With over 50,000 businesses contributing to over 320,000 jobs, wholesale trade is an important part of Singapore’s economy. It is one of Singapore’s largest and most diverse industries, with plenty of room for advancement for those with skill and specialization in this industry.
In a marketplace filled with buyers and sellers, the wholesale trade industry specializes in minimizing transaction costs, matching supply and demand, and producing genuine added value for all stakeholders. The wholesale trade industry is one of Singapore’s largest industries with a significant contribution to the national economy, accounting for 12% of GDP and employing over 9% of the local labor.
The business-to-business (B2B) transaction of goods is referred to as wholesale trade. Singapore trades a wide range of products, from commodities to industrial and consumer goods. Brand owners, distributors of other companies’ brands, trading arms of manufacturers and retailers, and large commodities trading houses are all examples of wholesale trade companies.
Singapore’s Consumer Market is Exploding
Top international wholesale trade and distribution firms have established large operations in Singapore. With the assistance of a lively ecosystem and robust trade infrastructure here, wholesale traders are well positioned to take advantage of the region’s growth potential. For example, Singapore handles 30% of Asia’s commodities trading, with close to 80% of the world’s major commodity corporations based there.
Digitalization’s Impact
The worldwide marketplace and commercial activities are being transformed by changing customer demand and technological advancements. So, in 2017 the Wholesale Trade Industry Transformation Map was released. It lays forth measures for the industry to reduce risks and capitalize on opportunities for growth. The Wholesale Trade Industry Digital Plan (IDP), which is aligned with the ITM, is part of the SMEs Go Digital programme, which aims to make becoming digital for SMEs simple and accessible. You can ride the digital wave as a wholesale trade company by implementing digital solutions and automation to optimize your processes and increase productivity. You can also teach new skills to your employees, such as digital marketing and data analytics, which are necessary for conducting business in the digital era.
How Bluebox can assist?
In the continuously changing business industry, Bluebox’s team assists firms in identifying, understanding, and responding to changing trends, business models, and opportunities. Our team provides cutting-edge solutions to challenging wholesale problems.
Manufacturing
Technology, globalization, and the emergence of Asia have all had a significant impact on the manufacturing sector in recent decades. Singapore has embraced Industry 4.0 in response to these global trends, and is expanding its industrial base up the value chain to cement its position as the world’s top manufacturing hub.
F&B and Retail
In today’s fast-paced world, food and beverage (F&B) and retail businesses are under immense pressure to respond quickly to market, technological, and regulatory changes. New company concepts are sometimes required to stay informed and ahead of the competition, even if they are disruptive.
Travel, Tourism & Hospitality
Singapore wants to boost its tourism strategy by focusing on increasing tourist expenditure. Singapore’s tourism industry is a major employer and contributor to the local economy, bringing in more than 19.1 million international visitors in 2019, more than three times the country’s entire population.