For retailers, it’s high time to jump into the e-commerce bandwagon

E-commerce sales will hit $3.5b in 2015.

The country’s brick-and-mortar retailers should step up their game and jump into the e-commerce bandwagon in 2015. According to Rakuten, e-commerce revenues in Singapore are expected to hit $2.99 billion by end-2014, with revenues looking to grow to $3.5 billion by the end of 2015.

In spite of this growth, a report recently released by the Singapore Productivity Centre (SPC) and DP Information Group (DP) revealed that only around half of local retailers have embarked on e-commerce.

“The growth of cross-border commerce looks set to accelerate in 2015 as global marketplaces give consumers the chance to buy from retailers anywhere in the world. This paves the way for merchants to access overseas markets and expand internationally, offering the opportunity for significant growth, particularly in smaller markets like Singapore,” said Masaya Ueno, Director of Rakuten Asia Pte Ltd, Head of Business Development Division, and Country Manager for Singapore