Super-fast internet, developed infrastructure, and a young, tech-savvy population make Singapore one of the best regions to start an eCommerce business. Despite its small geographical footprint and a population of just 5.7 million, Singapore is a huge eCommerce market in Southeast Asia. Singapore’s e-commerce market worth was $9.5 Billion in 2020.
However, being a city-state, the competition between eCommerce websites and local convenience stores is very high. So, what’s the right thing to do? I think, starting with a small eCommerce business and then growing steadily is the best thing to do.
Let’s understand what is the current scenario and scope of eCommerce in Singapore.
Scope of eCommerce Business in Singapore
The following stats clearly indicate the growth opportunities for entrepreneurs who want to invest in eCommerce: (Source: Statista)
- Revenue in the eCommerce market is projected to reach US$2,793m in 2021.
- Revenue is expected to show an annual growth rate (CAGR 2021–2025) of 9.9%, resulting in a projected market volume of US$4,079m by 2025.
- The market’s largest segment is Electronics & Media with a projected market volume of US$668m in 2021.
- User penetration will be 55.9% in 2021 and is expected to hit 67.2% by 2025.
- The average revenue per user (ARPU) is expected to amount to US$846.96.
Popular eCommerce Niches in Singapore
The growth of your eCommerce business will also depend on the niche you choose. It is suggested to invest in a niche that is expected to grow in the upcoming years.
Considering the forecast for the year 2021, below I have listed the eCommerce niches based on expected revenue in eCommerce:
- Electronics & Media
- Food & Personal Care
- Fashion
- Furniture & Appliances
- Toys, Hobby & DIY
Popular eCommerce Websites in Singapore
- Lazada
- Qoo10
- Zelora
- Carousell
- RedMart
How to Start a Small to Medium Size eCommerce Business in Singapore?
Usually, the basic steps for starting an eCommerce business are common across the globe. But, there might be a few differences in the legal requirements and formalities.
Let’s understand the basic steps for starting a small-mid size eCommerce business in Singapore:
Research, Analyze & Plan
Researching, analyzing, and planning are the primary steps for achieving any sort of goal. This step includes:
- Deciding the product/service (what you’re selling).
- Outlining the key features and benefits of your online products or services.
- Identifying your potential customer as well as competitors.
Legal Formalities & Business Registration
Every region has its own legal requirements for setting up an eCommerce business. The more informed you are, the better you can plan ahead. Make sure to check out the various registration processes and tax & legal obligations in Singapore.
Establishing Necessary Infrastructure
Even if you are launching an online business, you always need a supporting infrastructure for the basic physical system of your business. Once the order has been placed by the customer, you need to deliver the product/service to your customer as advertised. For this you need staff, office space, IT infrastructure and potentially inventory stock.
Launching eCommerce Website & Mobile App
Designing and developing a websiteand mobile app is probably the most important step for an eCommerce business. eCommerce websites need to build traffic and turn the visitors into customers. However, eCommerce websites also need to address other important aspects like product catalog, shopping cart, checkout process, payment processing, security, abandoned cart management, etc.
Best eCommerce Platform Singapore 2021
Choosing the right eCommerce platform is one of the most crucial decisions you will make in your business. There are hundreds of eCommerce platforms that are available in this regard. But finding the one that suits your business requirement is a tough job.
So, here I am suggesting a multivendor eCommerce marketplace solution that is fully customizable, scalable and trusted around the globe — Yo!Kart. This agile platform has been used by 1000+ businesses including few billion-dollar businesses.
Developed by FATbit Technologies, Yo!Kart is packed with robust set of features.
Let’s take a look at features that make Yo!Kart an optimum eCommerce multi-vendor marketplace platform:
- Product Catalog System
- Import/Export Features
- Tax Management
- Inventory Tracking
- MSN Language Translator
- Upselling & Cross-Selling Features
- Separate Vendor Store
- Product Reviews & Ratings
- Cart Abandonment Alerts
- Easy Checkout Process
- PayPal Payout
- Multiple Payment Options
- ShipStation For Real-Time Shipping
- 17+ Pre-Integrated Payment Gateways
- Advanced Order Management
- eWallet Management
- Smart Recommendations
- Refund/Return Management
- Social Media Sharing
- Robust Reporting & Statistics
- Discount Coupon & Offers
- PWA compliance
Yo!Kart Pricing & Packages
Every good thing comes with a price and so does Yo!Kart. You can enjoy flexible payment packages tailored to meet your business needs. Pick a plan best suited for you:
You can start with the GoQuick package and when you want to expand your business, the GoCustom solution is there for you! These packages also offer:
- Complete ownership with lifetime license
- Flexible payment terms with zero processing fees
- Free technical support for 12 months
- Free digital marketing services for 1 month
The latest version, Yo!Kart V9.3.0 was released recently with new features, enhancements, and API integrations including ShipStation, Avalara, Stripe Connect, and many more.
Alternatives to Yo!Kart
There are 2 types of multi-vendor eCommerce platforms, one that use plugins & extensions to convert the online store into multi-vendor marketplaces and the other are standalone eCommerce marketplace solutions.
Shopify and CS-Cart are among the prominent alternatives of Yo!Kart and they also belong to the above-mentioned two categories, respectively. I suggest reading the following blogs to go through the comparison:
Yo!Kart vs. Shopify and Yo!Kart vs. CS-Cart
Yo!Kart Multivendor Client Reviews
Client reviews are one of the most reliable sources if you want to know abut a product or service. Here I am sharing some of the recent reviews published by Yo!Kart Clients on platforms like Capterra, G2, Software Advice, etc.
In a Nutshell
You are always suggested to check multiple platforms before choosing the right one. That is why along with my opinion, I have also shared some alternatives with you.
You should visit the websites of these eCommerce platforms and try the demo for a better understanding. Start with Yo!Kart Demo right here!
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