Singapore: The Country with the most unique origin story
Singapore from its very inception was a country that stood out from all the others. There has been none like it in recent history. History is littered with example of countries which were formed after bloody wars and strife or long negotiations with their colonial conquerors. But Singapore stands out as the only country on which independence was forcefully thrust upon. On 9th August 1965 the Parliament of Malaysia voted and the majority decided to expel Singapore from Malaysia. On that day Prime Minister Lee Kuan Yew announced in tears to the general public that Singapore had been made an independent nation. For a nation with such a rocky start, Singapore today has become a first world country, a leading economy in Asia which has the highest disposable income per household in Asia and is recognized as a global commerce and Finance hub. And to top it off Singapore is also known as the most technology-ready nation (Uber recently started testing their driverless cars here) plus is honoured as being the 2nd most competitive country. All this makes Singapore seem like the perfect market for goods. So how harbouring is Singapore when it comes to e-commerce?
Singapore and E-commerce: A match in heaven
If you look at Singapore, its history is an example of fast, unparalleled growth. People here are accustomed to moving at a fast rate and acceptance to change is high. All this has made Singapore a very promising e-commerce market, a fact that U.S retailers are taking full advantage off.
Singapore is a country with large number of expatriates, a thriving economy and shoppers who are very familiar with global brands. Buying online from foreign retailers is something that is a staple of Singapore’s shopping culture. Singapore’s consumers spend as much as 50% of their total shopping budget across borders. Thus this market is a top market when it comes to cross-border ecommerce.
Customers in Singapore are mature customers and fashionable and have the spending power to back up their desires. Also top brands like Michael Kors and Kate Spade have physical presence in Singapore as well, thus familiarising local customers with leading U.S. brands. Another fact is that English is one of the four main local languages thus ecommerce website experience can be easily delivered using the existing global websites, meaning a separate e-commerce experience does not have to made for the Singaporean market. Also goods with a face-value of 400 SGD and less are imported duty-free making these goods competitive and more attractive to consumers.
Targeting the Singaporean shopper
Internet penetration rate stands at 87 percent in Singapore and as per global trend most of the people (eighty-two percent) are now browsing through their smart-phones. This is the highest among Asian countries.
Three hours and three minutes is the average time every day that a Singaporean spends using the internet. The peak shopping hours have been identified as being between 10pm and 12am local time.
Also credit cards are the main mode of payment with 2.7 credit cards per adult (20 to 64 years old are counted among adult population).