Ecommerce in Singapore
- February 27, 2017 at 17:00 #8101
I am Jeremy and am PR and Content Marketer at iPrice Group.
Recently, the Singaporean government has allocated S$80 million to invest in ecommerce and helping brick & mortar shops adopt technologies with the ‘Go Digital’ programme, it is definitely an encouraging thing to see SG’s support for the industry.
Recently David Chmelar, co-founder and CEO of iPrice commented:
We applaud the initiative announced by the Minister of Finance, Mr Heng Swee Keat to encourage small and medium enterprises (SME) to adopt digital technologies and embrace innovation for FY17. We believe the Go Digital Programme will play a pivotal role in helping SMEs adopt and grow further through digital technologies.
As we are aware that 99% of Singaporean enterprises comprises of SMEs and contributes nearly half to Singapore GDP, not all businesses have moved their brick and mortar operations to the digital space. Though indicated by Google and Temasek that the industry is expected to become a S$7.46 billion industry by 2020, a survey by DP Information Group indicated that only 21% of SME are implementing business strategies that raises productivity through IT related investments.
Businesses must realise there is much potential in ecommerce and Singapore is a great place for them to move into the ecommerce space. Currently, Singapore has the most mature payment infrastructure in Southeast Asia (SEA), with more than 73% of Singaporeans are connected to the internet and has the best logistics and supply chain in Asia. To this end, SMEs must realise the huge potential of ecommerce and adopt digital technologies in order to grow and be competitive.
To create further opportunities for online businesses to grow, iPrice Group has been single minded in assisting online retailers gain further revenue and traffic through effective affiliate marketing solutions. In two years, we have garnered more than 160 partner merchants who are mainly SMEs, and are assisting them market more than 6 million products to Singaporean shoppers.
As we operate in seven countries in SEA, Singapore remains a very important market for us. Despite the smaller population, the high internet penetration market makes Singapore an interesting market. In addition to this, the average basket size in Singapore is more than 60% as compared to regional average and therefore solidifying the fact that this market is not to be underestimated in SEA.
On top of this as Amazon coming into the region through the city-state, this would definite promote healthy competition and therefore spur growth within the sector. As shown in markets such as Japan, Amazon’s entrance into Rakuten’s territory at the turn of the millennium has helped boost the Japanese ecommerce and we should expect to see the same happen in Singapore as well.
What do you think of this move? Let me know your thoughts!February 28, 2017 at 15:54 #8110
Which SEA market is your biggest source of revenues? Singapore or Malaysia? or another one?
Can you tell us about your average revenue per visitor (or 1,000 visitors) to your site by country? Or maybe if that data is too sensitive, the comparative revenue/visitor between the different SEA countries, especially Singapore VS Malaysia?
You must be logged in to reply to this topic.