Tag: Sales

Singapore – E-commerce has provided businesses accelerated growth due to convenient access to the market for both sellers and buyers. Export is one of them and according to the latest MSME study by Amazon, MSMEs in Singapore anticipate greater sales growth prospects overseas than at home, with 35% of small businesses against 13% respectively. Currently, close to one-quarter (24%) of MSMEs in the country conduct B2C e-commerce, which of more than 90% use it for export.

The study found that Asia Pacific countries – Malaysia, China, Australia, Indonesia, and Thailand – are seen as the top five e-commerce export markets in five years’ time, or by 2026. About 87% of those surveyed locally in Singapore agreed that e-commerce is critical for their ability to export, with top motivations including the ability to reach overseas customers, access to sales and marketing tools that are available on e-commerce marketplaces, and support for logistics and payments provided by these marketplaces.

So what would hinder companies to realize their export strategies? According to the report, key challenges foreseen by Singaporean MSMEs can be narrowed down to three categories – barriers in cost, regulation, and information and capabilities.

High cross-border shipping costs came out as the most common challenge faced by Singapore MSMEs with 81%. The study notes that while Singapore offers a robust range of grants to support local businesses on their e-commerce export journeys, about one-third of small enterprises (32%) surveyed admitted that they will find further support valuable.

Additionally, over three-fourths (78%) of MSMEs surveyed cited a lack of clarity in import regulations as a key barrier to selling overseas via e-commerce, while only 19% believe that current advisory support on importing regulations is sufficient.

Lowered confidence to compete in the global arena also emerged as a sentiment, where 72% of MSMEs in the country believe they lack the ability to fare well versus other sellers globally. Still within technical issues, 71% admitted that they are unsure of foreign consumers’ demands and preferences.

At large, the study found that the annual value of (B2C) e-commerce exports in Singapore is estimated at S$1.4b in 2021 and could reach S$3.5b in 2026 if MSMEs accelerate their pace of using e-commerce to sell overseas. MSMEs are estimated to contribute 45% of Singapore’s B2C value of e-commerce exports in 2021.

Singapore – As the peril of new waves of COVID-19 outbreaks looms, around 59% of small businesses in Singapore or around six out of ten of them say that they are basically on ‘survival mode’ in terms of operations, a new survey from global services company American Express shows.

The survey notes that only 28% of local businesses say that they are ‘thriving’, while 12% of local businesses note that they are at risk of closing their operations. About 1% of the business respondents replied that they have closed down their operations.

Despite the cautionary mood among the majority of these businesses, about 67% of the respondents are ‘cautiously optimistic’ about their future, noting that this year’s annual sale will be a lot higher compared to their pre-pandemic sales during 2019.

Reasons to note such optimism include increase in revenue from expanding their businesses online (46%), support from new customers (44%), and continued support from regular customers (40%).

In addition, 71% of respondents shared they are optimistic they can thrive in the new normal—with 76% having made adjustments to sustain their business in the next 12 months. The top two changes businesses plan to make in the new normal are to focus more on e-commerce and communicate more with customers via social media.

Ho Yat-Wai, country manager at American Express Singapore, notes that while local businesses are more optimistic after almost two years since the pandemic started, its volatility weighs heavily on business leaders’ ‘minds’, adding that the recent spike in local cases is an example of the fluidity of the situation and difficulty in planning.

However, optimism alone would not drive businesses forward, the study noted, as the uncertainty for concrete business plans to move forward are still prevalent. Only 45% of business leaders state a clear long-term strategy compared to 84% before the pandemic. Meanwhile, Another 25% changed their business strategy to become more agile to better respond to changes, rather than focusing on long-term planning. Among those who do not currently have a business plan, 23% attribute it back to uncertainty.

Shenzhen, China – Chinese smartphone manufacturer Realme has recently crossed the 50 million smartphone units sales, report from market research company Counterpoint said.

According to the report, the brand grew by 132% quarter on quarter (QoQ) and has also recorded a high level of quarterly shipments of 14.8 million units. 

Abhilash Kumar, research analyst at Counterpoint stated, “Realme grew to become one of the top 5, or even top 3, brands in its key markets, including India, Indonesia, Bangladesh, Philippines and some other Southeast Asian countries.

With its efforts to bring the affordable yet premium-like products to consumers, as well as its ability to offer smooth digital shopping and after-sales services in different countries, Realme has emerged as the most resilient brand during and after the pandemic crisis,” Kumar also added, commenting on the brand’s trendsetting image that ‘clicks’ with the younger generation through design and affordable prices.

Expanding to 61 markets globally, Realme has since then been a popular brand choice, such as in India that saw 1 million smart individual audio devices purchases.

Sky Li, Realme’s CEO commented, “At Realme, we live out our philosophy, which is to dare to leap into the forefront of innovation, design and product value, which is something young people can identify with.” 

The brand, founded in 2018, has since then diversified to other products including smart audio, visual, and lifestyle products. 

Petaling Jaya, Malaysia – Home-grown digital marketing platform, Hive Marketing announced that it has formed an exclusive partnership with Singapore’s field force and trade marketing company, 360 Marketing Services to expand its digital portfolio.

360 Marketing Services delivers solutions including sales, auditing, data insight management, and consumer activation. The partnership is in line with Hive Marketing’s mission to deliver more value and content for its customers and brands, doubling down on brand awareness to a wider target market. 

Matthew Wong, managing director of Hive Marketing notes that since the lockdown in Malaysia, various industries have seen an escalating demand to showcase their products and services using digital platforms . With the 360 Marketing partnership, its clients will now be able to engage with over a combined 30,000,000 users. Furthermore, the partnership, Wong said the partnership integrates people with like-minded communities and empowers them to share, trade, barter or help one another while offering brand digital services with competitive rates.

Meanwhile, Managing Director of 360 Marketing Services Carolyn You reflects the same sentiments. According to Wong, synergy with Hive Marketing will enable both to provide a range of integrated sales and marketing solutions that will increase its clients’ sales and brand presence across Singapore and Malaysia.

Finally, Wong added that the partnership will enable both parties to tap into new markets, reach and engage with a diverse range of audiences while hopefully, creating an unrivaled presence in the industry.