The annual value of business-to-consumer (B2C) eCommerce exports from Singapore will be around $1.03 billion in 2021, per a report from Amazon.
The report, “Local Sellers, Global Consumers: Capturing Singapore’s e-commerce export opportunity,” says the value could reach $2.6 billion in 2026 if micro, small and medium-sized enterprises (MSMEs) keep up the pace of boosting eCommerce to sell around the world.
MSMEs now account for about 45% of Singapore’s B2C value of eCommerce exports this year.
The report from Amazon was prepared by AlphaBeta, a consulting firm, and is looking into the size of Singapore’s eCommerce export potentials. It surveyed over 300 MSMEs from Singapore.
If the current trends continue, the value of B2C eCommerce exports annually could grow 5% per year, the report says, to reach around $1.2 billion by 2026.
But the report says if MSMEs accelerate their practices, the annual value could more than double and hit $2.5 billion by 2026.
Bernard Tay, head of Amazon global selling, Southeast Asia, said the company wants to “help MSMEs start local, grow global.”
“Local businesses of any size can benefit from this report to understand a range of topics, from business models and export regulations to consumer needs and foreign competition,” he said. “Along with the report insights, our first-ever Seller Boot Camp comes as a timely opportunity for small enterprises to identify the current gaps in their operations and arm themselves with the knowledge, resources, and connections to sustainably expand their business.”
The Seller Boot Camp is a three-day event, hosted virtually by Amazon, that aims to help small businesses with tools and resources to boost cross-border opportunities, boost customer reach and expand global business.
Currently, around 24% of MSMEs in Singapore do B2C eCommerce. Almost 90% use it for export.
In other Singapore-related news, cross-border digital payments startup Liquid Group is introducing both B2B and B2C payment tools, through the company’s corporate payment portal. They’ll work with collection, invoice payments and payroll payouts for corporates, marketplaces, trade and logistics exchanges.