In the Singapore-China Business Forum on Monday, the members of Singapore China Chamber of Commerce and Industry (SCCCI) turned the spotlight on e-commerce businesses in China, in order to provide local businesses with tips from China’s booming market.
This time around there were about 350 participants who attended the forum. SCCCI said that many small and medium sized businesses are keen to step in the threshold of the Chinese e-commerce market.
According to Chinese e-Business Research Center, China’s cross-border e-commerce transaction stood at about $920 billion in 2014, which is higher than 2013 by one third. The research center also predicted that China’s cross-border import and export via e-commerce will grow to $1.43 trillion in 2016.
“With burgeoning middle class population, China’s online shopping craze has penetrated into the second and third tier cities.” -SCCCI President, Thomas Chua.
However, the questions that arises are what is the probability that the Singaporean companies will be able to serve this market and whether the Chinese citizens will prefer buying from these Singaporean companies.
According to SCCCI, President, it’s likely that Chinese citizens will be eager to accept Singaporean companies into their ecosystem. This resulted in their efforts to establish Singapore-Chinese Business Forum, which focuses on the topic of “Venture into the China market via E-commerce”.
However, these Singaporean companies will have to face some challenges while venturing into the Chinese market. These challenges include, picking the appropriate online platform sales, as well as managing logistical challenges.
On a different note, a public account Chinese social networking app was also launched on Monday. This application seeks to facilitate information sharing between businesses from Singapore and China.