purchase a sale event. Use tactics like limited-time offers or limited stock to create a sense of scarcity and encourage customers to act quickly.
- Provide excellent customer service and support
Finally, it’s important to provide excellent customer service and support during sales events is important. Ensure your customer support team is well-equipped to handle any questions or issues and communicate clearly and timely throughout the sales process. This will help to build trust with your customers and encourage repeat business in the future.
- Partner with a reliable logistics and fulfillment provider
Logistics and fulfillment are critical in ensuring successful sale events for e-commerce sellers. Partnering with a reliable logistics and fulfillment provider like Locad can help sellers streamline their operations and ensure timely delivery of orders, leading to higher customer satisfaction and repeat business.
With Locad’s cutting-edge technology and experienced team, sellers can focus on maximising sales during sale events while leaving the logistics and fulfillment to the experts.
In conclusion, participating in sales events is an excellent way for e-commerce sellers to boost their sales and revenue. By following the tips mentioned in this article, sellers can maximise their success during these events and take advantage of the opportunities they present.
At Locad, we understand the importance of sale events for our e-commerce partners and are committed to helping them succeed through our reliable and efficient logistics and fulfillment services. Contact us today to learn how we can help you succeed during sale events and beyond.
Inventory Tracking Softwares For Ecommerce Sellers
There are a number of softwares to help e-commerce sellers keep track of their inventory. Some of the most popular options include:
Shopify Inventory: Shopify Inventory is a built-in inventory management system that is available to all Shopify merchants. It allows you to track your inventory levels, set reorder points, and generate inventory reports.
Zoho Inventory: Zoho Inventory is a cloud-based inventory management system that offers a variety of features for e-commerce sellers, including inventory tracking, order management, and barcode scanning.
SkuVault: SkuVault is a cloud-based inventory management system that is designed specifically for e-commerce businesses. It offers a variety of features, including inventory tracking, order fulfillment, and reporting.
Orderhive: Orderhive is a cloud-based inventory management system that is designed for multi-channel e-commerce businesses. It allows you to manage your inventory across multiple sales channels, such as Shopify, Amazon, and eBay.
Cin7: Cin7 is a cloud-based inventory management system that is designed for medium and large e-commerce businesses. It offers a variety of features, including inventory tracking, order management, and warehouse management.