How to Succeed as an E-commerce Entrepreneur in Singapore

Posted by InCorp Global on January 17th, 2022

As the pandemic reshapes consumer behavior worldwide, more and more people in the region are shopping online and Southeast Asia’s digital economy saw significant growth especially in Singapore.

In Singapore, you can shop online for almost anything. From groceries, consumer goods, and even a piping hot meal, anything is possible these days thanks to online shopping.

Nowadays, we can’t imagine a world without the internet. Tons of brands have shifted from brick & mortar businesses to going fully digital.

But as one would expect, competition is extremely steep. The eCommerce industry is getting more and more saturated as we speak. To stand out, it is not enough to go digital, you have to wow your target audience.

Recipe for Success in E-commerce in Singapore

Every industry has its fair share of secrets and success factors. The e-commerce sector is no different. Now that you know what the basic requirements are, it’s time to reveal the secret ingredients that can take your e-commerce business to the next level!

Pricing

Everyone knows how product pricing can impact the customer’s decision to choose between brands and this holds true for e-commerce.

Reliable Delivery Services

“At your doorstep”, literally. A cornerstone of e-commerce is the speed and convenience that comes with it and this would not be possible without reliable delivery services. 

Omnichannel Approach and Accessibility

The e-commerce landscape is fast-moving and ever-changing with consumer demand shifting each day. Having an omnichannel approach can massively impact your brand perception as one that is accessible across. Being within reach of your customers on multiple platforms like websites and mobile apps can extend your influence in many different spheres of people and can potentially translate into more leads.

Flexible Payment Methods

The electronification of payments has catalyzed the rise of alternative payment methods like wireless payment, digital wallets, e-banking, and more. Along with the e-commerce age, paying cash on delivery has been a newly introduced feature.

Impressions

Humans are largely visual creatures, so a good web design will go a long way to making a lasting impression on your customers.

Top-tier Quality

Last but not least, quality. When the e-commerce ship just began to sail, people were unsure of the standards and cultivated the notion that online products were scams or unreliable. This halted businesses from selling online for fear that the stigma might affect their sales. Increasing your credibility as an e-commerce business is a vital part of your success and here are some ways to get you started on building that: 

• Partnering with trusted delivery services and selling your products on well-known platforms like Shoppee or Lazada 
• Advertising your products through influencer marketing 
• Post customer reviews on your e-commerce site or social media account 

Read the full version of this article about success factors in starting an ecommerce business in Singapore at this InCorp Global blog.