DBS: Up to USD 1.3 billion (SGD 1.67 billion) opportunity in live commerce market in Singapore

Singapore, 11 Aug 2025 - Live commerce, otherwise known as livestream shopping, is growing into a major sales channel in Singapore, with the market set to generate up to USD 1.3 billion (SGD 1.67 billion^[1]) in sales this year, according to new research by DBS. This represents about 40% of the local social commerce market, which is itself anticipated to hit USD 3.2 billion (SGD 4.11 billion) in 2025.

In a first amongst banks, DBS is helping heartland merchants and small businesses capture a slice of this opportunity by offering workshops and live-selling sessions to enable companies to build live commerce capabilities.

Shifting consumer habits driving live commerce

Research by DBS found that an ongoing shift in buying habits – the result of people spending more time on social media than browsing traditional websites – is driving a growth in social commerce at a compound annual growth rate (CAGR) of 16%. By 2030, social commerce sales are expected to double to USD 6.6 billion (SGD 8.47 billion), of which live commerce is expected to account for more than a third.

Compared to traditional e-commerce, live selling offers consumers a more engaging and entertaining experience by enabling interaction with merchants in real-time with the convenience of shopping on-the-go via their smartphones. Sellers also benefit from demonstrating their products to large audiences directly, answering questions and offering real-time promotions.

In addition, viewers are more likely to buy a product, with research showing that conversion rates for livestream selling are up to 10 times^[2] higher than traditional e-commerce, driven by:

• Faster decisions. Shoppers can discover, interact with, and buy a product all within one platform, without having to leave an app, or visit a separate website.

• Higher trust. Seeing a real person use and review a product live builds credibility more effectively than static ads or posts^[3].

Looking ahead, generative artificial intelligence (Gen AI) is expected to further boost the adoption of live commerce. For example, real-time translation tools can help sellers overcome language barriers and reach audiences in a wider range of markets, while Gen AI hosts could run round-the-clock livestreams. Such applications are already being piloted in markets like China.

Helping local businesses build live selling capabilities to better compete

To help local businesses, especially heartland merchants, capitalise on this growing trend and connect with a wider online customer base, DBS has embarked on efforts to help companies build their live selling capabilities.

In April, DBS introduced live selling workshops for its small and medium-sized (SME) clients, in conjunction with the bank’s Heartland Merchant Banking Package^[4]. DBS also worked with TikTok and Boom Media to run two social commerce workshops and three live selling sessions. Over 70 participants received hands-on training in content creation, live presentation and driving viewer engagement.

Several of these companies recently put their new skills into practice at the “SG60: Transforming Businesses for the Future” event, a 60-hour live-selling initiative in celebration of Singapore’s 60th birthday. In partnership with TikTok and Samsung Electronics Singapore, the session ran for 60 consecutive hours from 1 to 3 August and featured 60 local businesses – becoming the longest live-selling stream in Southeast Asia.

Some 87% of participating merchants were first-time live sellers, five of whom were DBS Foundation grantees. The live-selling marathon generated significant reach, capturing nearly 15 million impressions on TikTok.

Chen Ze Ling, Group Head of Corporate and SME Banking, DBS, said: “This is part of our broader effort to help SMEs transform and stay competitive. Live commerce offers a simple, low-cost way to reach not just local customers, but regional ones too – without needing to set up a physical presence overseas. By helping more SMEs tap into this evolving space, we are positioning local companies to seize new growth opportunities, build digital capabilities and connect with tomorrow’s customers in new and impactful ways.”

Sachin Mittal, Head of Technology Research, DBS, said: “Live commerce is no longer experimental. It is becoming part of the everyday online shopping experience, especially for mobile-first consumers. While still at an early stage in Singapore, the potential is significant. What makes live selling so powerful is its ability to close the gap between discovery and purchase almost instantly.”

Heng Juit Wen, Co-Founder, Selenight Co said: “With the support we received from DBS during the SG60: Transforming Businesses for the Future livestream, it gave us the confidence to finally try live selling. As first-timers, we were surprised by how fun and interactive it was. We saw a definite spike in conversions, especially for the SG60 pieces we featured, and new customers discovered us through the livestream. Beyond the sales, the real win was the genuine connection built. Many reached out to us with product enquiries after the livestream. We are already excited to do it again, and we hope to include styling tips and deeper conversations with our audience next time.”

This live commerce initiative builds on DBS’ ongoing efforts to help businesses transform and scale. As customers behaviours shift and digital platforms evolve, the bank is focused on enabling SMEs find new ways to reach and engage their audience.

^[1]All exchange rates as of 7 August 2025. 
^[2]According to research by McKinsey, live commerce has up to 10 times higher conversion rates than conventional e-commerce. Link here.
^[3]According to research by Boston Consulting Group,71% of consumers said video content influenced their purchases. Notably, seven out of 10 consumers trust content they see on live commerce platforms. Link here.
^[4]To support heartland merchants, DBS launched a special SG60 enhanced Heartland Merchant Banking Package in April, marking the third wave of the bank’s SG60 benefits. More details here.

About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 16 consecutive years from 2009 to 2024.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.

DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by uplifting lives and livelihoods of those in need. It provides essential needs to the underprivileged, and fosters inclusion by equipping the underserved with financial and digital literacy skills. It also nurtures innovative social enterprises that create positive impact.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.