Business Trends in Singapore for 2024

Business Trends in Singapore for 2024

As we enter 2024, Singapore, like the rest of the world, is riding a wave of digital transformation. In a previous article, we discussed key Global Business Trends in 2024 that companies should know when developing their business digitisation plan. 

In this article, let’s explore specific Business Trends in Singapore for 2024 and see how Qashier can help digitise your business.

E-commerce Boom in Singapore

Singapore’s e-commerce market is experiencing dynamic growth and transformation, driven by technological advancements and shifting consumer behaviours. The surge in internet usage, supported by improvements in broadband speeds and the implementation of 5G technology, has played a pivotal role in driving this growth. The introduction of 5G also provided increased capacity in densely populated areas, thereby enhancing internet access quality. Projections indicate substantial growth in the e-commerce sector, with estimates pointing towards an increase to US$16.4 billion in 2023 and a further rise to US$23.5 billion by 2027.

The global pandemic’s impact

Within Singapore’s e-commerce landscape, specifically in the food and beverage sector, there has been a notable uptick in delivery orders, largely influenced by the pandemic. As per Mordor Intelligence, the gross domestic product (GDP) for Singapore’s food and beverage services reached approximately SGD 5.26 billion in 2023, showing a slight increase from the previous years. Key market players, including Lazada, Shopee, EZbuy, Inc., and Sephora, continue to dominate the e-commerce scene, driving competition and innovation. Furthermore, Singapore’s introduction of a rating system for e-commerce marketplaces, focusing on anti-scam policies, reflects a commitment to enhancing transaction safety and building consumer trust.

The robust growth of Singapore’s e-commerce market, projected to reach US$8.23 billion by 2023, has had a substantial impact on traditional retail sectors. The upswing in e-commerce, accelerated by the COVID-19 pandemic, led many businesses to shift their focus toward online channels. The global e-commerce retail industry, which already thrived with US$3.35 trillion in sales in 2019, experienced a remarkable surge to a staggering US$5.21 trillion in the aftermath of the pandemic.

Growth of mobile e-commerce

Several factors, such as the widespread adoption of smartphones and high internet penetration, have also driven this rise in e-commerce in Singapore. This technological advancement has fostered the growth of mobile commerce, with approximately 190 million people expected to shop online using their smartphones by 2024. In Singapore, credit cards and digital wallets remain the preferred mode of payment.

Moreover, there is an increasing adoption of direct-to-consumer (DTC) strategies among established retailers. DTC strategies serve to strengthen customer relationships and foster brand loyalty. This approach enables brands to directly offer products to consumers at reduced costs while gathering valuable feedback. 

The rise of DTC also signifies an increased reliance on digital tools in retail e-commerce. With many options, such as websites, live streaming, and selling via social media apps (think Instagram and TikTok shop), it enriches the online shopping experience by providing multiple touchpoints for customers to interact with the business. This shift towards convenient shopping and secure payment options encapsulates Singapore’s thriving and transformative e-commerce landscape.

Businesses and Digital Transformation 2024

As the business landscape evolves, the role of Point of Sale (POS) and payment solutions becomes increasingly significant. Businesses need to adopt flexible and adaptive POS systems in our digitally-driven market. These systems are crucial for managing the complexities of modern commerce, from handling diverse payment methods to integrating with various digital platforms.

Qashier’s all-in-one POS and Payment solutions exemplify this adaptability. Our software and hardware address evolving business trends by offering a comprehensive suite of features that cater to the needs of modern businesses. Qashier’s POS and Payment solutions facilitate seamless transactions, provide valuable insights through data analytics, and ensure smooth customer experience, which is essential in today’s competitive market.

There is an optimistic outlook for businesses that leverage innovative POS and payment solutions. These technologies are not merely transaction management tools but business success drivers. By adopting advanced POS systems like Qashier, businesses can enhance operational efficiency, improve customer engagement, and adapt to the changing market dynamics more effectively. Through Qashier, businesses can also accept a myriad of payment options which include credit/debit cards, e-wallets, mobile payments, Pay by Link, and physical cash.

In conclusion, integrating advanced POS and Payment solutions, such as those offered by Qashier, is how businesses can thrive in the current and future business landscape. Technological solutions, like Qashier’s, play a critical role in navigating the challenges of modern commerce, ensuring enterprises stay ahead in an ever-evolving market.

More about Qashier

Qashier offers multiple digital solutions, including QR code table ordering, table management (F&B), employee management, customer relationship management (loyalty programs), inventory management, data analytics, and cashless payments, in an all-in-one device.

Qashier promises a seamless setup within 10 minutes, without the need for technical expertise. It boasts a user-friendly interface that is simple for anyone to learn and use. If you require assistance, you’ll find 7 days-a-week responsive technical support from your local team.

Try the Qashier app for free on your own Android device! Alternatively, you can speak to us to see how Qashier can meet your business needs. Schedule a meeting with us here, call us at (+65) 3165 0155, WhatsApp (+65) 8887 7687, or email [email protected]



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