Singapore is a very safe country which is extremely livable and it’s also a wonderful place to do e-commerce. This niche of Singapore industry is growing rapidly and estimates from experts in the financial sector project that the value of the Singapore E-commerce market will surge to over S$7b by 2025. To convert this projection to American dollars, the value of this niche, by 2025, is expected to total 5.4 billion dollars.
Statistics for this article come from experts at Temasek and the results of this study were released in late May of 2016, via Google. To put this statistic into perspective, profits from e-commerce activities which originate in Singapore will exceed those of the casino niche. In 2015, the value of the e-commerce market in Singapore was one billion American dollars.
As you can see, e-commerce is experiencing exponential growth, so it’s definitely a niche to consider if you’re looking for business opportunities in this appealing and scenic, island city-state. You’ll have the ability not only to build and grow an e-commerce business here in Singapore, but you’ll also be able to leverage all of the amazing tech advantages and infrastructure here as well.
It doesn’t get much better than that!
Online shopping represents a decent percentage of the overall profit projection, so this is one option to consider. More and more people are choosing to patronize Singapore-based virtual storefronts in order to find goods and services online. In the future, the margin of market share from e-commerce which is retail sales-oriented is expected to grow by about five percent.
Is E-commerce Right for You?
E-commerce requires a good blend of technical know-how, as well as plenty of marketing savvy. If you’re interested in pursuing e-commerce activities within Singapore, it may be possible to outsource a lot of technical tasks, provided you’re not particularly strong in that area. However, it’s always good to understand what’s involved with putting together a superb e-commerce website and with keeping a website functioning effectively. Singapore is pretty strong on tech, so you should be able to outsource to a team with excellent skills or put together just the right e-commerce team, from Web development to mobile marketing and beyond.
At present, Singapore is doing a lot to help new tech start-ups flourish. There is talent in this area and the government recognizes this and wants to support it. There is even a Singapore version of Silicon Valley being established here, a place for tech startups to really building roots and growth – not only in Southeast Asia, but all over the world as well.
It’s an exciting time to be in the tech community of Singapore, for sure!
Now that you know more about the big growth which is projected for the e-commerce industry, you’ll have a deeper understanding of where part of the Singaporean economy is headed. Since Singapore has a very low crime rate, as well as a host of other benefits, it’s a good place to base an e-commerce operation.