Singapore is amongst top 10 countries that are ready for e-commerce expansion, according to a new study that examines the 360 degree retail environment and opportunity across 55 global markets.
'The Forrester Readiness Index' shows that Singapore is ahead of Australia (16) and Hong Kong (18). The top position is taken by the U.S. while China, Japan and South Korea are at the second, third and fourth place respectively.
The government in China aims to increase domestic consumption and this is the reason why the country has seen an increase in retail demand in recent years.
The nation is set to continue rapid growth into the short- to medium-term future and worldwide is ranked second on retail opportunity.
"E-commerce is becoming more globally pervasive. Therefore, retailers must continually adapt their expansion strategies to reflect changing retail consumption behaviours," said Forrester analyst Susan Huynh.
Overshadow smaller nations
Big retail economies in Asia such as China and Japan often overshadow smaller nations that want to give a boost to their online retail initiatives.
Accounting for seven percent of the world's total retail sales, Japan has a very tech-savvy population and boasts very high retail sales per capita.
It also demonstrates its consumption power and online presence and shows the most similarities in readiness with the U.S.
Consumers in South Korea are searching for channels to address both their convenience and value needs. The large and fluid retail market of the nation is encouraged by indirect government regulation that protects existing smaller businesses.
In order to curb competition, the government has banned hypermarkets to provide free shuttle service to shoppers located in remote areas. These kinds of initiatives boost online retail growth and encourages consumers to turn to the web for fulfilling their requirements.
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