What SME’s Should Know About Growing Their Online Business In Singapore
ecommerceIQ and The Development Bank of Singapore (DBS) collaborated to present an executive masterclass workshop titled “Digitizing in Southeast Asia’s Digital World’on March 1, 2017. The initiative is part of DBS’s TechMatch scheme aimed to help SME’s connect with technology companies. For the workshop, Karl Noronha, GM of aCommerce Singapore shared his insights on how companies and brands can grow their online business by leveraging the growth of ecommerce in Southeast Asia which is estimated to be worth $238 billion by 2025.
With businesses dipping their toes into the Southeast Asian ecommerce pool, what should interested brands know about entering the fragmented region? Below is a summary the presentation.
While Mature Markets are Slowing Down, Southeast Asia is still growing 32% year-on-year
Innovate with Chat Commerce in Southeast Asia
Mobile phone penetration has skyrocketed in recent years in Southeast Asia with the mobile adoption rate being as high as 140% in Thailand compared to 91% and 77% in U.S and China respectively. Users in the region are dependent on social media channels such as Facebook and Instagram, giving birth to a social phenomenon called ‘social commerce’, in which mobile users turn to social media channels to shop online.
Chat commerce is an extension of social commerce, which refers to when a buyer and seller converse over purchasing an item through a chat app such as LINE, before payment is made and the item can then be shipped to the designated address. Businesses looking to expand their online reach can consider leveraging these two channels.
Checklist for Brands Looking to Go Online in Singapore, then Scale Regionally
It can be overwhelming for brands to move online and navigate through multiple factors such as store operations, web development, warehousing and more. Karl outlines what brands must acknowledge and execute in order to carry out an effective online strategy. From crafting out a detailed ecommerce business plan with goals, forecast, and budget, to identifying a suitable sales channel and managing the online store, to laying down the blueprint for a supply chain strategy, acknowledging costs for hubs, suppliers, and expectations.
To access the full presentation, click here.
With regional presence across Southeast Asia, aCommerce helps SME’s tap into a wider market overseas. For Kinohimitsu, a beauty and health product brand in Singapore, aCommerce will provide more digital channels to its consumers. aCommerce will implement a new inventory distribution, management, and logistics system for them in Singapore.
“Our digital solutions are relevant to many brands seeking to go online” – Nigel Seow, aCommerce Business Development Director.
aCommerce is an ecommerce solutions provider present in Thailand, Indonesia, Philippines, Malaysia and Singapore, bringing global brands online. Having raised one of the largest Series A funding rounds of Southeast Asia, aCommerce is now rapidly expanding as the region’s leading ecommerce service provider. With over 1,400 staff and operations in Southeast Asia, aCommerce provides robust localized ecommerce solutions for global brands such as L’Oreal, HP, Philips as well as retailers and marketplaces such as Lazada and MatahariMall.
The company offers end-to-end ecommerce services, which includes marketing, fulfillment, store development, delivery, brand commerce, and customer care. aCommerce was founded in May 2013 and is based in Bangkok.