Ecommerce is eating into the share of brands and retailers in Singapore
The large postal services organisation is aggressively pushing ‘Black Friday’ amongst many other reasons to buy from hundreds of online stores in the US
Recently a new service www.netcherries.com has been started. This allows Singaporeans to buy products from thousands of online and physical retail stores in India, delivered to Singapore!
Many popular portals are bringing in cheaper products from other countries
While this is good news for Singaporeans and Singapore Residents, its not so good news for Singapore Brands and Retailers, who are largely dependent on the local population and on visitors as customers.
While tourist attractions, services, restaurant food and entertainment cannot be ‘purchased ‘ from overseas sellers, generally many other things can. The biggest being items like apparel, hobby products, books, sports goods and cosmetics.
What can Singapore Businesses do to counter this growing threat from the external markets?
Singapore retailers and brands can expand their horizons by opening up eChannels. Setting up their own branded stores, selling on various marketplaces in different countries and getting into Business to Business ecommerce by selling directly to retailers in overseas markets
The steps for Singapore Brands and Retailers to follow:
- Identify the big markets where ecommerce is taking shape. India, China, Indonesia, Australia
- Understand if products being sold by them will have market acceptance in the respective markets. Some products may appeal in some markets while others may appeal in other markets.
- Establish relationships with online marketplaces in different countries. Many marketplaces may not directly buy products and so we need to identify intermediaries and distributors who can sell on these marketplaces
- Set up the online brand store in each country that matters. Stocks would need to be imported and held in the country. There are several ecommerce partners who may be able to work with you. An example of one such partner in India is ND Commerce (ndslindia.com)
- Identify an eCommerce consulting and implementation firm like Tiger Pug (tigerpug.com) to work with your management team to build and implement your ecommerce strategy and expansion
To know more about Tiger Pug services and how these can be used by your brand please write to email@example.com or call + 65 83886673