S’pore aims to grow share of online sales to 10% by 2020

SINGAPORE — One in four online retail transactions are with foreign businesses, said Senior Minister of State for Trade and Industry Sim Ann at a Parliament sitting.

Total e-commerce with locally-issued credit and debit cards was valued at S$24.7 billion over the last three years, with foreign entities accounting for S$6.4 billion worth of transactions, said Ms Sim in response to a query by Bishan-Toa Payoh GRC Member of Parliament Saktiandi Supaat.

Singapore aims to grow the share of e-commerce to 10 per cent from the current 3 per cent of total retail receipts in three years, said Ms Sim.

This would bring the Republic in line with China, which reported that 10 per cent of its retail receipts were from online sales in 2014.

Benchmarking against the United Kingdom (13 per cent) and the United States (6.5 per cent) in 2014, Singapore’s target is not unrealistic, said Ms Sim.

“While e-commerce presents competition to our local retailers, it also gives Singapore retailers the opportunity to expand their reach to the region and beyond,” she said.

She added that the retail industry transformation map outlined last year by the Government envisions a “vibrant” retail industry spanning across physical stores, online retailing and mobile channels, as well as local brand owners with global presence.

Ms Sim said the Government is helping local retailers build digital capabilities and enable access to e-commerce through its various initiatives.

Enterprise agency Spring Singapore and Info-Communications Media Development Authority (IMDA) have teamed up to pre-qualify e-commerce packaged solutions that can be readily adopted by small and medium enterprises.

Spring is also partnering companies such as Google to help SMEs strengthen their digital marketing, while other private firms like SingTel, DBS and Mediacorp have supported the 99% SME movement with the set up of an e-marketplace and training opportunities.

Trade agency International Enterprise Singapore helps companies leverage e-commerce to unlock growth opportunities in overseas markets, Ms Sim said.

At the same time, trade associations and chambers of commerce facilitate outreach efforts to encourage SMEs to adopt e-commerce, she added.

To help the retail industry workforce adapt and upskill to keep up with developments in e-commerce and digital marketing, Ms Sim pointed at Spring’s initiatives with SkillsFuture Singapore, to be launched later this year.

source:http://www.todayonline.com/