In Case You Missed It: Key Takeaways from MATRADE’s Webinar “How Malaysia Businesses Can Expand into Singapore Market via Amazon.sg”
From e-store platform solutions to cross-border logistics and payment solutions - find out what was discussed on Matrade's 3/12/2020 webinar!
December 7, 2020
3rd December 2020 - Always on the lookout for opportunities to support Malaysian businesses’ export capabilities, MATRADE joined forces with Amazon.sg, Janio Asia and Payoneer to organise the webinar titled “How Malaysia Businesses Can Expand into Singapore via Amazon.sg”
Malaysian business owners who attended the webinar were treated to one and a half hours of insights and solutions for expanding into Singapore as shared by the following speakers:
MATRADE Southern Regional Office Director Zuaziezie Zulkefli
Amazon Regional Accounts Managers Alvin Ng and Geraldine Tan
Janio Asia COO Syed Ali Ridha Madihid
Payoneer Partnerships Manager for Southeast Asia Philip Goh
The webinar began with MATRADE Regional Office Director Zuaziezie Zulkefli sharing key statistics and market insights on Malaysia’s exports to Singapore.
He shared that Singaporeans like to experiment with new products but only after feeling assured about their quality and customer service. They enjoy a high standard of living and are keen buyers of foreign products. On the other hand, Singaporeans are also brand conscious, brand-loyal and are cautious towards exploring alternatives.
The second segment featured insights and solutions presented by Amazon Regional Accounts Manager Alvin Ng.
He shared that in 2019, 60% of Singaporeans shop online at least once a month and 55% of them prefer buying products online as they are often better priced . He also covered the top drivers of online shopping in Singapore:
Availability of rare products - 52%
Fast delivery - 49%
Payment safety - 47%
Lower shipping cost - 49%
Free shipping - 65%
Adding on to Mr Zuaziezie’s point on Singaporeans purchasing a lot of foreign products, Alvin shared that Singapore is the 3rd largest export destination for Amazon.com. Prior to the launch of Amazon.sg, Singaporeans who wanted to buy from Amazon had to find a way to export the item and import it into Singapore. This led to Amazon launching Amazon.sg in 2019.
“In September 2020, (Amazon) broke all records in terms of orders we delivered to customers…Our Prime Day record itself was broken during this year’s Black Friday and Cyber Monday.”
Amazon.sg provides a platform for Malaysian businesses to set up their Singaporean eStores and power their online sales with tools such as “Deal of the Day”, “Lightning Deal” and “Prime Exclusive Deals”. More resources to power up your eCommerce campaigns such as webinars and Seller University are also available to those who sign up. Malaysian businesses who want to sign up for Amazon.sg can also benefit from waived professional monthly fees here.
Janio Asia’s COO Syed Ali Ridha Madihid shared that Singapore’s de minimis rate of SGD400 per transaction encourages direct to consumer imports into the country as orders imported below that amount for personal use aren't charged additional import taxes and customs duties. In addition, he added that cash-on-delivery usage for Singapore online shopping stands at 20 - 30 per cent and tends to spike during peak periods.
During the session, he reinforced that Janio is proud to support both Matrade and Malaysian businesses’ efforts to internationalise and develop their export capabilities. In addition to our air freight and cross-border trucking services, our customs brokerage services in Singapore can help minimise customs-related issues when importing into the country. Janio’s cash-on-delivery capabilities can facilitate this payment method in multiple Southeast Asian countries including Singapore.
While Singapore’s high de minimis rate supports transactions to individual consumers, larger bulk orders need to go through additional regulation. To support larger imports to Singapore, Janio has both B2B2C solutions and can act as merchants’ importer of record. For example, one of our B2B2C solutions involves storing your inventory in Free Trade Zone warehouses to defer GST payments, then shipping to customers in Singapore only when orders come in while the Importer of Record services can help keep your bulk shipments compliant when importing them into Singapore.
Payoneer’s Partnerships Manager for Southeast Asia Philip Goh shared about Payoneer’s capabilities to enable Malaysian businesses to operate overseas.
Their services especially help merchants looking to do business in countries that need a local bank account for conducting business. Payoneer’s services help merchants receive payments in the local currencies of different countries that the merchants are operating in with minimal hassle. Another added benefit is that their bank statement can also be used to sign up for an Amazon.sg account. Amazon.sg requires users to submit a bank statement when setting up their merchant account.
We at Janio would like to thank MATRADE and Amazon.sg for organising the webinar and are proud to support Malaysian businesses’ efforts to develop their export capabilities.
To find out more about our services or how we can help you, contact us via the button below.