Making your business accessible through online market!
Electronic Commerce, most commonly known as eCommerce, is shopping products online. Depending on the eCommerce site, the user would have to create an account and log in to make a purchase. However, most small online eCommerce shops allow guest users in order to allow users to make a smooth and easy purchase.
The transaction can be done through popular online payment systems such as credit cards, PayPal or Bitcoin. As a safety precaution, a security code may be sent to you via text or email to confirm the authentication. This is a safety precaution to prevent hackers whom had stolen your personal information to make online purchases using your money.
Importance Of eCommerce To Your Business?
The rising competition between big and small companies can also be felt through the online world. eCommerce makes it possible to reach more and more people around the world.
- The business has a wide range of reach because everyone uses the internet
- The business has room to grow or expand
- Bigger marketing opportunities for the business
- It is easy and convenient for you and your customers
Basic Requirements In Building An eCommerce Website
Any business would attract more customers and in order to be successful in building an eCommerce website one must prepare the following:
- Your niche or simply the product or services one will sell or provide
- The company should be duly registered
- The website
- The product and tho who will provide the supplies
How widespread is eCommerce in Singapore in 2021
Unlike 10 years ago, the term ‘eCommerce’ is now familiar to most people in Singapore. With the help of large eCommerce online shops such as Amazon and eBay, the popularity of eCommerce in Singapore has grown in recent years. More and more Singaporeans have quickly taken a habit to buy products online, simply at a click of a button.
Many Singaporean entrepreneurs, jumped at the opportunity of eCommerce online shopping and started opening eCommerce online shops. This variety ranged from selling clothes to virtual downloadable items such as computer games.
In fact, several smart entrepreneurs such as Roger Egan, Vikram Rupani, and Rajesh Lingappa have used their foresight and founded Redmart in March 2011. Redmart is an online eCommerce Singapore grocery shop that puts daily food products such as milk and bread on sale online.
The business seemed to be a success when Singaporeans started shopping for groceries at home online instead of at a supermarket. In fact, successful entrepreneurs such as Toivo Annus (Skype Co-founder) and Eduardo Saverin (Facebook Co-founder) started investing money in Redmart after seeing its potential to making a difference in the way people shop.
Statistics of Online Shopping in Singapore
As we all know, many Singaporeans have already taken a liking to eCommerce online shopping. Although the idea of shopping in the comfort of your own home is very attractive, just how popular is eCommerce in Singapore?
- In Singapore, the most popular online shopping category is travel.
- According to a survey in 2011 done by MasterCard , nearly 2 in 3 Singaporeans (68%) visit eCommerce online shops.
- A news report in 2011 reports that Singaporeans spent $1.1 billion in 2010 on online eCommerce shops.
- Emall.sg, a Singapore eCommerce website directory is said to have listed more than 4,000 Singapore-based eCommerce online shops.