Have you heard of ‘Moore’s Law’?
It is the observation by Gordon E. Moore that the number of transistors in a dense integrated circuit doubles approximately every two years.
What this means is that advancements in digital electronics have been on a yearly exponential growth for the past half a century.
What has that got to do with E-Commerce or Singapore then?
While Moore’s Law has been in action since 1965, its effect has only been felt in more recent times, especially since the beginning of the 21st century. For example, while the first digital cameras were produced in 1975, it wasn’t until the 2000s that they made the traditional photo developing business completely obsolete.
Many other traditional industries are also going through unprecedented changes and disruptions the past 2 decades due to the maturity of digital capabilities. It is not hard to notice that most of these disruptions are sparked by a ‘software revolution’.
When it happens, it happens FAST. Market leaders thought to be infallible can lose majority market share, or entire industries can be made obsolete in a blink of an eye. Kodak went from selling 85% of all photo paper worldwide to bankruptcy in a few short years. Some have dubbed this the ‘4th Industrial Revolution’ or the ‘Exponential Age’.
Singapore’s E-Commerce Market Size
Now, let’s turn our attention back to Singapore and E-Commerce.
While it is now common knowledge that the retail sector is going through one of its biggest and most severe decline in Singapore, the E-Commerce market here is moving on a completely opposite trajectory.
Singaporeans are S.E. Asia’s top online shoppers, with the nation boasting a USD $4.1 Billion E-Commerce Market in 2016; and it is projected to grow at a rate of 11.69% per year to USD $6.4 Billion in 2020, and exceed USD $7 Billion in 2025.
We are literally looking at a MONSTER market in its infancy!
Singapore’s Internet Statistics
Statistics show that Singapore has the highest internet penetration rate in S.E. Asia at 80% and we constantly record the highest broadband speed in the world.
42% of internet users use it to compare product choices and 26% of users make immediate purchases. 49% of all shoppers in Singapore shops online at least once a month. 37% of those shoppers make their purchases online while 55% complete their transactions offline.
While those numbers may look impressive now, they are set to grow at an exponential rate over the next decade. We are on the cusp of a MAJOR disruption in the retail industry, it would be wise to get into the market while the playing field is still relatively level.
It helps that the barrier of entry is pretty low. You do not need a large capital, special skills or special tools to claim your own little corner in the industry. You just need basic computer skills and access to an internet connection, and you’re pretty much set to go.
There are many resources online that teaches you the basics, but nothing beats having access to a mentor that has been there, done that, and can guide you to success in the shortest time possible.
If you are looking for a low-cost, low-risk way to tap into this MASSIVE growing market of the 21st century, all you have to do is click on the REGISTER button below to get access to a FREE seminar where I will share with you some of the tips and tricks of the e-commerce industry.