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Great Online Shopping Festival expects Singapore e-commerce transaction value to double, uses digital tokens to prevent data theft

GOSFThe value of e-commerce transactions in Singapore is expected to double over a three-day period for the Great Online Shopping Festival, the citystate’s answer to Black Friday in the US and Singles’ Day in China.

Starting on midnight on 2 February, 60 brands including Airbnb, Adidas, Courts, Zalora and Rakuten will use a common platform to bring Singaporeans discounted deals for 72 hours as the Chinese New Year festive period approaches.

Marcello Wesseler, SVP of e-commerce at SingPost, the provider of logistical support for GOSF, said at the launch event in Singapore’s Orchard shopping district this afternoon that he hoped transaction value would “double” for the inaugural online shopping festival, and an increase of 30-40 per cent would be a “good” outcome.

Lim Bee Bee, the head of marketing for consumer banking at DBS Singapore, another major supporter of the event, said she hoped GOSF becomes “as big as Black Friday” and helps Singaporeans get more comfortable with shopping online.

Marcelo Wesseler, Lim Bee Bee and Joanna Flint

Marcelo Wesseler, Lim Bee Bee and Joanna Flint

In answer to a question from Mumbrella about cyber security the day after social networks Facebook, Instagram and Tinder were taken offline by hackers, Wesseler said that a customer credit card information would not be stored on the platform, and digital tokens used in transactions, so security was “not a big concern”.

The discounts being promoted include up to 90 per cent off electronics, 80 per cent off fashion brands and 70 per cent off beauty products. The first 2,000 customers to spend more than S$168 using a DBS or POSB card will get an additional 15 per cent rebate or up to $100 off.

Joanna Flint, the Singapore head of Google, the company which devised GOSF, noted that 70 per cent of shoppers in Singapore research purchases online, and about half of these go on to complete their purchases online. She added that 12 per cent of internet shoppers in Singapore do so on their mobile devices – more than in the UK, France or Japan.

The value of the e-commerce market in Singapore hit S$4.4 billion in 2014, up from S$1.1 billion in 2010.

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