I think many people can agree that Singapore embodies the phrase “small but mighty,” and when it comes to e-commerce, there is no exception. Singapore boasts a young, tech-savvy population and some of the fastest internet in the world, being almost three times the speed of the global average, according to JP Morgan.
This powerful combination bodes well for the future of e-commerce in Singapore and Southeast Asia. With the Singaporean government making efforts to make shopping online a more effortless endeavor by providing 24/7 access to public parcel lockers, there’s no doubt e-commerce will continue to dominate for years to come.
Clearly, the time is now to dive into this rapidly growing market, so stick around to find out how you can open an e-commerce business of your own.
Perform Market Research in Your Niche
If you have a product idea in mind already, that’s great! If you’re still trying to figure out how you can break into e-commerce with a fresh product and moderate competition, doing a little research into your preferred niche will likely give you the confidence you need to launch a profitable online store.
The best way to do this is to start with knowing your niche inside and out. X-cart suggests you scrutinize groups of forums in your niche to get your information straight from the horse’s mouth, your potential future customers.
You can also look at trending products on popular shipping platforms such as Amazon or opt for third-party product research tools to get the metrics on trending products in your market.
Choose Your Business Model
Once you feel comfortable in your niche, you have to begin defining who your ideal customers are. A significant part of this is simply choosing one of the many options for conducting sales in use today.
Business to Business, or B2B
This refers to a company that sells to other companies, such as wholesalers to retailers.
Consumer to Consumer, or C2C
With this model, consumers might re-sell products they’ve purchased from other retailers they’ve never used, previously used, or even modified.
Business to Consumer, or B2C
One of the more widely used business models in e-commerce, B2C companies sell their products or services directly to their customers without any 3rd party involvement.
Consumer to Business, or C2B
This model has gained significant popularity in recent years with the rise of influencer marketing, which involves internet personalities selling advertising space to companies.
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Find the E-commerce Platform That Suits You Best
E-commerce platforms are arguably the most straightforward way of setting up your online store, and Singapore is home to some of the leading websites dominating e-commerce today. Platforms are attractive mainly in part due to their convenient integrated customer retention features.
- Free to register your store
- Live chat feature for customers to communicate directly with sellers
- Sales Manager feature tracks all orders, product listings, and shipping
- High user traffic in Southeast Asia
- In-house shipping assistance with any of their warehouses in Hong Kong, China, or Singapore
- Comprehensive courses on effective marketing with Lazada Academy
- Fully customizable store-front
- Powerful SEO features to get your store noticed
- Can sell used items
- Cash-on-delivery payment option
- Two-way reviews and rating system
Develop Your Reliable Marketing Plan
Now that you’ve set up shop, you have to think about how you’re going to get the word out that you’re open for business.
There is an array of options for driving traffic to your store that converts into sales, and choosing the right ones depends on your brand voice and your sales goals. These can include pay-per-click ads, social media, or sponsored content.
But the very first step, according to internet marketing expert Darren DeMatas on ecommerceCEO, is to create an email list through the use of an opt-in freebie on your website. He says, “Running a giveaway is my go-to marketing tactic to get traffic and subscribers quickly.