5 Thrifty Tips to Create Your Singaporean Online Business
Do you want to create your Singaporean online business? It is an excellent move since it is prevalent in the country.
Online shopping has completely caught the hearts of Singaporeans. By 2015, it had penetrated the lives of Singaporeans at 57.31%. In addition, it is expected to reach 74.20% in 2020. E-commerce is indeed booming.
More than 50% of women shop online, while men catch up at 48%. Most shoppers are in the age group 45-54 years old. Meanwhile, the least number of shoppers by age are in their late teens and early 20s.
Singaporean online business seems to be a sound business strategy. However, if this is your first time venturing into e-commerce, you have to arm yourself with the knowledge to keep away from advantageous individuals.
Plan your Singaporean Online Business
Everything must start with a plan to know where you are heading. Before you get the funds, you must know what you want to sell online and who you will sell it. Despite the feeling that you have the best idea for an upcoming online shop, you still must do adequate research if the product you are going to offer really does stand out.
Will your product be a need everyone will look for or is it just one of those products in a highly saturated industry? Think clearly of the problem you are trying to solve with your product. Find out its advantages and how it can catch the consumers’ attention. Clearly define your niche. Furthermore, to whom will you sell, and how might they react. You are likely to discover interesting answers through research and analysis.
Finally, take your time to learn about your competition. For example, how are the other businesses with the same products fair? In addition, how they are attracting consumers? Moreover, what can you offer to stand out?
Credit: https://www.deskera.com/blog/start-online-business/
Estimate a Budget for Your New Website
Your website will be a powerful tool to get to your consumers. It has to be engaging and personalised.
List your specifications
Design
Decide the customisation you want, the colour scheme and the personal touches you think best describe your company. For example, would you want to include some photos? How many images do you want to put up? Do you like 3D designs, box types or flay layouts?
Content
How many pages would you want to be on your site? Would you like to keep a blog? Do you have the ability to write your content? Is it necessary to hire someone to write for you?
Functionality
What information do you want to offer? Do you need a customised order form? Are there various payment options? Do you want to keep a page for your clients’ feedback? Are you going to hire an SEO expert?
Get proposals either from one-stop web developers or freelancers.
Various web development agencies offer web services, from designs to SEO. For example, you can choose from these developers and their packages. Or you can hire individual freelancers. If you have a friend who can create your web design, you can create your own content and just hire a web developer as it will save you much.
Once you receive the proposals, do not be discouraged or be surprised if you see higher costs than expected. However, when you choose the service provider, see their portfolios. Ask about their experience and visit the site they have created or taken part in to understand how they will handle yours. Putting up a website can be more expensive the more unique you want it to be. On the other hand, generic-looking websites will be cheaper. It is your call.
Set up the Website for the Singaporean Online Business
- A domain name is used for a uniform resource locator (URL) to access your website. People usually buy this, though some web hosts include it in their offered packages.
- Web Hosting is a service that allows organisations and individuals to post a website or web page on the Internet. You will need Web Hosts such as SiteGround, InMotion Hosting, DreamHost, HostGator, Bluehost, Pagely, GreenGeeks, JustHost, Godaddy, and DreamPress. Also, you may choose a local web hosting companies such as SingHost, APC Hosting, Webvisions, QOXY, HostSG, and Signetique. The location of your web host does not matter as they can work anywhere on the globe.
Know the Consumer Protection Legislation
- The amended Copyright Act in 1999 improved copyright protection in the digital environment. So while you are not the only one getting goods from your supplier, you have your own brand and website contents to protect from those trying to copy it.
- On the other hand, as a booming industry, the government has strict policies to protect the welfare of consumers. The Unfair Contract Terms Act (UCTA) regulates the contracts’ terms, liabilities, and standards when people buy from e-commerce sites. Moreover, the Sale of Goods Act (SOGA) gives them the right to reject the goods if they are not satisfied with the quality. Furthermore, the Misrepresentation Act mandates retailers to be true to their advertisements. Their product quality must meet what is being promised on the sites.
Getting the Goods
Choose the best way you can purchase your products:
Buying personally
If you get your products from another country, you can bring home your goods with the appropriate tax. In addition, you can personally oversee the handling of your goods.
Through shipments
If you need to buy a bigger quantity of your products or raw materials, you can choose to have it shipped instead of buying it yourself.
Payments methods:
Banks with a merchant account
Compare bank rates to know where to get the best and most flexible merchant account.
PayPal
You can use PayPal provided code on your website to add security.
Payment Gateway Account (third-party merchants)
Remittances
Choose your remittance agents carefully. Take time to compare agents and search for their client’s experiences. Know their partner remittance agents in other countries should you need to ship and receive payments abroad. The license does not guarantee performance.
If you need more cash to start your online shop, do not hesitate to get a small business loan from Cash Mart. Let Cash Mart help realise your dream business.