How to set up an ECommerce Online Store in Singapore – Ecommerce is touted as the new age business model for all things retail. Whether you are someone who hides at home and don’t shop or prefers to go to retail shops, definitely you will be exposed to some kind of Ecommerce in your life.
Many businesses in Singapore have embraced E commerce as the new engine of growth over the past few years and there are also those that lagged behind. Those that do not make the change have been eliminated from this competitive market. E commerce is a very interesting and new landscape for most business owners. Gone are the days when you need to spend tons of money on rental and import tons of goods and have a warehouse to house them before you can start a business. Some businesses do not even hold stock in Singapore, they will resell products and get someone else to send out the products instead.
ECommerce is a leveler for most businesses because anyone and everyone can start something small and take off from there. You could source products from around the world through your internet connection and make a business out of it.
So what makes E commerce so different from the rest and how can you start one that is profitable and know what are some of the things to look out for, let us help you out with that:
1. Decide what products and where to source them from
Deciding the winning product is the toughest thing. Do you personally have a liking for the item that you sell. People always say, sell something that you love and you won’t feel like you are working. Find something you have passion for and love to work on and spend time on it and deliver it to your customers with the kind of passion that you will expect from someone that is selling that item to you.
Sourcing is also a big issue. Made in China is one of the best places to get items from but quality might be an issue. You might source from Europe or the Americas but the shipping might cost you more. Also will you be selling in Singapore only or around the world. This are the few thoughts you should place before you decide whether or not to source from somewhere.
2. Incorporate a company to look more proper
Incorporating a company is important to most businesses. You might not know who you deal with. A failure to deliver or your product getting someone injured might mean a lawsuit coming your way.
Having an incorporated company between you and the customer is the best way to protect you against any form of legal attacks and this will ensure that you are able to do this business long term.
You can also assure customers that the warranty or guarantee you give them is legit because you can be found by the customer if need be and not just an unknown setting up shop to make money off people.
3. Learn and practice your marketing skills, especially digital marketing
Most businesses think that setting up and having a product is everything. What most founders lack is their marketing skills. If you are able to market to your customers and get the product in front of them, you stand a chance to sell. With no sale, comes no revenue and therefore no business to speak of.
Marketing is a whole new ball game nowadays, with so many products being pushed infront of people who are over marketed to. There has to be a different way in doing business to attract customers and to make them trust your platform and spend money.
Digital marketing involves working it out with Facebook, Google or Twitter to bring things out to your customers. Customers take a look, they buy and you make money. The cycle continues.
Marketing takes lots of practice to perfect and not just having the right ads, you need right photos. All this takes time and money and getting the right mix out.
4. Smooth out your supply chain
Where do you get your supplies from? What is the best way to get the restock faster? If you are able to get the restock faster and save on the importing and shipping cost, you will be able to maximize your margins. This is how you make money out of the tightest places. Supply chain makes or breaks businesses that rely on tight margins to survive. Every little bit counts and when you are able to provide the supply chain that helps you to go strong, you win.
A well managed supply chain also allow you to hold lesser products and save on rental cost as well which can be quite a sum for a business that is starting up.
5. Collaborate with influencers and other brands
Influencers are a great way to push out your eCommerce products in this time and age. There are many influencers who are specialized in different spaces. You might be in gaming, find that gamer influencers. You might be in fashion, find that beautiful fashionable girl who is able to deliver to the masses.
Influencers might come at a cost for some, whereas some are happy to try out new products.
Find those that fit in the best to your product and get them to advertise for you.
Work with brands that are complimentary to yours and you might be able to ride on their branding or marketing efforts. It better to have friends on the battle field than to go alone.
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