Singapore has one of the most digitally active populations, with an internet penetration of 84%. So, when it comes to shopping, a large proportion opts to go the digital way. Almost 73% of the digitally savvy population of Singapore has used an online device to purchase a product or service.
The e-commerce industry is one of the booming industries in Singapore and in fact, by 2025, the e-commerce revenues are expected to touch S$ 7 Billion.
As such, Singapore is a hotspot for local as well as international players to set up an e-commerce business. But if we were to look at the facts and statistics on the e-commerce market in Singapore, it is the local brands that turn out to be the preferred ones.
In this blog, we will quickly take you through some of the top e-commerce brands in Singapore. Following that, we will also lead you through quick tips and tricks on setting up an e-commerce business in Singapore and how you can build an online presence for your brand.
Here are some of the top e-commerce brands in Singapore-
Headquartered in Singapore, and formerly known as GMarket, Qoo10 is an online marketplace offering products for women’s fashion, home & living, food & dining, sports, and so on. Qoo10 is known for its range of Korean products and is one of the top e-commerce sites in Singapore.
There are about 1.6 million registered users on Qoo10 from not only Singapore but also Japan, Malaysia, Indonesia, China, and Hong Kong. These numbers are only expected to go up as the brand is planning to expand to other Asian countries.
If you want to set up your online e-commerce business, then Qoo10 sets the perfect example you can look up to.
Lazada is another one of the top e-commerce brands in Singapore. Lazada has over 550 million consumers from 6 different countries and receives estimated traffic of 8 million.
This e-commerce brand is like a virtual department store and marketplace where consumers can buy anything and everything. The product range offered at Lazada come in the categories of fashion, electronic devices, health & beauty, home & lifestyle, grocery & pets, and so on. This is one of the best e-commerce brands that offers a platform to retailers to sell their products.
Shopee is an e-commerce brand headquartered in Singapore and serving customers in Vietnam, Malaysia, Indonesia, Thailand, the Philippines and Taiwan. In 2015, Shopee was titled as one of the ‘5 disruptive e-commerce startups’ by Tech In Asia.
Shopee offers an endless assortment of products ranging from men’s & women’s apparel, computers & peripherals, food & beverages, jewelry & accessories, collectibles & books, home & living and so on. Shopee is a mobile, online store with an estimated monthly traffic of 2.6 million.
Ezbuy is another e-commerce platform to watch out for. This e-commerce brand offers Korean, American and Taiwanese products at affordable prices. From women’s/men’s fashion, watches & accessories, and beauty & health to mobile, PC & home appliances, ezbuy has a lot to offer to the consumers in Singapore.
Ezbuy gets monthly traffic of about 1.5 million and has customers in other Asian countries including Thailand, Malaysia, and Indonesia.
Carousell, also headquartered in Singapore is a consumer to consumer and business to a consumer e-commerce platform for buying and selling second-hand goods. Carousell has a strong presence in Singapore with estimated monthly traffic of 5.4 million.
This e-commerce platform is also present in other countries including Australia, Taiwan, Hong Kong, Malaysia, and the Philippines.
How To Build an E-commerce Business in Singapore
Building e-commerce business in such a competitive market can surely appear to be a difficult feat. But, we’ve got you covered with a few quick tips and tricks on how you can build an e-commerce business in Singapore and create an effective presence online.
So let’s jump straight in!
Scan Your Industry
First and foremost, you need to understand the industry you are entering into. E-commerce, as you know, by now is a huge, competitive industry. Make a decision as to whether you want to offer niche products/categories or provide an online department store experience to your consumers.
Understand Your Target Audience
Once you have made a decision as to what you want to offer on your e-commerce platform, you need to gain clarity on who your target audience is. Studying your audience is crucial for offering them an optimal experience. Building an audience persona is important, but it is equally important to constantly track your audiences with the right set of digital media tools.
Study The Laws and Rules
When you are starting a business, it is very important to make sure that your business complies with the rules and laws of the country. Study the laws, tax rules and so on, in order to minimize risks.
Establish Your Website
Register your domain name, get a website hosting service provider, and get your website ready to go live. Make sure that your website is fine-tuned and the design is of top-notch quality. After all, it is important that your audience enjoys the best possible virtual shopping experience. The idea is to make your customers keep coming back for more.
Advertise Your Brand
Use digital ads to target specific segments of your audience. The more well-targeted your ads, the better your reach and chances of getting conversions. In Singapore, the digital ad spends for the year 2019 amounted to be 470 million SGD. The digital ad spend in Singapore is only going to see an upward trend, as per statistics.
So, it is important to advertise your e-commerce platform amongst your target audiences to get a good ROI.
Market Your Brand On Social
For an e-commerce brand, it is very important that you market robustly on digital platforms. Besides creating a website, you also need to build a social media presence for your brand. This is very important, especially given the fact that 79% of the audience is active on social platforms.
Set up your brand handles on social media platforms and start marketing your brand. Push out content to market your brand to your target audience. You can generate new leads and get traffic from your social media channels. Leverage your social media presence to maximize conversions.
Track Your Audiences
Use social media intelligence tools to track your audience’s reactions and accordingly you can frame marketing strategies for your brand on social platforms.
Measure the analytics behind your performance and listen to what your audiences are saying about your brand. This is crucial for creating well-informed, consumer-centric strategies.
Summing It Up
The e-commerce industry in Singapore is booming, especially given the digitally savvy population of the country. If you too want to set up an online e-commerce business, take these highly-talked about e-commerce brands in Singapore for inspiration.