With the impact of the pandemic on consumer behaviour, more people worldwide are moving online, and businesses are beginning to build their digital presence.
The Shift in Consumer Trends
According to a report presented by Google, about 40 million more people joined the digital sphere in 2020. With this number, people have started to recognize that going online is more than a luxury or a fad. Instead, it has become an essential platform where brands and consumers can connect, communicate, and transact.
The pandemic has shown the importance of going digital and the evolutionary opportunities it offers. Moreover, it has brought about a massive and permanent digital revolution that will continue to impact Singaporean’s lifestyles.
Why Singapore is Moving towards E-commerce
The e-commerce industry in Southeast Asia is experiencing rapid growth, and Singapore is in the best position to seize this opportunity. The country’s initiatives and policies can cultivate an environment where the digital economy can thrive.
Since last year, the online retail sector has seen an incredible boom, and Singapore aims to capitalize on this.
How Singapore is Doing It
As a way to meet the demands of consumers, Singapore is implementing an e-commerce strategy that involves the following schemes:
Offer proper training
Despite the increase in digital needs, the country is experiencing a shortage of manpower with digital skills.
Although Singapore has sufficient digital job opportunities, it does not have enough talent with the right skills to propel the country as a global player in e-commerce. So, to address this problem, the Singapore government has initiated the Skills Ignition SG Initiative, in partnership with Google, to provide proper training for those looking to explore a digital career.
This program is geared towards helping people who have lost their jobs due to COVID, providing them opportunities to train with experts to develop skills that will be pivotal in developing e-commerce throughout the city-state.
Launch 5G networks by 2025
Another government initiative is to launch 5G networks in Singapore to enhance internet connectivity and offer faster speeds. Within the next two years, it is expected that 50% of the population will have 5G network coverage. By 2025, 100% of Singapore’s population will have 5G access.
As per the Ministry of Trade and Industry, this next-generation network will serve as a backbone of the country’s digital infrastructure. In addition, it will boost online transactions by catering and managing large online orders.
Continue the Smart Nation Strategy
Since the country is taking great strides to make the country more digital-friendly, they will strengthen their Smart Nation Strategy, launched in 2014.
With the introduction of their #SmartNationTogether campaign, they aim to educate and inform children, parents, working professionals, and senior citizens by featuring tech-related workshops and talks. In doing so, they prepare their citizens for the shift towards an e-commerce lifestyle.
Increase cybersecurity efforts
Of course, with everything transitioning digitally, Singapore is committed to online safety for businesses and consumers. By ramping up their cybersecurity efforts, they protect valuable information and secure the flow of data across borders.
In January 2021, Singapore signed the Digital Economy Partnership Agreement (DEPA) alongside Chile and New Zealand to strengthen digital cross-border transactions. DEPA is the first digital-only trade agreement in the world that supports international e-commerce. Through this agreement, businesses can safely engage in paperless trade and work with increased reliability, efficiency, and accuracy for all commercial transactions.
Finally, the government will also increase digitalization efforts for SMEs to help them grow their businesses in the digital economy.
In 2020, Infocomm Media Development Authority (IMDA) and Enterprise Singapore (ESG) launched the E-Commerce Booster Package, which was in collaboration with some of the country’s leading e-commerce companies like Lazada Singapore, Shopee, Qoo10, and Amazon. The program aimed to assist retailers in switching to online solutions to maximize their potential. Since its launch, more than 2,200 businesses have joined this initiative.
Moving forward, new businesses undergoing company incorporation in Singapore are encouraged to consider offering digital solutions to enhance the country’s e-commerce strategies.
Take Part in the Movement towards Digitalisation
If you’re an aspiring entrepreneur planning to proceed with company registration in Singapore, knowing the country’s direction towards a completely digital transformation can help you modify your services to meet the country’s changing needs. In doing so, you can capitalize on the benefits and rise against the competition.
With Singapore incorporation services, you can successfully build your company and take part in the country’s movement towards digitalization.