Describes what a company needs to know to take advantage of e-commerce in the local market and covers prominent B2B websites.
Assessment of Current Buyer Behavior in Market
Singapore’s eCommerce market is growing fast helped by its pervasive, ultra‐high speed, and trusted ICT infrastructure, tech savvy population, and the government’s dedication in embracing the digital economy and achieving its goal of becoming a Smart Nation. The Singapore government envisions the country to be a hub for consumer-centric innovation where companies understand and know their consumers online. It actively supports companies in leveraging IT to develop and expand their businesses. B2B eCommerce transactions have been growing in Singapore and there is a trend of more companies using the country as a base to reach overseas customers in neighboring countries. The Singapore government actively supports eCommerce with various initiatives to help businesses establish strategies locally and abroad while helping them increase sales and productivity. Many Singapore retailers and businesses are adversely impacted by the Covid-19 pandemic. The Singapore government agencies, Enterprise Singapore and Infocomm Development Authority are supporting online business through initiatives and incentives such as the E-Commerce Booster Package and SMEs Go Digital Programs.
U.S. companies interested in selling online to Singaporean and ASEAN markets may wish to join the Singapore Business Federation’s Global Connect B2B Marketplace. Popular commercial eCommerce sites in Singapore include Amazon, Lazada, Qoo10, Carousell, Shopee, E-bay, EZbuy, Zalora, Taobao, and Zaful.
Local eCommerce Sales Rules and Regulations
The Singapore government has strengthened statutes and regulations to boost consumer confidence in eCommerce. U.S. firms interested in doing business in Singapore should be aware of the following regulations and laws:
- Electronic Transactions Act
- Sale of Goods Act
- Misrepresentation Act
- Computers Misuse Act
- Copyright Act
- Trade Marks Act
- Personal Data Protection Act
U.S. companies entering the market will face fierce competition and the market size is relatively small compared to other countries in the region although average revenue per user (ARPU) is the highest in the region.
Local eCommerce Business Service Provider Ecosystem
There are many local fulfilment centers in Singapore including uParcel, iStoreiSend, ezyCommerce, Allsome, WhiteBox and SP eCommerce provides a full service end-to-end managed eCommerce solution. Situated at the crossroads of international shipping and air routes, Singapore is a center for transportation and communication in Southeast Asia. With more than 130 airlines serving some 400 cities, Singapore’s Changi Airport has established itself as a major aviation hub in the Asia Pacific region. Singapore is also a leading international maritime center, connected to 600 ports in over 120 countries. Singapore’s well-developed logistics and infrastructure network has attracted major international logistics companies such as FedEx, UPS and DHL to locate major hubs in Singapore.
A major ecommerce event in Singapore, eCommerce Expo Asia will take place in Singapore from October 20-21, 2021.