The Knowledge to Decide

Singapore’s online retail market grew from SGD717 million in 2010 to about SGD1.08 billion in 2014, and is projected to reach SGD2.06 billion by 2019. Will traditional retailers change their business strategies in response? Japnit Singh, Senior Director of Spire Research and Consulting, Singapore and India, shared his insights on Channel News Asia – Today Online. As online retail continues to record increasing sales in Singapore, traditional retailers are struggling to keep up with the fierce competition. As the retail sector is a major component of Singapore’s Gross Domestic Product (GDP), this results in money and tax revenue flowing out of the Republic, since e-commerce is dominated by overseas merchants. Many Singaporeans now prefer online shopping. Singh highlighted that out of the estimated SGD4.5 billion generated in the e-commerce space, 55% involves cross-border transactions. The obvious benefits include Goods and Services Tax (GST) savings as well as lower prices, b

A majority of businesses are very keen on adopting online platforms for increased revenue sales in India. Over 54% of businesses reported a growth of more than 20% since going online in revenue sales. These were the findings from a research study conducted by strategic market research consultancy Spire Research and Consulting spanning from August to October 2014. The full report is also available upon request. The research study aptly titled, ‘India’s E-Tailing Industry – Seller’s Perspective’ was released at a press conference held in New Delhi today. The study was conducted across 13 states in India spread over 300 retailers in 3 sectors consisting of apparel, consumer electronics and food. These insights concentrated on current online shopping trends and its effect on sellers. Furthermore, the data was gathered through one-on-one, online and telephonic modes of communication. More businesses are going online and using it as an extension of their brand As shown in Table 1