Source: eBay report.

eBay recently released a report highlighting the increasing success of Singaporean businesses using its online marketplaces. This growth is attributed, in part, to the rising value of the US dollar.

The report indicates that Singaporean retailers selling internationally on eBay reach an average of 41 markets. This ranks them second in Southeast Asia, trailing only Thailand, and five positions ahead of US-based retail exporters.

Jason Lee, eBay South East Asia Director, points to the US as the primary trading partner for these Singaporean businesses and highlights the strengthening US dollar as a significant growth factor.

A promising trend for Singaporean businesses exploring new revenue opportunities is the speed at which they can establish themselves as international retailers. An impressive 22% of Singaporean retailers on eBay achieved US$10,000 in sales within the past year alone.

Lee emphasizes the substantial opportunity for entrepreneurs targeting a global customer base compared to traditional export models typically dominated by larger corporations. He points to the rising number of successful Singaporean SMEs selling through eBay’s US, UK, Australia, and other global marketplaces.

Lee further states that eBay is committed to supporting local SMEs and entrepreneurs by offering a platform that not only grants them a local presence but also empowers them to offer goods and services globally. This aligns with the Singaporean government’s focus on innovation and internationalization as key drivers of economic restructuring.

Traditionally, many companies, regardless of size, have had limited access to international markets. E-commerce platforms like eBay are changing this by enabling entrepreneurs, including smaller retailers, to directly access global markets in a way never seen before.

Gift of Time, a Singapore-based luxury watch retailer, exemplifies this success. Since joining eBay in 2007, they’ve experienced significant growth. Starting with a single employee in Singapore, they now have a staff of 16 selling watches globally, including to the US, UK, Germany, Australia, Russia, Brazil, and China.

Jeson Wu, Gift of Time Founder, attributes their accelerated growth compared to other Singaporean watch retailers to their decision to embrace online selling. He emphasizes the importance of meeting customers where they are, particularly in today’s digital age where online browsing and shopping dominate. He adds that eBay’s credibility as a platform was crucial in building trust with international customers.

Lee acknowledges the lower barriers to entry for internet-enabled trade, making it easier for new businesses to enter the market. He believes that platforms like eBay foster a competitive landscape and are working with organizations like the Economic Development Board (EDB), SPRING Singapore, and the Infocomm Development Authority of Singapore (IDA) to help Singaporean SMEs expand their international sales.

Key takeaways from the eBay report:

• Retail exporters in Southeast Asia reach an average of 33 international markets, surpassing other regions such as NAFTA (27) and EU28 (17).
• The US, UK, Australia, Germany, and Canada are the top five destinations for eBay retail exporters from Singapore, contrasting with traditional offline exports primarily going to Malaysia, mainland China, Hong Kong, Indonesia, and the US.
• Singapore’s leading product categories sold by commercial eBay sellers are ‘Jewelry and Watches,’ ‘Cell Phones & Accessories,’ and ‘Clothes, Shoes & Accessories.’

These insights and more are available in eBay’s “Commerce 3.0: Enabling ASEAN SMEs” report. Based on research by Sidley Austin using eBay data, the report expands upon previous research conducted in the Asia Pacific, US, and Europe.

Interested?

Find out more about Commerce 3.0: Enabling ASEAN SMEs

View customer testimonial videos from corporate eBay sellers in Southeast Asia, including Gift of Time and JLC Enterprises

*Singapore retail exporters are defined as eBay sellers in Singapore who have accumulated US$10,000 in sales to global customers (buyers outside of Singapore).