Affected by the epidemic, most companies in Singapore turn to online development

Affected by the epidemic, more and more companies in Singapore are turning their businesses to online development. Even small and medium-sized enterprises that were not previously inclined to operate online have had to reconsider their strategies after the outbreak .

" Before the pandemic , most of these businesses thought that going online would take up too much time , require a lot of resources and investment , " said Selena Ling, chief economist at OCBC Bank . "But I think in the past 12 to 15 months, there has been a real change in people's perceptions . "

To limit the spread of the virus as much as possible at the peak of the epidemic last year , the Singapore government implemented a partial lockdown requiring most people to work from home , so many retailers and manufacturers were unable to open physical stores.

Selena Ling : "A lot of businesses, even smaller businesses, have had to pivot to this online development . " James Chang, CEO of Lazada Singapore, agrees with her, believing that the pandemic has prompted many domestic brands and smaller companies to adapt to online development .

Southeast Asian online retailer Lazada is currently helping small and medium-sized enterprises develop their e-commerce businesses in Singapore. Since the outbreak of the COVID-19 pandemic, the Singapore government has also strongly supported domestic companies in advancing their digital agenda.

"I think Singapore has been very supportive of businesses big and small, especially during macroeconomic transitions like the pandemic , " said Henry Chan, co-founder and CEO of local e-commerce company ShopBack .

Additionally, according to an analyst, Singapore's e-commerce funding environment has improved dramatically over the past decade, helping startups raise funds and grow their businesses.

“I think one of the big things Singapore has done is create a very attractive fundraising environment for emerging companies ,” said James Root . “ Ten years ago, that wasn’t necessarily the case , and it was hard to find anything other than a few venture capital firms. That’s critical for companies that have overcome barriers at an early stage and are looking to enter new areas and markets . ”

Southeast Asia