Shopee Supermarkets' Price Lock saves $1m for Singaporean families

The pilot Price Lock initiative aims to assist families with vouchers and markdowns.

Singaporean families were able to save over $1m during the Lunar New Year through the Shopee Supermarkets' Price Lock initiative.

The Price Lock initiative pilot aimed to provide vouchers for new and existing users from 31 January to 15 February 2024.

The initiative offered over 50% discount for customers on groceries and essential goods. It is one of Shopee’s efforts to assist users with stable prices and seamless accessibility during the season. In addition, Price Lock has included the Goods and Services Tax (GST) absorption and other markdowns of more than 200 items.

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Items like beverages and canned goods were amongst the most popular categories, whilst shoppers saved most on food staples, gaining over 65% savings. However, Shopee experienced a 30% surge ahead of the season, and a 50% sales increased, more than in 2023.

“The Lunar New Year signifies a time of reunion and shared joy among loved ones, and Shopee aims to help all Singaporeans fully embrace the festive season. Shopee continues to ensure we deliver real impact where it matters, including keeping essentials within reach so customers can enjoy the best savings amidst price hikes,” Kel Jin Chua, Director of Shopee Singapore, said.