With the right amount of capital, almost everyone can start a business in Singapore. However, to ensure that the business remains sustainable in the long run, you’ll have to ensure that it’s sustainable and viable. How do you do this? It’s all through proper research, planning and execution! Singapore has established itself as a global trade and commerce hub over the past few years. With an economy enabled by technology and a government that is fully supportive of techpreneurs, it is unsurprising that our little island offers the perfect environment for hi-tech companies seeking to establish themselves in the region. As a potential business owner, you’ll definitely want to ensure your business remains relevant in the ever changing market. This is why we have consolidated the top 7 business trends that you might consider if you’re thinking of setting up a business in Singapore. 1. Niche E-commerce With increased accessibility to the internet, e-commerce is no longer a luxury for businesses but a necessity. The e-commerce market in Singapore has grown significantly and is expected to amount up to $5 billion by the end of 2019. Any business that hopes to be successful today needs an online presence. E-commerce enables your business to be available to consumers 24/7. However, in order to be heard by above the clutter of information on the internet, you’ll need to identify a niche and target specific groups and their particular needs. For example, you can focus on popular products such as consumer electronics. Going into e-commerce however, doesn’t guarantee you success. You’ll have to invest heavily in digital marketing and establish your brand as an authority to earn the trust of consumers. 2. Digitization and Artificial Intelligence (AI) Contrary to popular belief, this isn’t just for IT companies. Digitization and AI are not only growing business trends in Singapore, but throughout the world. Companies in every industry ranging from multi-national to small business are moving to digitization and AI. Digitization enables companies to access markets that they previously would have only dreamed of. They are able to do so at a faster speed than if
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