5 Business trends to follow in Singapore
Singapore is not only a technology hub but also boasts one of the friendliest and most welcoming citizens. In this piece, we're going to show you the top 5 Business trends to follow in Singapore. Continue reading.
Singapore flaunts one of the most booming tourism industries. Because of this, it presents a lot of benefits for entrepreneurs in the hospitality Industry.
By 2018, the average occupancy rate in Singapore was 87%. This represented the highest occupancy rate in over ten years. From the luxury rooms to upscale, mid-tier, and economy rooms, the occupancy rates increased considerably resulting in an overall revenue of over $140 for each room per night.
The tourism sector also increases each year, presenting businesses in the hospitality sector with a lot to look to. In 2018, alone, the visitor arrivals in Singapore rose by 6.2%. The tourists spent a whopping projected S$27.1 billion, thereby setting new heights that had never been achieved before.
This trend is predicted to continue due to Singapore's rich culture, and the friendliness of the locals to tourists.
2. Education and training
Singapore education system is world-renowned for being one of the most successful systems. The focus is primarily on equipping learners with unique problem-solving skills. The curriculum is designed to put more focus on training the learners on practical skills that are marketable in the real world and make it easy solving real-world problems. This has turned education to be one of the fastest-growing sectors in this country, providing Subject Matter Experts (SMEs) lots of opportunities to tap in. Many international companies have decided to make their company global and hire local employees to help launch their business and assist with operations which makes it perfect for SMEs.
In support of this is the Singaporean government, which is offering more incentives e.g., the SkillsFuture $500 credit to fund professional training.
3. Niche E-Commerce
Any business enthusiast who is eager to grow their business while expanding to Singapore needs to know that Niche E-Commerce is one of the most profitable ventures to get into. It helps you focus on; a select audience, building a loyal client's fan base and most importantly enables you to establish strong brand authority.
Singapore presents business-minded individuals with lots of opportunities to invest in. From organic beauty products to men's grooming products, wellness products, and food, etc., there's too much potential in niche E-Commerce that you can benefit from.
Singapore also has reliable internet access to citizens. This is an advantage to entrepreneurs because; E-Commerce ensures that you're online 24 hours. With the market projected to hit up to $5 million in the latter months of 2019, and even more on the whole Asia market, it presents you with a great opportunity of amassing more clients and establishing solid brand authority overall.
You must have felt the current wave of Artificial Intelligence (AI) and digitization worldwide. Singapore has not been left behind as most businesses in the country are shifting to AI and digitization. This makes it easy for them to access markets and big data statistics with a lot of ease. The IoT also eases the connection in the Business to Business (B2B) and Business to Customer (B2B) spaces presenting loads of benefits for tech-savvy entrepreneurs.
Ironically, the numerous interconnection between businesses and customers opens more ports for cybercriminals to launch lethal attacks which can be crippling to the businesses. While this is a misfortune to the industries, it provides you with an opportunity to tap into this market.
By establishing a reputable Cyber Security brand, you'll be able to attract more clients your way. There's an intense growing need for cybersecurity with the market projected to soar high up to $113 billion by 2020 according to the Gartner Cyber Security report.
Biotechnology is another lucrative market that has experienced exponential growth over the years. By 2016, Singapore's MedTech industry was estimated to be worth over $3 billion.
The government is also putting plenty of effort to increase its development. It's already a hub for MedTech manufactures from different nationalities and also offers incentives for the public, private partnerships mainly for companies with a desire to connect with researches and academics in their specialties.
It also offers a lucrative market that is not only attractive to multinationals but also startups as well.
Now, while there are lots of lucrative business opportunities to tap in the Singaporean market, it's still critical that you follow the basic guidelines for business success. There's no easy way out there. Before hitting the market, be sure to plan carefully, test your business ideas, understand your target market, know your future customer, put up your cash resources, and select the right business structure.