These days, we live almost our entire lives online. It is therefore no wonder that businesses too feel the need to capitalise on this. Naturally, setting up an e-commerce business or service platform seems much more logical than establishing a brick-and-mortar shop. While the initial invested capital may be almost the same, the running costs will definitely be far lower.
If you too are an entrepreneur trying to set foot in the world of e-commerce, where better to start than in the economically flourishing city-state of Singapore. And if you’re looking for a guide for doing business in Singapore, you’ve come to the right place. Read on to discover quick tips on starting your own e-commerce business in the Lion City. While this guide is by no means exhaustive, it will help you gain important knowledge towards laying the foundation for your business plans. Let’s get started –
Research is everything
Why is research so important?
Firstly, research will tell you whether your e-commerce business has an audience or a market. It will also show you what the competition is doing and help you to identify any gaps in the market that your product or service can fill. This knowledge can prove to be immensely profitable for you.
While doing research, remember to dedicate time towards calculating how much business capital you will require to get started. While starting a new venture can be exciting, be careful of overspending. Even though your business is online, keep aside sufficient funds for contingencies.
Guide to Incorporating Your Business in Singapore: Essential Checklist
Learn local guidelines
Create an incorporated company
Create your website
When creating your website, you may either choose to go with ready templates online or make your very own. The second option is slightly harder but will give your e-commerce brand a truly unique online presence and design. Make sure to choose an appropriate domain name that resonates with your business and brand. Choose a good hosting service too – one that you can rely on 24/7. After all, an online store never closes its doors at night…it works round the clock. You want your e-commerce website to be accessible to your audience no matter what time of the day they choose to visit it.
Make sure that your website is user-friendly. All the major tabs for shopping, using filters to sort products, and customer support should be easily visible. Product pages should have good content with easy visibility of the different colours, designs or quantities for buyers. Try to also set up a proper customer support system for your e-commerce business. A number or 24/7 email or chat support can go a long way in creating loyal customers. It will help your buyers know that they can reach out to you at any time.
You also need to focus on setting up a secure payment gateway. Make sure to provide people with a wide variety of payment options, including credit cards, debit cards and Google Pay, among others.
Focus on good marketing
Set up delivery
The final step involves setting up a reliable delivery system that will ensure that your goods or services reach your buyers. You may choose to hire a third-party company to carry out delivery for you or even do it with your own manpower, depending on your needs and how far your buyers are. For instance, if you have buyers from overseas, you will have to tie-up with a third-party delivery platform.
We hope that this guide on beginning an e-commerce business in Singapore has been a great read for you today!
