Singapore MSMEs drive 45% of B2C e-commerce

The annual value of Singapore’s business-to-consumer (B2C) e-commerce exports will be around $ 1.03 billion in 2021, according to an Amazon report.

The report, “Local Vendors, Global Consumers: Capturing Singapore’s Ecommerce Export Opportunity,” says the value could reach $ 2.6 billion by 2026 if micro, small and medium enterprises (MSMEs) maintain the pace of stimulation of e-commerce to sell around the world.

MSMEs now account for around 45% of the B2C value of Singapore’s e-commerce exports this year.

Amazon’s report was prepared by AlphaBeta, a consulting firm, and examines the size of Singapore’s e-commerce export potentials. He interviewed over 300 Singapore MSMEs.

If current trends continue, the annual value of B2C e-commerce exports could increase by 5% per year, according to the report, to reach around $ 1.2 billion by 2026.

But the report says if MSMEs step up their practices, the annual value could more than double to $ 2.5 billion by 2026.

Bernard Tay, Amazon’s global sales manager for Southeast Asia, said the company wanted to “help MSMEs start locally and grow globally.”

“Local businesses of all sizes can benefit from this report to understand a range of topics, from business models and regulations from exporting to consumer needs and foreign competition,” he said. “In addition to the information in the report, our first-ever salesperson training camp is a timely opportunity for small businesses to identify current gaps in their operations and equip themselves with the knowledge, resources and connections to develop. sustainably their activity. “

The Seller Boot Camp is a three-day event, hosted virtually by Amazon, that aims to help small businesses with tools and resources to drive cross-border opportunities, increase customer reach, and grow global businesses.

Currently, around 24% of MSMEs in Singapore engage in B2C e-commerce. Almost 90% use it for export.

Read also : Singapore’s Liquid Group Launches Real-Time B2B and B2C Payments

In other Singapore-related news, cross-border digital payments startup Liquid Group showcases B2B and B2C payment tools, through the company’s corporate payment portal. They will work with collection, bill payments, and payroll payments for business, markets, trade and logistics.

——————————

NEW PYMNTS DATA: DIGITAL BANKING STUDY – THE BATTLE OF BREWING FOR WHERE WE WILL BANK

On: Forty-seven percent of U.S. consumers avoid digital-only banks due to data security concerns, despite considerable interest in these services. In Digital Banking: The Brewing Battle For Where We Will Bank, PYMNTS surveyed over 2,200 consumers to reveal how digital-only banks can boost privacy and security while providing convenient services to meet this unmet demand.

About Warren Dockery

Check Also

Al Marri Chairs 2nd ECI Board Meeting

During the meeting, the Board of Directors had a strategic dialogue on ECI’s strategy for …

Leave a Reply

Your email address will not be published.