Singapore’s economy is renowned for its exceptional stability, surpassing that of any other nation worldwide. Despite the absence of natural reservoirs, it has successfully captivated the attention of globally renowned businesses.
In terms of their e-commerce marketplaces, the revenue generated two years ago was estimated to be approximately US$4.72. Based on this figure, industry experts have projected a 12.9% growth in the e-commerce market within the next two years.
These statistics serve as undeniable evidence of how a country devoid of natural resources has managed to evolve into a highly developed nation. Let us delve deeper into Singapore’s e-commerce marketplaces to enable businesses to maximize their potential.
Overview Of The E-commerce Industry
Out of all the major industries, e-commerce stands out as a sector that has experienced significant growth over the past two decades. It has emerged as a prominent e-commerce hub, providing opportunities for businesses to reach a global audience.
Undoubtedly, e-commerce marketplaces are instrumental in driving business success. They serve as a centralized platform connecting a vast network of trade activities.
Furthermore, these e-commerce marketplaces have been pivotal in uniting various industries in one space. They offer a wide range of products across numerous categories, enabling buyers, sellers, wholesalers, and suppliers to collaborate and expand their business reach.
With a better understanding of Singapore’s economy and e-commerce landscape, let’s explore the top destinations where you can establish your global business presence.
Why Business Owner Should Sell Their Products in Singapore Marketplace
Singapore presents itself as an appealing market for online sellers for various reasons. To begin with, it boasts a high internet penetration rate, with more than 84% of its population actively using the internet. This offers businesses a vast online customer base to tap into. Moreover, Singapore enjoys a robust economy, a stable political landscape, and a high GDP per capita, indicating that consumers possess greater purchasing power and are inclined to make online transactions.
In addition, Singapore features a well-established e-commerce infrastructure, encompassing dependable payment gateways, efficient logistics services, and a stringent regulatory framework that safeguards the interests of both consumers and businesses. Situated strategically in Southeast Asia, Singapore also provides businesses with convenient access to neighboring markets in the region.
Given these factors, Singapore emerges as an enticing market for online sellers and an ideal destination to establish and expand an online enterprise.
The Best Marketplaces In Singapore
Here top 5 marketplace in Singapore that business owner should try to sell their products.
1. eWorldTrade
eWorldTrade is a prominent e-commerce platform that provides a wide range of valuable services in Singapore and beyond. This marketplace caters to businesses by offering top-notch B2B services, H2H assistance, and digital solutions. With millions of verified buyers, export businesses can easily connect with buyers across various categories. Rest assured, eWorldTrade is a licensed company, ensuring secure trade transactions. Additionally, upon purchasing a digital services plan, business partners can access a plethora of promotional services available on the platform.
2. Shopee
Shopee, a prominent e-commerce marketplace in Singapore, offers a convenient platform for businesses to connect and thrive. With its vast user base consisting of millions of sellers, suppliers, and buyers worldwide, Shopee provides ample opportunities for growth. Whether you choose to join as a seller, buyer, wholesaler, or supplier, you can take advantage of their monthly discounts to maximize your benefits.
Moreover, Shopee is committed to delivering exceptional and trustworthy services. By embracing innovative technologies and adopting new methods, they continuously enhance their e-commerce services, ensuring quality and reliability for their users.
3. Lazada
Lazada stands out as a leading player in the realm of e-commerce platforms. They have consistently leveraged technology to revolutionize their business operations. Experience the convenience of their seamless e-commerce services and broaden your reach globally.
Furthermore, businesses are supported throughout the entire process, ensuring a hassle-free setup of their products. Whether you are a budding entrepreneur or a startup, Lazada offers comprehensive guidance and security. With their round-the-clock customer service, you can rest assured that your business operations on Lazada will always run smoothly.
4. Zalora
Zalora, a Singaporean e-commerce platform, is renowned for its wide range of lifestyle and fashion products. With a decade of experience, it has established itself as the leading fashion retailer in Singapore. Additionally, Zalora has expanded its presence through franchise stores in Taiwan, Indonesia, Brunei, and Malaysia, generating substantial revenue by maintaining consistent quality standards.
5. eBay
eBay functions as an e-commerce platform that offers distinctive resources for business associates. Sellers can effortlessly list their items and establish a store using these tools. Moreover, this platform has been catering to the needs of customers and clients for numerous years, providing them with a multitude of advantages. Over time, eBay has evolved into a colossal marketplace, encompassing millions of sellers, suppliers, manufacturers, and wholesalers, all offering top-notch products.
Advantages Selling Products in Singapore Marketplace
Expanding your business overseas with conventional methods can be volatile. Fortunately, the emergence of cross-border e-commerce has reduced many risks and concerns associated with overseas expansion. Here are 5 advantages of selling products in Singapore marketplace.
1. Set Up Your Business Seamlessly
Typically, setting up a business abroad can be time-consuming and requires a lot of man-hours. With B2C ecommerce abroad, you can set up your business seamlessly. There is no need to register your business or products as you will be selling to consumers from Singapore via ecommerce platforms. Furthermore, as part of Innovative Hub’s full-service solution, we will set up the accounts for you.
2. No Distributors & Importers Required
In conventional overseas expansion, your business typically has to source for and partner with distributors and importers to bring your products into the target market. Such partnerships often result in selling your products at discounted prices and losing control over how they are marketed and priced. In addition, most distribution agreements include exclusivity clauses, limiting your reach (and sales volume) to more in-market distributors over a long period.
3. Save on Storage Costs Overseas
For small businesses, buying or leasing a warehouse space overseas to store your products can be costly, and may be more detrimental to your business financially at the early stages of product entry to a new market. It does not have to be that way.
4. Reliable End-to-end Courier Service
We mentioned earlier that our comprehensive solution enables your products to reach overseas customers from Singapore. Our dedicated delivery partners provide end-to-end delivery service, picking up the order from your preferred location and delivering them right to your customer’s doorstep abroad.
5. Great Option for Market Testing
Without the need for heavy investments on bulk exports, physical storage space and more, the cross border ecommerce platform solution that we provide is a great option for businesses to test their products in overseas markets due to its scalability.
Start Selling Your Products to Marketplace in Singapore with AsiaCommerce
Navigating product registration in ASEAN can be challenging and risky when done independently. AsiaCommerce is ready to help you to take this intricate process, ensuring you meet country regulations. We will help you with handling the complicated rules for imported products, establishing the proper structure for product imports, ensure your paperwork is complete and accurate, speeding up approvals.
If you’re interested in exploring market opportunities in Indonesia, visit our service page for more information. Our team will work with you every step of the way, from finding a supplier, shipping door-to-door, and handling import documents to ensure your market entry to Indonesia.
