Business Trends in Singapore
Niche Electronic commerce
Electronic commerce has taken roots in the markets of Singapore putting into use the constant presence of consumers on the internet brought about by advanced internet accessibility. As an upcoming business person, you should figure out the right niche market that suits your business and takes advantage of this business trend to open its doors beyond the physical premises. This means you must do thorough research at the initial stages before commencing your business to identify niche target group needs.
Before choosing this business trend, ensure you have planned thoroughly for it in terms of IT infrastructure, copyright laws, payment methods, competent staff, and catchy websites.
Education and Training Sector
If there is a sector that is more accessible to upcoming Singaporean entrepreneurs, it is the education sector. It offers opportunities for businesses dealing with learning materials, school uniforms, learning aids, and devices. This sector is growing fast with more demands for the training of children in the pre-schooling stage and training of professionals especially for business trends like e-commerce, AI, and digitization.
Artificial Intelligence (AI) and Digitisation
Businesses around the world are adopting new business trends by moving from traditional models of business to AI and digitization. AI solves various marketing problems for businesses and companies like finding customers and enriching their business operations. Digitization brings with it many benefits that enable the creation of new jobs, access to markets, and customization of the goods and services to suit each local market’s needs. In Singapore, digitization is soaring high each moment as seen in the creation of collaborative workspace such as “Carrot Patch” that brings with its freelancer’s desk, and offices for small private businesses among other benefits aimed at simplifying activities in various industries and improving the experience of users.
The workplace is getting better and better as employers are adapting to new technology and businesses are changing their methods of driving productivity by taking advantage of digital space and new technology. Devices can now communicate and update automatically at the workplace.
Digitization and AI have enabled the upcoming of technologies like 3D printing which enables mimicking of things in real life from printing a coffee cup at your desk, construction of buildings to the printing of replaceable body parts like fingers, arms, legs, and heart valves. You can almost print anything anywhere.
Mobile application (Mobile Apps)
The mobile app industry is growing fast each day and smart companies are taking advantage of it to transform their day-to-day business activities. This business trend incorporates aspects of both AI and digitization. Many entrepreneurs are now venturing into the mobile application business and we see the presence of apps that touch almost all parts of a person’s life from automobile, transportation, finance & business sector, agriculture, food industry, speech to the healthcare sector. We see continued use of digital payment methods for banks, grocery stores, and taxis.
Some apps enhance business meetings enabling businesses to communicate with other businesses or businesses to communicate with their customers. The media industry has gone online, and citizens do not have to acquire a physical copy to stay up to date with what is happening around them.
Marketing and Advertising
This business trend is becoming more and more personal and seems to have a lucrative future. Business owners are going online with high-value content aimed at speaking to customers directly according to the various needs of each existing generation. Common methods are in the use of catchy adverts and personalized emails.
To market on social media platforms like Facebook you need to master the social media trend and engage users in real-time. Know their frequent activities and maximize on that. With time social media advertising is going to be costly as many companies and businesses are adapting to this trend.
Most of these business trends are revolving around technology. As you decide on a business trend, you should also plan on how to secure your data and devices through tight measures to deal with cybersecurity. Besides, how you conduct your business trend analysis will determine if your business succeeds.