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Meanwhile across other Southeast Asian markets, namely Singapore and Thailand, the ecommerce share of retail sales dipped in 2023 as offline activities gradually returned to pre-pandemic levels, and that share will remain flat in 2024. To view the full forecast, click here.

Note that GWI interviews and represents each country's online population ages 16+ (in Canada, Hong Kong, Japan, Israel, Singapore, the UK, and the US) or ages 16-64 (in other markets)鈥攏ot its total population.

Shein: founded in China in 2008 and now headquartered in Singapore. Alibaba: launched in 2010 with AliExpress to sell products made in China to overseas markets; and Miravia, a new marketplace operating in Spain. TikTok Shop: launched in the UK in 2021. Temu: launched by PDD Holdings in 2022 and in European markets in 2023. Temu and Shein have invested heavily in customer acquisition.

Asia-Pacific is key to TikTok鈥檚 growth thanks to its expanding number of users, swelling middle class, and friendlier political environment. Which countries are leading the way, and how will TikTok continue its growth?

The DSIT鈥檚 AI Safety Institute also established a new partnership with Singapore to expand research, information sharing, and testing of AI between the two countries.

Sustainability awareness is high in Asia-Pacific, where the majority of consumers are open to spending more on eco-friendly products. How can brands and retailers capitalize on the green opportunity鈥攚hile also doing good for the environment?

Countries in Asia, like Singapore, have also embraced advertising restrictions as part of broader health initiatives. While ad bans can influence behavior, their effectiveness depends on broader policy approaches and cultural contexts. 鈥淚t鈥檚 complicated,鈥� Cramer-Flood said.

Last year, four of the 28 markets we break out saw negative growth (Hong Kong, Singapore, Thailand, and Chile), and Germany was essentially flat. This year, every country will grow ecommerce sales by at least 3.0%, as the trend of economic stabilization cascades around the world. The US, China, and Western Europe lead the rest of the world in total sales by a wide margin.

Singapore-based Sustainable Metal Cloud (SMC) is developing immersion cooling technology for data centers and has partnerships with Nvidia and Deloitte. Energy constraints have become an enormous bottleneck for AI development, according to Meta CEO Mark Zuckerberg, and developing tech to help large AI companies support their models could be a lucrative new sector.

And junk food bans in the UK foreshadowed in Singapore. The new Labour Government in the UK has confirmed it will go ahead with a plan to ban advertising for foods and drinks high in fat, sugar and salt, dubbed HFSS. This is something that Singapore has had in place, for sugary drinks at least, since 2020. Man-Chung, any learnings for the UK on this one? Man-Chung Cheung (07:31):.