How To Start Your Own Singapore Based E-Commerce Company
What is E-commerce?
E-commerce is a new way of doing business. It promotes online buying or selling of products and services and sending of money or data electronically. The entrepreneurs opt to set up an e-commerce company as they do not have to invest in physical marketplaces or inventory.
Register E-commerce Company in Singapore
To start a Singapore business, you need to apply to Accounting and Corporate Regulatory Authority (ACRA), the Company Registrar. You can use a Sole Proprietorship or Limited Liability Partnership to do so. However, many owners prefer to start a Private Limited company to limit their liability while conducting e-commerce business.
Singaporeans and foreigners over the age of 18, can opt for an e-commerce company set up in Singapore. You need to comply with the mandates of Company Law, pay the ACRA’s fees, and collect the documents.
The entire process to set up an e-commerce company takes only 1-3 days. A Singapore company incorporation services provider or a registered agent filing agent like SBS Consulting can help you in this task. You need to be ready with:
- At least one shareholder
- At least one local or resident director
- At least one company secretary
- Minimum initial paid-up capital of S$1
- Registered local office address
Your agent accepts a list of company names from you and registers the one not taken or reserved by other owners. They pay S$15 to ACRA.
The agent sends an application to register your company with ACRA. In addition, submit the required incorporation and your KYC documents, including a copy of your passport. They pay S$300 to ACRA as the fee to process the application.
ACRA takes about 1-3 days and, on approval, sends you an Incorporation email giving details of your company, including its Unique Identity Number, business profile, etc.
The E-Commerce Business Model
Depending on your business goals and objective, you can choose from different business models to run your company.
Dropshipping is the easiest model. The model enables you to run an online storefront. Your job is to find and sell your products to buyers. You buy your products from elsewhere rather than manufacture them on your own.
The model enables you to focus on the marketing of your products, running a storefront, and customer satisfaction. Running a dropshipping e-commerce company is highly competitive, and the profit margin is low.
Brand Your Business as a White Label
Under this business model, you focus on establishing your business as a brand and as a Lebel. And then you sell products by other manufacturers under your label.
You can also choose to follow the traditional model and control the manufacturing and selling of products. You need to put in great efforts as your business is more than just an e-commerce storefront.
You have to take into account market demand and adjust your production volume, optimise costs, store and sell the goods. Here the profit margin level is better.
What Makes Your E-commerce Company Unique?
Offer Latest Products
You will be able to retain and attract new customers only if your eCommerce company offers something unique to them. You can do so by investing time and effort in learning about hot e-commerce trends.
Catch your customer’s eye by being the first one to sell a new product. You can also do market research and surveys to know about the customer needs and develop and sell your value-added products.
Brand Your Business
Project your business’ unique aspects, and then you will be able to connect with the customers who share your values. This will give you a distinct brand voice.
Copycats can duplicate your services, website, and products but not your brand voice. As long as you own it, you own your customers.
Establish Your Social Proof
Social proof gives you credibility in the eyes of e-shoppers. New shoppers look for it and consider it before placing an order with you.
Social proof helps them make a buying decision. You can leverage it by highlighting Celebrity Endorsement, customer reviews, user comments, Etc.
Subscribe to a Charity
Today’s net-savvy customers understand the value of charity. They support businesses involved in charity as it makes them feel good. Find a charitable cause and support it.
Finding Your Target Market
If you try to sell to everyone, you sell to no one. Knowing your target audience is the only way to succeed with your e-commerce company set up in Singapore.
If you want to sell an e-commerce product range, conduct market surveys and research to identify your target audience. Ask them questions about their needs, value additions, pricing, Etc.
Depending on the results, go back to the drawing board and make necessary changes to your business strategy, product, pricing policy, Etc.
Your E-commerce Company is a Platform to Build Your Brand
Work on giving your company a distinct identity, i.e. branding. Be very sure of its purpose, goals, objectives, and incorporate these concepts in its branding.
- Focus on defining and establishing your style. It will get your head over the crowd to make you noticeable.
- Strike a relationship with customers
- Do not compromise on product quality
- Produce useful video content
- Communicate with your customers in their language
- Do not hesitate to share your goals, difficulties and story
Turn Your Customer’s Into Advocates
If you have the right product and branding, your satisfied customers recommend you. It is brand advocacy, and they do it because they believe in you.
It is good to have brand advocates spreading word-of-mouth publicity for you for free. Because retaining existing customers and attracting new ones is getting costlier each year. It is the best way of cutting down your expenses on the advertisement.
If you are looking to set up an e-commerce company in Singapore, we can help you with the task. SBS Consulting Pte Ltd is a registered filing agent in Singapore. We can legally file your documents and pay the official fees on your behalf. Contact us at +65-6536 0036 or email us at firstname.lastname@example.org to get answers to queries about an e-commerce company set up in Singapore from our experts.