Online business is a fantastic and excellent growth opportunity for both new and established business. This has been made easier as the internet has linked the whole world and different tools and apps have made it possible for anyone globally to get started irrespective of technical skills. In Singapore, there is a large population that shop online mostly after working hours. This is because Singaporeans are known to be workaholic and thus got limited time to go shopping.
Research by iprice showed that all merchants are offering credit cards in Singapore at 100% and the second way of payment is not well developed as it is bank transfer at 38%. This data is as a result of Singapore being among the top state for cashless money. The Singaporean put more emphasis on the convenience of online shopping payment.
In Singapore, more businesses should be using e-commerce to increase their profit. This is because through e-commerce the product will reach a larger population in all parts of Singapore. This will lead to huge profits that will develop the business massively. It will also be easier to get more customers as when the product is advertised online more people get informed some of them ordering it.
There is a significant increase in the rate of mobile traffic, in Singapore 64% of e-commerce came from mobile and it is growing with time. This is because of the high rate that smartphone users are growing in the country. Singapore has a huge basket size as the consumers are well off which means there is very low poverty level. This means that most people are in the middle class and have a good lifestyle thus online shopping is the most convenient for them.
Local businesses should grab this opportunity and transmit in e-commerce as it is the real deal. This will make the businesses expand which is every business person dream.