E-commerce - the future of Singapore's SMEs
We team up with Voyager Innovation to look at the e-commerce landscape today and why it is important for your business.
Globally, e-commerce is making a name for itself as a viable and often more convenient alternative to brick-and-mortar retail. Shopping brands like Amazon and eBay were just the tip of the spear when they entered the market over 20 years ago—today, several businesses all over the world in the industries of fashion, technology, and even food & beverage have their own online stores customers can buy from directly.
Next frontier for growth
In Singapore, e-commerce is the next frontier for business growth. With a population of 5.6 million, 4.7 million are active daily internet users, and 2.9 million of this number have used e-commerce in their lives. This vast majority gives businesses a large base of potential customers to market to online. There are still millions of new customers to market to in this growing industry, and smart business owners will exploit this early.
Bringing your retail business online may seem challenging as many SMEs face common hurdles like limited resources, experience, and time. We have also seen that third-party web store builders have been valuable to business success. These address concerns like the security of payments, collection of customers' data, attractive web design, optimized delivery schedules, among many others. Even better, they are now able to enjoy exclusive concierge services from e-commerce solutions like TackThis! to help them from the creation of the online store, marketing and management of their online business—all at minimal cost. These help the SMEs reduce the e-commerce difficulties and hence, they can focus on their core business.
A customer centric shopping experience
Having an online store helps you increase your reach online, both locally and globally. As shoppers prefer convenient and time-efficient experiences, so many customers appreciate having their purchases delivered to their doorstep. Online stores are also open 24/7, so if your customer has a smartphone or laptop, making a purchase wouldn’t be limited to regular retail operating hours.
The digital-savvy shopper of 2018 doesn’t just crave products in exchange for cash. This suave, immersive style of shopping is just as important when it comes to creating a store that is relevant and meaningful to the customers it caters to. The best thing about e-commerce is retailers can keep track on buying habits and behavior in order to customize their offers to shoppers' needs. This helps retailers build long-lasting relationships and increase customer retention.
About the contributor
Spun off as one of the most influential groups in our innovation ecosystem - PLDT-Smart, Voyager Innovations has led change in emerging markets, introducing tools that have allowed millions more to participate in the new digital economy and society.