START AN E-COMMERCE BUSINESS IN SINGAPORE
Peisi Chan | 26 May 2021
THE FUTURE NORM OF RETAIL IN SINGAPORE – E-COMMERCE
There is no better time to start an e-commerce business in Singapore than now. E-commerce is still on the rise, though we have seen how brick and mortar is here to stay from our previous post. The emergence of Covid-19 has shifted Singaporeans’ buying behaviour and trends, leading to a sharp spike in e-commerce.
Even before the current pandemic, the e-commerce industry has already been growing at a rapid rate. E-commerce is estimated to grow by more than five times, reaching $7.5 billion by the year 2026. The shift from offline to online shopping reflects opportunities to businesses, including SMEs owners and large incumbent firms.
Here, let’s see how e-commerce will continue its crucial role in the retail industry, becoming the new normal for Singaporeans.
HOW TO GO ABOUT DOING IT?
So, how can you embark on digitalising your business to prevent losing out to your competitors? If you already own a business, you can easily simplify the process. For instance, you can skip the steps of obtaining a product or service to sell or setting up a business name, logo etc. You should instead focus on choosing your sales channels and marketing strategies. As a result, these can drive traffic to your platforms.
WHAT MARKETING STRATEGIES TO EMPLOY?
Firstly, you can use SEO marketing to optimises your website according to the searches by your target audience. Matching the exact keywords your audience is looking for brings traffic to your website. As a result, this helps in building on your brand’s awareness.
Next, a commonly used strategy would be content marketing. This essentially means planning, curating, developing, and publishing content. Content can be in the form of videos, photos and posts, and even blog posts.
With content marketing, it helps you stimulate the interests of your audience regarding your products and services. Most importantly, sharing content frequently helps build an online presence, stay relevant and establish familiarity with your customers.
Thirdly, it is essential to make use of social media posts and paid advertisements. Social media is deeply integrated in the lives of Singaporeans. This translates the effectiveness of tapping on social media to make your brand known to your target audience.
Aside from organic social media posts, you can also look into doing paid advertisements on the various social media platforms, including Instagram, Facebook, LinkedIn and YouTube. This will drive traffic by reaching out to potential consumers.
Not forgetting EDM, an essential marketing strategy. Depending on the nature of your business, you may hold frequent promotions and possess a large customer information base. In that case, you may wish to tap into email marketing, sending your customers a general email for any upcoming launch or promotions.
Additionally, you can also consider using personalised emails which recommends customers based on their previous interest and buying behaviour, just like how Netflix does.
IG & FB SHOPS
Finally, you should leverage on Instagram and Facebook shops. Both platforms offer the feature of creating shops on the platforms. This provides customers with the convenience of shopping directly whenever they come across an item that interests them. These two highly interactive platforms prompt users to be willing to engage with brands.
Apart from that, both are also highly visual-focused platforms, grabbing and retaining the interest of customers. With that, this feature makes this strategy ideal for businesses to hop onto the e-commerce bandwagon.
WHAT PLATFORMS TO USE?
Most importantly, it is crucial for your brand website to be effective. Most of the time, before a customer decides to trust your brand and purchase from you, they will visit your website to find out more. It may be to check out your brand’s credibility through customers’ reviews and testimonials. They may also want to learn more about your other products.
A key point to note is that social media platforms should also be adopted as well. Social media is definitely not an unfamiliar topic by now, and that it is no longer seen as a new form of marketing. It has displaced many traditional advertising means, including flyer distributions.
In Singapore, the 3 most sought after e-commerce sites are namely Shopee, Lazada and Qoo10. Tapping into these 3 platforms will help build an online presence and brand awareness for your business.
THE NEXT STEP
Now that you have an idea of how to go e-commerce, are you looking to take a step further to increase the efficiency and effectiveness of your e-commerce business? Hoping for a seamless single system for you to manage your business, especially across third-party applications such as Shopee, Lazada and Qoo10? 3D Omni Commerce is just the right place to do so! Get started with us today!