With the development of Asia's digital economy, Singapore hopes to become an e-commerce hub. E-commerce in Southeast Asia is increasing. But what makes Singapore unique are its policies and initiatives that help create an environment for the digital industry and digital economy to flourish.
E-commerce (e-commerce) is the activity of buying or selling products electronically through online services or the Internet. E-commerce is based on technologies such as mobile commerce, electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automatic data collection systems. Due to the development of the Internet, this type of commerce has grown rapidly.
Electronic commerce appeared in its earliest form some 40 years ago. Since then, with the help of new technologies, better Internet connectivity, increased security of payment gateways, and widespread adoption by consumers and businesses, e-commerce has helped countless businesses grow and develop.
The demand for e-commerce stems from the demand of banks and businesses to use computers more efficiently. As competition intensifies, organizations need to improve customer satisfaction and information sharing. Electronic commerce began with the introduction of electronic funds transfer (EFT) by banks.
Online retailing (E-tailing) is the sale of goods and services through the Internet. E-tailing can include business-to-business (B2B) and business-to-consumer (B2C) sales of products and services.
Why Singapore's e-commerce market attracts businesses?
Singapore has long been the preferred destination for many international companies to set up their regional headquarters. The country’s tax and legal system is considered to be one of the most investor-friendly countries in the world and its financial industry is well integrated into the global world market. Singapore has a well-developed infrastructure in terms of internet connectivity and logistics infrastructure. Singaporeans have a relatively high per capita purchasing power in other Southeast Asian countries. For new ecommerce businesses looking to expand into the country, Singapore has a lower barrier to entry. Singapore is also working towards :
- Promoting the digitization of companies : The government will step up efforts to digitize local SMEs and maximize their digital economy potential.
- Enhancing digital infrastructure: The first initiative is to strengthen Singapore’s digital infrastructure, especially in digital connectivity, data analysis, payment systems and new business innovations.
How Bluebox can help?
As part of Singapore’s e-commerce strategy, the government plans to launch two 5G networks throughout the city and country by 2025. 5G networks are the next generation of mobile Internet connections, which are expected to provide faster speeds.
It has become the “pillar” of Singapore’s digital economy, enhancing the ability of infrastructure to handle large international online sales orders.
As the pandemic has changed consumer behavior around the world, more and more people in the region are shopping online, and Southeast Asia’s digital economy has seen significant growth.
Our team helps the company identify, understand, and respond to changing trends, business models, and opportunities in the rapidly evolving retail environment. Our integrated team provides innovative solutions to solve complex retail challenges.