Singapore has cemented its status as the global hub for trade and commerce. Numerous business opportunities are emerging in one of Asia’s strongest technology-enabled economies, with a whole new realm of opportunities opening up for hi-tech companies in this region. If you are keen on pursuing the latest business trends and want to establish a scalable business of your own, check out these seven business sectors that are growing exponentially.
Digitisation and AI
Around the world, businesses are rapidly evolving their traditional models and moving into digitisation and artificial intelligence (AI). Digitisation enables accelerated market penetration, better consumer services, higher productivity with less expense and greater collection of intelligence through big data analytics. Among Southeast Asian countries, the growing dependency on digital technology translates to greater opportunities to create customised products and services for the respective local markets. Digitisation is projected to generate an economic impact of 625 billion Singapore dollars by 2030 as the city-state has a strong and reliable ICT infrastructure as well as a pool of leading IT companies.
An estimated 50 million jobs in Singapore could be transformed by AI, even as it continues to create new jobs. Asia’s first collaborative work space for AI called “The Carrot Patch” will be launched in November to foster the most brilliant minds in the industry. AI research and development will be its main focus; it even comes with a hot desk for freelancers, work spaces for small teams and private offices for businesses. By creating and nurturing AI-based solution providers, it hopes to improve user experience and simplify activities in different industries.
The National Research Foundation (NRF) will also be investing S$150 million into boosting artificial intelligence capabilities. The initiative, called AI.SG, will work in partnership with AI start-ups and companies developing AI products to create new tools and develop talent in the area. For those who are new to the field, there are conferences like AI for Enterprise Asia 2017, which will give deeper insights. If you have an innovative business idea in AI, you can scale it up to mould it into a technology giant in the coming years.
Niche e-commerce
E-commerce is now stabilising into a mature market in Singapore as today’s consumers possess advanced internet accessibility. Statistics show that Singapore’s ecommerce market revenue is expected to grow at 11.2% per year, reaching US$5.086 billion by 2021. Many start-ups are moving online to reach out to consumers who are connected to the internet 24/7. If you can identify the right niche market for your business, it can potentially be a gold mine. Some of the popular e-commerce sites that have established themselves include Carousell for quick buying and selling, Lazada for everything in consumer durables ranging from home appliances to fashion wear, Reebonz for luxury items, HipVan for home accessories and Zalora for fashion e-commerce. Once you have an idea, zoom in on your area of interest, fix your USP and delve a little into how to start an online business. Do the initial research analysis and planning to start your business. The next step is to incorporate your business as a private limited company.
For a successful online business, establish yourself as an authority in that particular segment by identifying niche target groups and their needs. Blogshops are an extremely popular option for entrepreneurs, from where they can kick-start their businesses. Popular products in the Singapore e-commerce industry are computer hardware and software, consumer electronics, books, music, games, fashion accessories and apparel and beauty and health products. However, when you start an e-commerce website, ensure you have enough inventory, flexible payment methods, and the necessary infrastructure including IT infrastructure, staff and business processes for smooth running of operations. Website marketing and advertising is important to drive target audience to your site, so make sure you invest a little time and money into that. Pay due attention to the rules and regulations for starting online businesses along with copyright laws and other frameworks set in place. Once you get the ball rolling, e-commerce is very rewarding.
Read more about 7 Business Trends to Pursue in Singapore at Singapore Company Incorporation.
