Shopping has been dubbed the national sport of Singapore. Yet penetration of online shopping here is very low, compared to even lesser developed economies. While some would call the island geography of the state the reason for it, being one of the most advanced marketplaces in the world, Singapore has got no excuse to take the digital space non-seriously. If you are a local business operator in Singapore, now is the time to act and start offering e-commerce to your customers. In this blog, we will discuss why Singapore businesses should take advantage of eCommerce.
Why Every Singapore Business Should Take Advantage of eCommerce
1. Growing Online Shoppers
The number of people connected to the internet is growing every minute and it is natural that their shopping behaviors are going to be affected by it. The number of online shoppers has increased steadily as shown over the last few years and is expected to touch 4.4 million users by 2021. The Ministry of Communications and Information also admits that ‘e-commerce would make up 6.7 percent of all retail here, triple that of the 2.1 percent figure in 2016.’ The revenues through online shopping are also predicted to double from $4 billion to $8 billion by 2021. If this does not make you want to get your stuff online, nothing will.
2. Knowing your Market
E-commerce lets you have insights into your operations and sales. Being able to analyze your markets is necessary to take targeted action to increase sales. E-commerce not just lets your customers access your product/service easily, it automatically collects and compiles data that can be used to focus better on sections of your market geographically or demographically. Like, e.g. If I see scope for growth of customer base from the Western region for my shoe startup, I would want my strategy to shift from a holistic approach to this particular area. This also comes in handy while planning and strategizing your future.
3. Understanding your Customer
Knowing your customer has always been a tricky road since traditional times. But with e-commerce, you get that easy. When users visit your website or launch your app, you can have insights into how much time they spent on it, what part did they spend the most time on, etc. While providing your customers with more personalized service by having them log onto your app or website, you can enhance their experience with your brand manifold.
4. Greater Revenues
E-commerce offers an opportunity to widen your customer base by transcending physical barriers. Making your service or customers access a larger audience is one way of growing your business. Because in the end aren’t we all trying to make our books profitable? By 2023, the eCommerce market is projected to reach US$8.23bn. The time is ripe, the competition is still low and there is a huge scope for growth. Now the question remains will your business be one of the enterprises to benefit from this or not?
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