RETAIL takings jumped in June on a partial reopening from the two-month 'circuit breaker', but the sector is far from out of the woods. Read more at The Business Times.
The Department of Statistics , which published the sales figures on Wednesday, attributed the rise to a low base from the store closures in May.
Online purchases were 18.1 per cent of the S$2.6 billion in retail sales in June, easing slightly from a spike to 24.5 per cent in May. E-commerce had made up 17.8 per cent of all sales in April and 8.5 per cent in March. Similarly, Web transactions made up 32.7 per cent of June's S$496 million in F&B sales, against 44.6 per cent in May and 39.2 per cent in April.
Online spend on essential categories such as groceries and household goods should continue even after Covid-19 is over, Bain partner Praneeth Yendamuri, who covers consumer products and retail, told BT. Still, Prof Chu warned that there is a ceiling to e-commerce adoption, with even the more advanced market of China seeing online sales make up 20.7 per cent of all retail in 2019. Singapore e-commerce likely peaked in May and will not hit those heights again for one to two years, she told BT.
But Dr Wee was mixed on whether campaigns like the ongoing digital Great Singapore Sale, or eGSS, can drive online sales in the near term. She cited a cautious climate as a possible barrier to discretionary spend.
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