Week 4: Biz Buzzz on the net!

First and foremost, i would like to share a fun fact about E-commerce in S'pore! We've always been talking about how fascinating China's E-commerce sites are. Let us take a moment, and take pride in our local E-commerce!

Introducing the top 5 E-commerce sites in Singapore (2013 Edition)

At number 5....

OpenTrolley started out in 2008 and claims to be one of Singapore’s leading online book stores, offering more than two million imported titles from the US and the UK at prices somewhat cheaper than physical bookstores in Singapore.

Number 4...

Luxola is an online beauty and cosmetics store, launched in September 2011. It raised US$590,000 back in August 2012 and plans to expand its reach across Southeast Asia.

Number 3...

This online grocery mart offers a selection of up to 8,000 products including from household items to groceries. Without heading out of the house and waiting in line for their purchases, customers are able to pay via credit cards and receive orders right at their doorstep.

Number 2...

Qoo10, also previously known as Gmarket, is a major global e-commerce site originating from Korea after forming a partnership between eBay and Giosis Gmarket. It has several other localized sites in five countries, including Japan and Singapore.

And lastly, at number 1....

Launched in March 2009, Reebonz is an e-commerce site that deals in luxury products and services.

Even though these E-commerce sites may not be comparable to those in china (yet!), here are some factors as to why i think they succeeded :)

here's what FORBES has to say...

1. Flexible Pricing - The wider you sell your product, the more market prices you have to be aware of and make changes accordingly.

2. Currencies are confusing! - To decrease E-commerce friction and cart abandonment, set prices in every relevant local currency.

3. Price Presentation - Your customers should see product prices in clean, round numbers to further simplify the purchase decision-making process

4. Local Payment - Asking your online customers to pay in a way that they are not accustomed to, may cause suspicion and friction, thus resulting in losing these customers.  

5. Taxes - Showing sales taxes in a way that your customers are familiar with will avoid suspicion and increase customer's comfort level.  

However, there are reasons why some E-commerce sites actually fail..

1. Failure to have proper staff members!

2. Poor user interface - people getting lost in your site

3. Lack of security and credibility

4. Lack of transparency

5. Lack of payment option (bank transfer only!)

In a world where everything starts with an "E" something, how do you actually make E-Marketing a success?

So therefore, businesses should step out of their comfort zone and see the vast differences and benefits that the "E" can do to your life! Till the next post! :))