Singaporean retailers thrive on online market
In this article (5)
A study by eBay shows that Singapore’s tech savvy retail exporters, who use the company’s online market place, sell to an average 41 international markets.
eBay defines retail exporters as those sellers on its site who garner US$10,000 in sales to global customers (that is buyers outside of Singapore).
According to an eBay spokesman, Singaporean retail exporters have been experiencing solid growth on the back of a revitalised US dollar. In South-east Asia, Singapore is ranked second in terms of reach behind Thailand. Interestingly, Singapore’s ranking is five destinations higher than US retail exporters.
Jason Lee, director, eBay South-east Asia, noted that the US is the top trade corridor for Singaporean retail exporters.
“An exciting trend for Singapore businesses seeking new revenue streams is the speed in which entrepreneurs are able to become a retail exporter, with 22 per cent of Singaporean retail exporters on eBay hitting the US$10,000 sales mark in the past year alone,” he added.
The top three categories that Singaporean retail exporters sell on eBay are jewellery and watches, cell phones and accessories and clothes, shoes and accessories.
Questions & Answers
Q.What criteria does eBay use to define a 'retail exporter' within the context of this study?
What criteria does eBay use to define a 'retail exporter' within the context of this study?
eBay defines a retail exporter as a seller on its site who generates sales of US$10,000 to global customers, meaning buyers located outside of Singapore. This threshold helps identify significant international traders.
Q.Which international market is the most important for Singaporean retail exporters using eBay?
Which international market is the most important for Singaporean retail exporters using eBay?
The US is identified as the top trade corridor for Singaporean retail exporters. This indicates a strong and significant relationship between Singaporean sellers and American buyers on the platform.
Q.How quickly are new Singaporean businesses achieving retail exporter status on eBay?
How quickly are new Singaporean businesses achieving retail exporter status on eBay?
A significant 22 per cent of Singaporean retail exporters on eBay reached the US$10,000 sales mark within the past year alone. This shows a rapid acceleration for new entrepreneurs.
Q.Which product categories are most popular for Singaporean retail exporters on eBay?
Which product categories are most popular for Singaporean retail exporters on eBay?
The top three categories are jewellery and watches, cell phones and accessories, and clothes, shoes and accessories. These products are clearly in high demand among international buyers.
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