Shopping festivals and live streaming are becoming new trends in Singapore’s e-commerce development

The Consumer and Competition Commission of Singapore ( CCCS ) has observed that e-commerce platforms often start as players in a single market segment and then gradually expand into other market segments.

In these processes, e-commerce platforms face significant challenges in terms of multiple user groups. Because of this , e-commerce platforms have implemented various strategies to convert offline consumers to online consumers.

In today’s digital retail world, retailers are urged to transform and evolve to stay ahead of the curve in order to cater to changing consumer preferences in the current COVID-19 landscape.

There is no doubt that in 2020, live streaming and online shopping festivals have become popular trends in the development of e-commerce platforms in Singapore .

Alibaba Group launched the 11.11 Global Shopping Festival in November 2020 , with a focus on helping more merchants capture the surge in Chinese consumers' demand for cross-border online shopping .

Live streaming shopping became a focus of this year's 11.11 as Alibaba continues to provide a more engaging shopping experience for younger consumers .

According to a report by KPMG and AliResearch, live streaming shopping has taken root in China's e-commerce sector .

The appeal of live streaming lies in the trust between merchants and consumers, and how consumers can get authentic evaluations of products through live streaming .

Live streaming e-commerce adds value through its ability to showcase products in greater detail , which provides a better shopping experience than the usual static online browsing.

Recently, the parent company of e-commerce giant Shopee also convened Alliances for Action to explore new operating models to help Singapore retailers digitize , diversify revenue streams, and export brands overseas.

Another survey showed that 71% of consumers in Singapore are likely to purchase immersive technologies such as augmented, virtual reality and 3D technology from brands that focus on better experiences.

Additionally, approximately 59% of consumers believe they will better remember brands that frequently use immersive technology to engage customers.

As more brands turn to online sales, Alibaba believes that this form of e-commerce will become increasingly popular in the coming years.

operations

Cross-border e-commerce market

Southeast Asia