Starting an e-commerce business in the highly advanced free market economy of Singapore is certainly a fantastic undertaking. There are no restrictions whatsoever and Company Incorporation Services Singapore is super-fast and reliable too. With an efficient and affordable accounting service for small business, Singapore is unarguably one of the best places in the world to start a business. It gets better when you are looking to start and eCommerce business because unlike other ventures, most eCommerce businesses are not capital intensive. While eCommerce business sounds like walk in the park, there are important factors that must be implemented correctly for a successful and profitable eCommerce business.
Here are five tips to staring a viable eCommerce business in Singapore:
- Research: Research is imperative and the foremost line of action before starting an online business. Research gives you a clear picture of who your competitors are as well as the extent of competition you will face in your chosen line of business. Research also helps you to if your competitors are promoting their business and it reveals whether they are using paid promotion as well. When you find that your competitors use paid promotion, it is a clear indication that they are getting payments from clients. Which means the business is viable. Research will also help uncover which businesses are sought after by potential customers.
- Business name: Having a name for your e-business is next on the list. After your research, you will be able to determine which line of business is most suitable for you. At this point, it is expected that you give your business a name as this is the first and important step towards creating a brand. However, make sure that the name of your business is captivating and unforgettable.
- Get your business licenses: Many people are often under the misguided impression that eCommerce businesses exempt you from the need to secure a business license. It is your duty to find out what permits you need to have for the region you are operating in and secure the stipulated permit. In Singapore, getting a business permit for your e-commerce business is very easy and almost instantaneous which makes Singapore a great place for e-commerce ventures.
- Market your eCommerce business: If you want a successful and profitable e-commerce business, it is imperative that you get to marketing as fast as you can. Thankfully, there are many effective and affordable ways to market your eCommerce business and they include social media marketing, email marketing, SEO, Pay-per-click and many more. It is equally important that you give your e-business a face (have a website) as this is crucial to generating goodwill and patronage.
- Have a full inventory: While some eCommerce businesses begin with a slow start, others might move at an exceptionally fast pace with increasingly higher demands for products from customers. Having a full inventory means that when customers order a product, it will be delivered in a fast and timely fashion. Having a full inventory is a recipe for customer satisfaction and repeat purchase.
Once you implement these tips accordingly, you are well on your way to a successful and profitable eCommerce business.