E-Commerce Offers a Great Opportunity for the Local Singapore Companies to Go Global
Do you know, almost 50% of the Singapore start-ups perish before they are older than 5 years? It is an eye-opening number of failures and it happens even after the government has done a lot to support the local businesses. It is enough to scare a budding entrepreneur who is ready to open a company in Singapore.
It is hard to determine which type of business one should start because success depends on a lot of factors. However, there is a yardstick that is of use to the newbie entrepreneurs. If you are stuck, survey the live market for the inspiration before establishing your Singapore company setup. Follow what is already working and avoid being a part of the statistic. Choose a successful peer role model. Not everyone is cut out to blaze the trails!
Today, E-commerce businesses present a great opportunity. The online trading platforms like eBay and Amazon are highly successful. After your company formation, you can be an online seller on these platforms or develop your own E-commerce website/platform. If you take the latter option, make sure that your website is conducive for the mobile searches because nowadays, it is preferred by online shoppers.
The benefit of becoming an online seller is that it allows you to cater the need of global consumers. The advances in the technology has overcome the physical boundaries making business transactions between distantly located entities a hassle-free task. It gives you an advantage over the brick and mortar or physical stores which depend on the local customers.
You can sell local-made goods, handicrafts, and seasonable items to a the consumers who otherwise would need to travel physically to get them. You can sell your products locally, nationally, or globally. The cost of incorporating an online business is affordable and you get paid before you ship the goods.
It is important to corner a market segment like online selling of books, the business plan that the Amazon started with. Selling clothes and other items for the newborn babies, online sale of toys, electronic goods, exotic foodstuffs, etc., are a few of the examples.
You can also use your expertise you have gained through your hobby to identify product and services that may bring consistent business to you when they are marketed to the local, national, and global audience. All the accessories that one needs for skiing are one example of such a product line, even though, locally you may not be able to sell it throughout the year.
The growth in E-commerce sector has offered a great opportunity for the business-oriented individuals to setup a company in Singapore and take it to the global customers. If your local online marketplace is still in its nascent stage, be bold, find a market segment that you think is profitable.