Ecommerce is the modern form of business where trading is done online. It refers to electronic interaction between businesses and their current and potential customers.
Ever since the shift from traditional form of business online, ecommerce business is becoming the dominant form of business worldwide.
Ecommerce In Singapore
Ecommerce in Singapore has also developed over time. The majority of Singapore’s population is now engaged in online shopping. Many prefer trading through the internet.
With more and more people shopping online, it has become easy to make money using ecommerce business in Singapore.
Keeping in view modern shopping trends and business models, it has become essential for businesses to adapt to these new ecommerce trends.
The accelerated growth of online shopping has led businesses to reach millions of customers within a short time period.
You can now find a wide range of products on different internet shopping platforms.
Massive Ecommerce Growth
Ecommerce in Singapore has become so massive that it has now important for businesses to understand the dynamics of the latest trends.
Amazon, eBay, and Ali Baba Group are among the top ecommerce business worldwide having footprints in the Singapore market.
They have seen enormous growth in their ecommerce business by analysing consumer behaviour.
Amazon’s global net sales figures in the third quarter of 2019 reached 70 billion U.S dollar which is huge. This is 10% higher than the previous year’s third-quarter net sales figure.
This figure shows the huge potential in investing in the ecommerce industry. It is expected that the number of global online buyer’s will reach 2.05 billion in 2020. This represents 25% of the total world population of 7.7 billion.
But the trend will not stop there, it is expected to hit 2.14 billion in 2021.
What makes Ecommerce Trends so important for businesses?
It is vital for businesses to adapt to fast moving ecommerce trends if they want to succeed in this competitive market.
Millions of people around the world are connected to the internet through social and online media. Customers can visit your site at any time. You make money using ecommerce 24/7 and 365 days a year.
It gives you the freedom to do non-stop business. However, it is also important for businesses to understand the latest digital marketing strategies such as Social media marketing, SEO, web design, and sales funnels.
SEO and social media marketing help you drive large volumes of traffic to your website quickly. Interactive and eye-catchy web design forces users to stick to the page and spend a longer time for each session spent on your webstore.
The longer the time users are engaged on your page, the greater the chance of converting them into online sales.
These online marketing strategies are vital to the success of every business whether it is a start-up business or established.
Make Money Using Ecommerce Business In Singapore
Due to its high rate of internet penetration, Singapore is one of the leading markets in the world for ecommerce. It’s time for businesses in Singapore to understand this reality; transforming their businesses from tradition to online models
According to GlobalWebIndex, about 3 quarters of internet users in Singapore, between ages 16-64, shop online.
Singapore is a huge ecommerce industry with 5 million internet users that make up 85% of the total population.
With such great potential, hungry businesses are competing to get market share.
GlobalWebIndex also reported that 85% of total internet users in Singapore made an online purchase.
More Singaporeans are shopping online than ever before. According to Statista, Singaporeans spent US 8 billion on online shopping spending more on clothing, groceries, furniture, and toys.
The exponential growth of ecommerce in Singapore has motivated international investors to enter this lucrative market and enjoy high returns.
The growth in online shopping in Singapore is so massive that local businesses are leading the ecommerce market. They are leaving behind even giants like Amazon and eBay.
Lazada.sg is the top-ranking website with 7.43 million web traffic as of March 2019 figures.
Meanwhile, many local entrepreneurs are looking to earn money using ecommerce business in Singapore
Looking to Start an Ecommerce Website Singapore?
If you are looking to start an online entity and make money using ecommerce business in Singapore to enjoy high profit margins while leveraging the growth trend, consult professionals.
It will save you a lot of time and effort by engaging ecommerce consultants.
With dedicated teams for web design, product research and digital marketing; a professional agency will be a valuable partner who can save you time and effort of building the business by yourself.
An ecommerce agency has the knowledge to build processes quickly and experience to know what already works in the online market. They also save you the effort of trying to figure things out yourself.
For example, you can rank highly on Google with effective SEO marketing strategy implementation within months. High demand traffic will boost your sales.
This lowers your financial risk of having inventory without being able to find customers.
Having experts by your side to help you will give you a competitive edge over your competition.
A professional agency will handle all aspects of the project including finance, product research, website design, marketing, fulfillment and customer service.
They will also provide you with regular reporting and updates on the project. This way, you will always be in the loop and know what’s going on with the project at any given point in time.
If you decide to work with an ecommerce consultant or agency, make sure they have the following five traits. If they don’t, it will be very difficult for them to be successful in building your ecommerce business.
Traits Of A Successful Ecommerce Consultant Or Agency:
- They Have A Clear Vision Of How The Project Should Be Completed And What Results They Expect To Achieve.
- They Are Willing To Learn About Your Business And Work With You To Find Solutions That Are Suitable For Your Needs.
- They Are Flexible Enough To Change Their Mindset And Approaches When Necessary.
- They Communicate Well And Keep You In The Loop At All Times.
- They Are Responsive To Client Needs And Deliver On Time And On Budget.
- They Are Honest And Tell You The Truth Even When It Is Hard To Hear.
Before you decide to take a deep dive to make money using ecommerce business in Singapore, it makes sense to outsource this important task to someone who is an expert in this field.
Outsourcing leverages skills of others that you do not have. It also lowers your operational costs such as office rent, capital and utility costs for more manpower.
Not having to worry about managing staff, you can concentrate on improving your operational efficiencies to achieve your business goals more quickly. Develop a strong brand and ecommerce business by hiring Blazing Conversions Ecommerce Consultants today. Click here to get in contact with us.