- The new “Singapore Cross-border Brand Launchpad” program, which is developed together with Enterprise Singapore and the Singapore Business Federation, will help over 100 local Singapore MSMEs to launch and scale their brands, access export opportunities in the United States in the next two years
- As of May 2023, sales from Singapore sellers on Amazon global sites achieved double-digit growth YoY, and hit record performance during Prime Day 2023
- Accelerated e-commerce export by MSMEs poised to nearly double revenues from S$1.7 billion in 2022 to S$3.9 billion by 2027, new study from Access Partnership reveals
SINGAPORE 24 July 2023 – (NASDAQ: AMZN) – Amazon Global Selling today introduced the ‘Amazon Global Selling Singapore Cross-border Brand Launchpad’ program, in collaboration with Enterprise Singapore (EnterpriseSG) and Singapore Business Federation (SBF), to equip local entrepreneurs with cross-border e-commerce skills and help them access burgeoning opportunities of this sector and build a long-term global business. The program will help over 100 local Singapore micro, small and medium enterprises (MSMEs) to launch and scale their brands through Global Selling in the next two years and help at least 300 Singapore companies to equip them with knowledge set of cross-border e-commerce through a long-term knowledge collaboration.
A first by Amazon Global Selling in Singapore, the program will help over 100 eligible local MSMEs launch their brands and scale in the United States (U.S.) with dedicated and tailored account management support and resources. Notably, MSMEs will receive support in areas including advisory on business growth and solutions, optimization of marketing and analytics tools, and know-how on achieving product standards certification in line with local regulations.
Additionally, as part of a long-term knowledge collaboration, Amazon Global Selling is working with SBF to develop a dedicated cross-border e-commerce learning series for at least 300 Singapore companies. This will feature key topics including introduction to cross-border e-commerce business model, solutions to tackle common global e-commerce challenges, and relevant digital economy skills such as product selection and preparation, overseas market and consumer research, digital brand building and tools, performance optimization, cross-border logistics, and more. With seminars, business review, and business matching, the knowledge collaboration aims to empower local companies to develop a global business on the worldwide playing field.
Global e-commerce has grown at an average rate of 12% over the last several years and this is forecasted to continue into the future. Within e-commerce, the cross-border Business-to-Consumer (B2C) e-commerce market is experiencing growth with a global CAGR of nearly 28.4% during 2020-2027. “Cross-border e-commerce is becoming increasingly crucial for the success of MSMEs. To fuel their long-term growth, we recognize the significance of local collaborations and local support,” said Anand Palit, Head of Amazon Global Selling, Southeast Asia. “We look forward to growing our efforts with Enterprise Singapore and Singapore Business Federation to help local businesses seize the potential of the ever-expanding cross-border e-commerce and write the new chapter of Singapore MSME’s transformation story.”
“To strengthen their competitive edge, businesses must equip themselves with the capabilities to explore new markets and adopt differentiated go-to market strategies. The size and vibrancy of the e-commerce market in the U.S. presents significant opportunities for Singapore businesses,” said Soh Leng Wan, Assistant Chief Executive Officer, EnterpriseSG. “We are excited to partner with Amazon Global Selling to help Singapore businesses build their capabilities in cross-border e-commerce and unlock new drivers of growth.”
“SBF is pleased to partner with Amazon Global Selling and EnterpriseSG to launch the “Amazon Global Selling: Singapore Cross-border Brand Launchpad” today. This partnership will help Singapore businesses develop the necessary know-how to reach customers in the U.S., which is one of the most diverse in the world with an enormous growth potential for consumer brands. We look forward to do more with Amazon Global Selling to accelerate cross-border e-commerce adoption by Singapore companies,” said Kok Ping Soon, CEO of Singapore Business Federation.
High growth potential for Singapore MSMEs with cross-border e-commerce
The value of B2C e-commerce sales earned by Singapore firms from overseas sales has the potential to nearly double from S$1.7 billion in 2022 to S$3.9 billion by 2027, if they invest in cross-border e-commerce. These are findings from the newly launched ‘Local Sellers, Global Consumers: Capturing the e-commerce export opportunity in Singapore’ study, which surveyed over 300 MSMEs from Singapore. The study, prepared by consulting firm Access Partnership, analyses the size of Singapore’s e-commerce export potential, the perspective of local MSMEs, and best practices to achieve that potential.
MSMEs are optimistic about the demand for online shopping. The study found that 82% of Singaporean MSMEs believe that e-commerce is critical for their ability to export. When asked the reasons for using e-commerce to export, MSMEs value the access to marketing tools that boost their product visibility internationally (48%) and ease of engaging with overseas customers online (47%). Other reasons cited include the ability to access a large number of overseas countries (44%) and the growing demand for online shopping (39%).
Amidst the opportunities for growth through cross-border e-commerce, the capability and knowledge barriers faced by MSMEs are a lack of capability in managing digital platforms and a lack of knowledge on e-commerce export business models, which are what the knowledge collaboration aims to address.
To download ‘Local sellers, Global consumers 2022: Capturing the e-commerce export opportunity in Singapore’, visit https://accesspartnership.com/local-sellers-global-consumers-2022-capturing-the-e-commerce-export-opportunity-in-singapore/.
Singapore brands are emerging on the global stage
Today, more than 60% of sales in Amazon’s store are from independent sellers—most of which are small and medium-sized businesses—providing a vast selection of amazing products, competitive prices, and great convenience for consumers . Many Singapore sellers have already started their e-commerce journeys on Amazon stores. As of this May, sales from Singapore sellers on Amazon global sites have achieved double-digit growth YoY, and have hit record-breaking performance during Prime Day this year.
HYDRAGUN, a local brand providing health and wellness massagers and products, is an example of a passion project that has scaled to global audiences. “Hydragun was an idea born from my training injury that quickly became an opportunity to offer high-quality, premium recovery essentials to people all over the world who suffer from body aches and pain. Whether you are young or old, active or otherwise, pain is something that everyone would experience at some point—and my team and I aim to innovate and create recovery solutions to help people feel good, get better and live their best lives. As Hydragun continues to expand globally, Amazon presents a unique opportunity to directly reach a wide base of customers. They are one of the key levers to helping us achieve our mission of reaching 1 million households by 2025,” said Aloysius Chay, co-founder of HYDRAGUN.
To learn more about the millions of small and medium-sized businesses growing with Amazon, visit: aboutamazon.com/supporting-small-businesses. More information about selling on Amazon can be found here: https://www.amazon.sg/sell. And sellers who are interested in the program can register in this link.