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Follow on Google News | Can Ecommerce Save Singapore's Post Covid Retail BloodbathWe delve into how retailers in Singapore can leverage the ecommerce opportunity to tide through the Covid-19 crisis.
Unfortunately, the circuit breaker measures taken to contain the pandemic severely impacted Singapore's retail sector – sales were down to 40% in April and 52% in May 2020 (compared to April-May 2019). While lockdown restrictions were eased in June, sales didn't see much of a revival, mostly due to safety & hygiene apprehensions and the absence of high-spending tourists. Unsurprisingly, retail outlets in prime areas like Jewel, Marina Bay Sands and VivoCity were among the worst hit. The Silver Linings in Singapore's Post-COVID Retail Landscape The solace amidst this collective downward spiral is the 56% growth in sales for supermarkets/ Grocery and hypermarkets aren't the only sectors thriving in Singapore's bleak, post-COVID retail landscape. Ecommerce registered a blistering growth of 125% in May and accounted for a record high of 25% of $1.8 billion in total retail sales for the month. In a nutshell, the COVID pandemic supercharged what was already one of the fastest-growing ecommerce markets in Southeast Asia. At its current rate, Singapore's ecommerce sales is expected to hit a staggering US$10 billion in 2020. Can Ecommerce Redeem Singapore's Retailers Based on our learnings in partnering with 400+ global retail brands and first-hand experience in helping large brick and mortar retailers to transition into the online space, here's how Singapore retailers can make the ecommerce plunge easier, smoother and cost-effective. · Test the waters with social commerce · Do a hands-off approach with a full-stack ecommerce solution provider · Sell through WhatsApp and ship from store Way Forward There exists no playbook to predict the long term economic and social impact of COVID-19. Smart retailers should closely analyze the landscape to identify opportunities and obstacles. The global response to this pandemic has fundamentally altered the reality for retailers. This is a fact all retailers should face and start adapting to. For detailed insights visit https://www.capillarytech.com/ End
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