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 specialisation in this industry.
In a marketplace filled with buyers and sellers, the wholesale trade industry specialises in minimising 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 labour.
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.
Digitalisation’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 capitalise 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 optimise 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.