The eCommerce sector is thriving in Singapore coupled with the increase in digitization. How to leverage the benefits of eCommerce sector of Singapore along with getting paid in Singaporean Dollars (SGD).
ECommerce in Singapore
With the digital economy thriving, there is no better time to enter the eCommerce industry than now. More and more people across the world prefer to go online for plenty of things, ranging from groceries to entertainment needs. Across the Asia Pacific region, the eCommerce industry is surging exceptionally high. One particular country that comes to mind when talking about the e-Commerce industry in Asia is Singapore.
In fact, Singapore has positioned itself as the most rapidly growing eCommerce industry in Southeast Asia. Ideally, Singapore has a solid economy; and the existence of many English-speaking residents with abundant expendable capital makes it even a viable option for international sellers. The market volume of Singapore in 2021 was boosted by the market’s largest segment – electronics and media categories.
Digitization and mobile usage in Singapore
The high rate of smartphone usage in Singapore went off over the past couple of years and has been a solid contributor to the booming eCommerce market in the country. Increasingly high smartphone usage, coupled with ultra-fast internet and a socially mobile population, gives you an impeccable blueprint for tech solution proliferation.
Out of 5.72 million people living in the Southeast Asian country, 85 percent are driven by a high mobile internet penetration. Considered as the world's most digital-ready nation, Singapore has always had prominence as Southeast Asia's business and trade hub, with a GDP per capita anticipated to hit almost $61,000 in 2021. The nation's desire to achieve $2.8 billion in revenue in eCommerce before the year ends is influenced by the nation’s strong digital payment infrastructure. The country enjoys the highest number of eCommerce companies in the entire Southeast Asian region.
Did you know that 42 percent of eCommerce transactions in Singapore are currently mobile? On the other hand, statistics show that 60 percent of the residents make cross-border transactions since governments locked down cities and borders triggered by the concern about the rising Covid-19 pandemic. Mobile shopping has helped curb the threat of Singapore’s, and even global, unprecedented economic recession. Innovation of ways of maintaining the existing equilibrium and regular routines has resulted in digitizing payment methods, changing the typical business model for the better. Thus, it aided in tackling the dynamic market changes, a transformation to a digital economy.
Receiving Payments in SGD
Are you a global seller? How would you receive payment in Singapore Dollars?
Traditional financial systems are on the alert about real-time bank payments due to the concerns of Covid-19, spurring a change in a consumer's behavior. Consumers were compelled to use other payment methods, a transition from cash to a cashless economy. In the Asian-Pacific region (APAC), the most preferred and frequently used payment methods by online shoppers turned out to be e-wallets and credit cards rather than cash. Shoppers shifted from retail shops to mobile shops and websites in the Southeast Asian marketplaces. Online shops have so far plunged their sales.
The Covid-19 crisis seems to have had a significant impact on the booming of this sector. In the outbreak, Singaporeans were out looking for ways of adapting to the new trend in payment methods.
To evade the extinction of non-essential businesses and several other service industries, online shopping became an option for the majority. Recent reports reveal that 28% of the population shop online weekly and 58% at least once per month. If the online shopping trend continues, then the Singaporean eCommerce industry will achieve a whopping $7.5 billion by 2025. Now will be an excellent time to enter the market before it becomes fully saturated.
Reaching prospective customers while growing your income requires locally accepted payment methods like cash. But since that option has been taken away by Covid-19 safety measures, bank transfers and e-wallets. Hence, if you are ready to expand your business to new horizons, you only need a Singapore Dollar receiving account to accept payments and make individual or mass payouts. What a better way to access and offer payment methods faster than a platform that manages infrastructure, licensing, and compliance? Such a platform will allow you to focus more on the growth of your business rather than on how you will receive payments.
Receipt of mobile payment may come at a fee or not, especially when transferring U.S dollars to SGD. Henceforth, it would be best if you considered vital insights like the best exchange rates, stability of the exchange rate, transfer fees, and the transfer time that would otherwise hinder the success of your business. Join an international receiving account that considers all these considerations to start selling and making payouts in Singapore dollars.
XanPay: Accept SGD Dollars
XanPay's gateway allows you to leverage the eCommerce business in Singapore from several countries. As a seller operating outside of Singapore, our payment gateway helps you expand your business to Singapore by facilitating its citizens to pay in Singaporean Dollars (SGD). As a merchant operating in Singapore, our payment gateway system helps you expand your eCommerce business outside of Singapore while you receive payments in SGD directly in your bank account. In other words, with XanPay, your consumers can pay in their preferred local currency while you, as a merchant, receives payment in your preferred currency into your bank account.
To sum up, Singapore's projected annual growth rate and widespread adoption of eCommerce markets set a good environment for cross-border businesses and revenue growth. The statistics of online shoppers are projected to plummet even more with time. XanPay helps you leverage these opportunities by simplifying your payment process.