Between in-store and online shopping, it seems that the future is looking bright for the latter. With a steady revenue growth for online shopping and e-commerce in Singapore, there’s no doubt that it’s here to stay and improve.
Around 5 million Singaporeans are online products consumers, which means that our market is more inclined to do their purchases online, but what might be the reason? Aside from the fact that it’s hassle-free and convenient, as marketers, we should also understand why online shopping is a popular form of commerce not only in Singapore but worldwide. To discover the reason behind the steady growth of e-commerce in Singapore, let’s take a look at some facts.
Facts About Online Shopping In Singapore
1. The Rate Of Revenue Growth Continues To Increase
From 2018 to 2019, the numbers indicate that online shopping continues to grow. You can see the increasing statistics divided into several categories, including:
2. There’s An Increasing Number Of Singaporean Online Shoppers
In a slow yet steady pace, more and more Singaporeans choose to shop online. The numbers might not seem much, but the increasing statistics mean that e-commerce is still on the rise, albeit slowly.
3. Most Consumers Favour Electronic Transactions
One huge advantage for online consumers is the freedom to choose a payment method. In this chart, we can see how consumers prefer to pay via cards and digital wallets over cash.
Cause & Effect: Online Shopping Trends As Of Now
Everything in motion has a cause and effect, the same way the moon’s gravitational pull causes the oceans to have tides. In relation to fact #1 (increased revenue growth), the rising statistics indicate that the online shopping market has produced several trends.
1. Middle-Class Consumers: Leading The Way For E-commerce Growth
Middle-class consumers—not just in Singapore but the entire South East Asia—will pave the way for e-commerce growth. It’s said that as millions of South-East Asians dive into the middle class, the higher the chances the online retail industry will benefit from rising-middle class consumers.
With that said, the middle class already dominates more than half of the population in Singapore. That means most Singaporeans have high household income, which happens to be a variable that plays a part in the online consumer’s purchasing decisions.
2. The Internet: Number One Source Of Information For Online Consumers
Back then, when the Internet still wasn’t common, people would have to read a brochure or visit the store to find out how much a product costs. However, nowadays, you can just use your mobile phone and explore the Internet to discover new things to buy and to browse through the latest release.
With the Internet, you can discover a product’s price, quality, and size, all in one sitting even at the comfort of your bedroom. It’s more convenient and less time-consuming, but what does that mean for online shops and brands? It means most businesses should focus on providing quality content that their customers will find useful.
For instance, promoting your business online by blogging, publishing videos, and posting infographics will attract more consumers, resulting in an increased conversion rate and improving your Search Engine Optimization (SEO) results in Singapore.
3. Artificial Intelligence Is A Major Asset
Artificial Intelligence (AI) is becoming a major asset for companies in South East Asia. However, in Singapore, only 24% of businesses integrate AI to boost sales. While the benefits are already apparent, most Singaporeans are still waiting to see if the investment would be worthy to utilise. Maybe the time to incorporate AI is now?
For example, chatbots are proving themselves useful as consumers can communicate with these AI-based programs. With a chatbot that can address your customer’s needs, you can lessen the need for a human representative. Doing so should save you time, money, and resources in the long run.
What Does This Mean For E-Commerce Companies In Singapore?
As more Singaporeans explore the vast possibilities of online shopping, this creates opportunities for brands to utilise e-commerce strategies. What are some of the ways your business can expand with the help of digital or e-commerce marketing?
1. Social Media Marketing
In Singapore, social media management is a must. Your social media page will be a source of information for consumers. Consider dominant platforms such as Facebook, WeChat, Instagram, and LinkedIn if you’re marketing your brand on social media.
2. Improve SEO Ranking
Besides your social media page, your website will be another information hub for your target audience. That’s why you should improve your SEO ranking in Singapore if you want to reach out to more consumers.
To improve your ranking you can:
- Publish quality content
- Utilise keywords
- Update your content more often
3. Collect (And Offer) Customer Feedback
Lastly, what most people want these days are reliability and transparency. Fortunately, you can do just that by collecting customer reviews to prove that your products and/or services are dependable. That means you should communicate with your customers, provide surveys, and monitor what your people say about your brand online.
In conclusion, the online shopping industry shows no signs of stopping, and it might be best for your business to take advantage while the chance is still available. Soon, you can reap the rewards of e-commerce marketing as long as you shift your priorities towards improving SEO ranking and Facebook marketing in Singapore.
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