Online shoppers in Singapore are ahead of their APAC counterparts, according to a newly released report by PayPal and Ipsos.
69 percent of online shoppers in Singapore make purchases both domestically and overseas.
China is one of the world's largest markets, and it experienced a huge growth in the number of online shoppers now shopping cross-border in 2015.
The country also came in second out of all 29 markets tested in terms of estimated overall online spend.
"China is quickly becoming one of the top online shopping destinations for shoppers around the world. As a virtual fashion retailer based in China looking to capture international demand, understanding the needs of our global customers and seizing their interest at point of sale via a familiar and trusted secure way to pay adds immense value to our business," said Li Bin, chief executive officer of Tidebuy International Limited. " By integrating with globally-recognised PayPal as our payment solution, our customers can shop with us with more confidence, as well as enjoy a safer and more seamless checkout experience from anywhere in the world."
More growth by 2017
The report predicts fastest growth in India, China and Singapore by 2017.The fastest growth is expected in India (53 percent), followed by China (28 percent) and Singapore (16 percent) by 2017.
Consumers in Australia, China, India, Japan, Singapore and South Korea spent an estimated total of US$594 billion in online shopping in 2015.
This amount is set to increase in the future as there will be an even more increase in popularity of online shopping in the region.
US is the top shopping online destination for consumers in APAC. 68 percent of online shoppers interviewed in APAC prefer large 'global' stores such as Amazon when purchasing from another country.
"The data from the PayPal research underscores an opportunity for businesses in APAC to extend their reach to the global market without the exorbitant cost from traditional geo-expansion," said Hamish Moline, vice president, Regional Merchant Services, PayPal APAC. "By identifying the purchasing habits of global consumers, our research allows businesses to harness new trade opportunities around the world."
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