The timing couldn’t be any better if you plan on opening an e-commerce business in Singapore. A whopping 73 per cent of online users in the country buy products from the internet. This number could increase in the future, with the rising popularity of digital marketplaces and online boutiques urging it on.
Before you dream of selling internationally, you should build a loyal customer base from locals. But what kind of products should you sell? Lucky for you, market researchers have determined which product categories Singaporeans spend on the most. Pick and choose which of these categories you want to offer to the online crowd.
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Singaporeans spent over 1 billion U.S. dollars on electronic devices and other physical media. Although this is a lucrative market, launching a small e-commerce business based on online electronic device retail may be difficult.
The high cost of electronic devices could make it difficult for you to gather inventory without significant capital. You’ll also need to find reliable business delivery services to transport your goods on schedule and without damaging them.
If you still want to start an online store with products related to the electronics market, you could consider accessories for mobile devices. Mobile chargers, screen protectors and casings are less expensive investments that require fewer delivery considerations.
2. Fashion Items
Clothing is the second product category most Singaporeans purchase through the internet. However, apparel and other fashion-related products are the leading categories in the world. All over the globe, 57 per cent of online users have gone to digital marketplaces to purchase an item of clothing or an accessory.
Opening an online store for second-hand clothing can be a good way to build capital for acquiring new selections. Or you can focus on unique accessories. If you have the skills for it, you can sell knitwear or any other type of handmade clothing items.
3. Beauty Products
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Beauty products and similar industries received nearly a billion dollars form Singaporeans online in a single year. Thanks to video tutorials and online media, users don’t even have to apply makeup on themselves to see what these products look like. The comments sections and rating systems also give people the confidence to buy skin creams and similar goods from digital marketplaces.
Unless you can manufacture your own beauty products, you’ll have to become an online retailer or you can use white label cosmetic providers. These manufacturers produce generic beauty products, like creams and lotions, and allow you to put your label on them. This frees up your time to focus on marketing your new business.
4. Hobby Items
Finally, online users from Singapore spent 658 million dollars on toys and do-it-yourself products. This product category caters to the specific interests of a small population. Tabletop role-playings games, model kits and board games all have dedicated followers. Although this product category may not have as large a market as others, its dedicated members mean that your e-commerce business will have loyal customers.
With so many products to sell, you could feel overwhelmed when opening your online business. Narrow down your options by keeping an eye on the most popular products, and you’ll always find a way to make a profit.