Time: 2024-07-01
B2C e-commerce exports from Singapore are projected to reach $3.9 billion by 2027. This growth presents a significant opportunity for local micro, small, and medium enterprises (MSMEs) to expand their reach globally. KeaBabies, a home-grown brand, is a prime example of this potential as it has successfully entered the export e-commerce market. Starting on Amazon.com in 2017, the brand quickly expanded to Europe within a year. Today, KeaBabies products are available in North America, Europe, Singapore, and Australia, showcasing the brand's international success.
Amazon has introduced various programs to assist Singaporean sellers in scaling their businesses globally. With initiatives such as the Amazon Seller Ambassador program and the Amazon Seller Education team in Singapore, sellers have access to resources and support to navigate the e-commerce landscape effectively. The Seller Education team offers a comprehensive library of resources covering the entire journey of sellers, from registration to expanding their businesses globally. In 2023, Amazon launched an interactive training program with online courses to provide real-time interaction for sellers.
Singapore, being a global trade hub, is seeing an increasing number of local companies looking to expand their customer base internationally. The USA is a priority market for 44% of Singaporean companies, followed by the UK at 36%. The top 5 categories of products sold by Singaporean sellers in North American stores include a variety of offerings catering to global consumer demands. KeaBabies, a well-established Singaporean brand, has seen significant growth on Amazon since 2017, with global sales reaching S$78 million in the previous year. The company's expansion to 10 international markets reflects the positive outlook for Singapore-based businesses.
The e-commerce landscape is rapidly evolving, driven by cutting-edge technologies and changing consumer preferences. Amazon's collaboration with Enterprise Singapore and the Singapore Business Federation aims to support local companies in entering foreign markets through the platform. The anticipated doubling of e-commerce export revenue from $1.7 billion in 2022 to $3.9 billion by 2027 highlights the promising future for Singaporean sellers. While Amazon's plans to launch a competitor to other e-commerce platforms may pose challenges, the overall growth in cross-border e-commerce presents opportunities for businesses to thrive in the global marketplace.
Business
