How to start an E-Commerce Business in Singapore?Posted by Paul Hype Page & Co on March 17th, 2021 Introduction An e-commerce business is no doubt one of the fastest-growing industries in the world in the 21st century, especially after Covid-19 hit the world. With the on-going COVID-19 pandemic, consumers have changed their shopping behaviors. To ensure their safety, the number of consumers who prefer online shopping in the comfort of their homes is increasing progressively.
What to Sell? The competition is fierce in the e-commerce world. Even the e-commerce business looks promising in this era, to start right, you need to source the right product/service to sell. Otherwise, you might risk your e-commerce business failing. The e-commerce market and demand are dynamic. As a business owner, you need to ensure the products/services you sell online have a constant demand from your target audience. There is no perfect formula for this. As such, coming out with thorough market research before starting your e-commerce business will be helpful. The process of deciding the type of commodity to sell in Singapore depends on several factors:
Selecting the Perfect Brand Name A brand name is crucial for all businesses. You need to ensure you choose a notable and memorable brand name for your e-commerce business. It will help your customers to remember and differentiate your e-commerce business from the competitors. You must also make sure your chosen business name meets the ACRA requirement. ACRA will reject all proposed business names that are nasty, a business name that is similar to an existing business or company in Singapore, or any names that are being reserved by a business or Company in Singapore.
Incorporate the Business Like any other business, you need to incorporate a company to start an e-commerce business in Singapore. Registering your company in Singapore is a tedious process when you have no clue where to begin with. There are many requirements and procedures to be met during the incorporation process. It would be best to engage a professional service provider like Paul Hype Page to assist you in the procedure if you are inexperienced.
Choose Your Vendors Wisely If you are going to sell products instead of services, you must choose your vendors wisely. To remain profitable for your e-commerce business, it will be favorable for you to engage with suppliers and vendors that can offer you lower price. One means to do so is to establish the right and solid connections with your vendors. Often, you stand a better chance to obtain a premium price for your goods when you are a regular to your vendor.
Create the Right Webstore Having a clean and simple webstore that allows a seamless shopping experience for the customers is crucial for any e-commerce business. If you are inexperienced, you may engage a professional service provider with help in creating the perfect webstore. Paul Hype Page has experience working with various clients with knowledge in web design and it is our please to assist in this field.
Market Your Business As e-commerce business activity is mainly online, exercising online social media sites to market your business would be impactful. Some powerful digital marketing platforms in this century are Facebook, Instagram, YouTube, and Google. To drive traffics to your e-commerce platform, you should invest in Facebook, Instagram or YouTube ads instead of traditional advertising. It will bring you better return of investment as your potential clients can surf your webstore immediately once they click into the ads.
Post-Transaction Customer Support Lastly, you must ensure your e-commerce business have a well-built post-transaction customer support system. Building a positive relationship with your customers can help in boosting your brand’s image in the targeted market. Existing customers may also seek post-transaction support, such as customer support, product explanation, any other post-transaction questions. Having robust post-transaction customer support can provide a positive image for your brand.
To get comprehensive information on this topic, please refer to Starting an E-Commerce Business in Singapore article. Paul Hype Page & Co, established in 2008, is a Full Practicing Member of the Institute of Certified Public Accountants of Singapore (ICPAS). Paul Hype Page also registered as a Public Accounting Firm with Accounting and Corporate Regulatory Authority (ACRA), offering consultancy services relating to Singapore Company Incorporation, Accounting, Auditing, Taxation, Immigration, and related compliance services.
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