SMEs with little or no background in e-commerce will sell online with assistance from the new Enterprise Singapore project. It seeks to help companies transform their operating model and expand their distribution sources and income opportunities from conventional brick and mortar. This is particularly meaningful in the new situation of COVID-19.
What springboards e-commerce towards the next stage is not about enhanced buying capacity, expanded internet access, and appealing online offers. As lives are extremely busy, customers tend to press a button to make the order, mostly from their residences and via mobile phones that have become a vital platform for e-commerce. And that’s exactly what business owners have to learn.
The online platform, as compared to the traditional industry, has considerably higher prospective and substantial advantages. In addition to making use of digital markets, one must first create oneself online.
For the domestic economy, retailers can start receiving help and support from many actual suppliers of e-commerce platforms. Sellers may submit to only one platform partner for whom they do not have an existing account.
Retailers may provide a one-time 90 percent subsidy for the qualifying expenses of the fees paid, which shall be restricted to S$9,000. Platform providers can collaborate with retailers to compile and display goods for up to six months, engage in marketing promotions, collect orders, and conduct simple market data analysis.
One of the greatest advantages to 99 percent to small and medium-sized businesses is that it provides expanded exposure to the market. Many brick and mortar companies are now moving online (see this article for some pearls of wisdom from businesses that have made the shift), so developing a large internet persona is now much more essential than ever. Sustaining a 99 percent SME e-store could be a primary component of your digital business.
By sustaining an e-store for 99 percent of SMEs, you can also possibly perform on a wider scale to attain an internet community that would otherwise be more difficult to access with a physical store. You will still be able to reduce the running expenses, due to decreased dependence on brick and mortar properties.
The SME industry in Singapore would have a lot of potential if the banks were willing to provide them with an E-commerce platform that would help them achieve their full potential.
As an estimation, there are roughly, 260,000 SME’s in Singapore. Most of them are dealing with either Business to Business activity and/or Business to Customer type of activity by providing services and products.
Therefore, these companies must have satisfactory capabilities for facilitating financial transactions in order to efficiently run their business operations. For this reason, Payment Options are here to assist all SME’s by providing the best E-commerce platform available on the market.
Our professional team at Payment Options provides outstanding customer satisfaction and by offering the friendliest, innovative and technology-driven payment gateway.