Shopping has been dubbed as 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 as the reason for it but, 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 at Singapore, now is the time to act and start offering e-commerce to your customers.
1. Growing Online Shoppers:
Source: Statista 2018
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 up from a $4 billion to $8 billion by 2021. If this does not make you want to get your stuff online, nothing will.
Source: Statista 2018
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 which can be used to focus better on sections of your market geographically or demographically. Like, e.g. If I see a 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 a 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 to 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 2021, the over 4 million online shoppers are expected to be spending over $1700 on e-commerce. 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?
If you are looking for making your startup go digital by having an app or website, contact us for a free consultation on it.