Crucial Factors Affecting Ecommerce Businesses in Singapore

The e-commerce revenue in Singapore is expected to reach $10 billion by 2024. 40% of which is expected to come from mobile ecommerce.

If you are thinking of starting up a company to exploit this booming industry, this article is for you.

We’ll explore the main factors that will affect ecommerce businesses in Singapore over the next few years.

Ecommerce Businesses in Singapore

Trends Affecting Ecommerce Businesses in Singapore

Ecommerce has become a natural part of businesses in today’s world and most owners are looking at ecommerce marketing service to boost their online brand and sales.

Singaporeans are increasingly shifting their businesses online. This has led to a massive surge in online shopping in Singapore.

Even then, the world of ecommerce is changing and there are several trends that are shaping it.

Consumers are turning to Social Media shopping

Today, social media is no longer simply about ‘sharing’, ‘liking’ or savvy pictures.

Shoppers are now following brands on social ecommerce platforms.

In Singapore, these platforms have made it easy for followers of e-commerce businesses to purchase their e-commerce products directly from their platforms.

Companies that post on social media are trying to connect with their current customers. 

If your online store is b2b, here’s the guide to B2B eCommerce.

More Singaporeans Prefer Shopping Online

Singapore is currently experiencing an e-commerce industry boom. One in five Singaporeans prefer shopping online.

In the past year, the market revenue per user was over $1,000 and this figure is expected to grow by 11% annually over the next 5 years. 

AR & VR are Becoming Popular

Online stores need to show their products to customers.

The ability to communicate an idea to a potential customer; and to help that customer visualize the product they desire is one of the keys to successful sales.

The entry of AR and VR has brought about positive changes. Brands are leveraging new apps that help them to visualise how products like furniture or home fittings will look in their homes.

It’s good to have new technology that’s so cool and that makes showcasing products so much easier to do so.

Online Businesses and Customers are Becoming Environmental Conscious

Due to their awareness of the importance of protecting the planet, customers of ecommerce businesses in Singapore have become more environmentally friendly today.

Consumers want to support companies that are committed to reducing their carbon footprint. 

Challenges of Doing Online Ecommerce Business in Singapore

The most obvious challenge is Singapore’s limited population.

At 5.85 million, Singapore has the second-smallest population in all of Southeast Asia.

The market for mobile payments is a rapidly growing area for commerce. It’s becoming increasingly difficult to compete in this growing market without taking the time to carefully research your prospects.

As Singapore is the prime target for global ecommerce stores, it’s a challenge to stay relevant in the market.

Important E-Commerce Company Website Design Considerations

When designing an ecommerce site, some important factors come into play.

It depends on the niche, company culture and the type of products you offer.

If you want your online store to stand out from the crowd and generate more sales, you’ll need to follow certain best practices while designing your website.

High Quality Graphics

Quality graphics and big images are important to customers who buy products online.

They don’t want to see your products, they want to see the products themselves.

Online commerce transactions are often done virtually, and you need to provide pictures of the products you’re offering.

It is important to always take photos from all possible angles, and having them in high definition graphics makes them look a lot better.

Your photos should be zoomable and your site should accommodate as many images as possible without slowing down the page. 

Include Detailed Product Descriptions

Write descriptive product descriptions for all your product categories. They are vital to customers’ decision-making process.

You may want to consider short and concise descriptions for your product line. These should describe what your product does and how it works.

The most important information about a product should be placed next to the call to action. You can place more detailed descriptions further down the page.

Create a Sales Funnel

An optimised sales funnel is a must for ecommerce sites. The funnel guides a buyer through the different stages of their buyer’s journey. A good one would encourage them to eventually make a purchase.

Funnels often include a homepage, a search result, product pages, and checkout elements.

Make Your Pages Shareable 

Happy customers will tell others about your e-commerce business; making it imperative to have share buttons that they can use.

By placing share buttons throughout your site, you’ll get more free traffic and free advertising for your business.

Ecommerce Sites in Singapore Should Simplify Checkout Processes

Make it easy for the customer to complete the order.

You can enable customers to add items to their shopping carts quickly. When they check out, you can collect their billing and shipping information easily.

Avoid a longer checkout process that requires shoppers to enter information on separate pages.

Such tedious sequences will cause your e-commerce sites to experience high cart abandonment rates. 

Ecommerce Businesses in Singapore – Conclusion

In recent years, the Singapore e-commerce market has grown from a field that was limited to large companies to one that is accessible to everyone.

Anyone can get into the business. If you’ve got the drive to succeed and the ability to learn, it’s easy to make a good living with the right online business model.

The ecommerce industry in Singapore is headed in an upward direction and will only get better with time thanks to the grants and support the government offers to SMEs.

Be sure to keep up with online trends and continue applying the best online marketing strategies to generate sales and reign supreme in this lucrative industry.

You can increase your sales by running the right digital marketing campaigns. With the right results, you will have loyal, paying customers.

You can also use multiple e-commerce platforms to increase your visibility for your product listings.

The economy of Singapore is stable. The country has a technology-savvy population and the country is connected to good broadband internet. This means that we can confidently say that ecommerce businesses are here to stay.

Contact Blazing Conversions to explore how you too can take advantage of the e-commerce boom in Singapore.

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