Singapore is set for unprecedented growth in the e-commerce market and the Singapore Business Review reports that it will grow by 48% by 2022, reaching abou $USD 9.98 billion. While Singapore is one of the wealthiest countries in the world it has a population of only 5.8 million souls. Singapore a low unemployment rate coupled with a stable economy in a strategic zone in Southeast Asia, a high-speed internet connexion and therefore, a synamic e-commerce market with a spectacular growth.
A paradise for entrepreneurs who are looking for new opportunities to invest.
Why Singapore is the future of e-commerce?
Data Reportal confirms that Indonesia, Malaysia, the Philippines, Vietnam, Thailand and Singapore spent "US$23.7 billion on online consumer goods purchases in 2018, representing a 27% year-on-year increase". That situation and the location of Singapore, at the center of the Southeast Asian market, is an important asset for entrepreneurs, but it's not the only one.
A lot of Singaporeans are vast with technology and would rather prefer making online transactions than visiting stores in order to make a purchase. The fast internet speed gives them the chance to quickly browse for products and services. With an enormous number of customers who are tech-savvy, it's important to see that this would remain a good place to have set up an e-commerce site since online shopping is now deeply settled into Singaporian consuming behaviours.
Singapore has adopted the English language as one of its official language and this has a pull-on global investors or players in its e-commerce economy. This enables retailers to build trade relations in the country but not only.
Singapore has a lot of different communities with deep roots in their native countries, which is an asset for entrepreneur to reach more market shares, either locally, or within the region. In deed, Singapore is strategically situated in the heart of South Asia making it a relevant hub for logistics and world trade. It lies in the middle of many shipping routes giving access for products to be brought into the country.
What are the solutions to open a store?
Having a store online is not as complicated as it was before, especially thanks to website builders that allow entrepreneurs to create platforms without necessarelly be a developer.
Website builders are platforms that are easy to use and that allow brands to create a store based on a "skeleton", a theme that will be fully customizable to match the user-experience they want to provide. Most of them will also come with arious options in terms of services like payments, marketing, shipping and customer services. This reduces the burden on the retailers by helping them run the merchant online.
At the moment, the e-commerce builder sector is led by Shopify which is one of the easiest platforms to get started. Through a monthly payment, brands can easily set up a shop, choose a theme, add products, benefit from a complete sales channel and fraud analysis feature that will allow them to make their first sales, safely.
When it comes to promote a store, many channels exist through which a brand can get more exposure and create awareness, especially in Singapore where the highly connected population is an interesting playground for smart digital marketers. While it's always good to start with a content marketing strategy, which gives an edge to earn customers by keeping them delighted and in turn sustaining their loyalty, influencer marketing and paid advertising on social networks are among the most powerful channerls in Southeast Asia.
As you can see, Singapore represents an interesting market for entrepreneurs and brands who are looking to establish themselves in the region. While the e-commerce industry is growing, Singapore has many advantages over its competitors. With a stable economy, a connected population, a skilled labour and a friendly business environment, Singapore is ready to go lead the online industry in Southeast Asia, in the coming years.