The Tariff Challenge and Singapore’s Limited Domestic Market
Singapore SMES in the retail and design sectors face a dual challenge: growing tariff uncertainties in traditional export markets (particularly the US) and the inherent limitations of Singapore’s small domestic market. The article highlights how these businesses are strategically pivoting to overcome these constraints through thoughtful global expansion.
Current Tariff Landscape
- US has implemented a 10% baseline tariff on nearly all imports
- Despite recent US-China trade de-escalation, ongoing policy uncertainty remains
- Traditional markets are becoming increasingly volatile with unpredictable policy swings
Singapore’s Market Limitations
- A small domestic market creates an inherent ceiling for growth
- Reliance solely on the local market limits the scalability potential
- Forces businesses to look outward for sustainable expansion
Strategic Approaches to Global Expansion
1. Regional Market Prioritisation
The most successful Singapore SMES are adopting a targeted approach rather than trying to compete in saturated, high-risk markets in Southeast Asia.
- Southeast Asian Focus: Vietnam, Thailand, Indonesia, and the Philippines offer growing middle classes with increasing purchasing power and cultural familiarity
- Gulf Region Expansion: Saudi Arabia (Vision 2030) and Dubai’s emergence as lifestyle hubs provide opportunities for premium design goods.
- Emerging Market Potential: Countries like Nigeria and Kenya present opportunities with young populations and growing e-commerce adoption
Supermama’s approach exemplifies this strategy: it focuses primarily on Asian markets (Singapore and Japan) and plans to expand to China rather than pursuing riskier Western markets.
2. Collective Market Entry Strategies
The article emphasises the strength in numbers for small Singaporean businesses:
- Edwin Low of Supermama advocates entering foreign markets as a collective rather than individually
- Showcasing multiple designers’ works together creates a stronger market presence
- Regional collaboration with Southeast Asian design can appeal to larger markets
- Example: Supermama’s initiative to curate Southeast Asian designers for a showcase in Japan and China
3. Digital-First Approaches with Human Connection
Successful SMES are leveraging digital tools while maintaining authentic human connections:
- Social commerce (particularly TikTok Shop) enables direct consumer engagement without massive marketing budgets
- Personal storytelling and brand authenticity resonate with global consumers
- Digital automation of routine processes while emphasising human touchpoints (personal notes, behind-the-scenes content)
4. Differentiation Through Value-Based Positioning
Rather than competing on price or speed with global giants:
- Focus on meaning, craftsmanship, and brand story
- Emphasis on sustainability, fair trade, and heritage appeals to younger global consumers
- Creating experiences rather than simply selling products (workshops, artist pop-ups, interactive spaces)
- Example: Ginlee’s “Make-in-shop” concept blends personalisation with on-demand production
Institutional Support for Global Expansion
The Design Singapore Council (DSG) provides critical infrastructure supporting SMES’ global ambitions:
- The Good Design Research program helps businesses explore new frontiers through design innovation.
- International platforms (Milan Design Week, Find – Design Fair Asia) provide global exposure.
- Design Masterplan 2035 focuses on human-centric design principles that resonate globally.
How Global Expansion Addresses Singapore’s Constraints
1. Market Diversification Reduces Risk
- Dependence on any single market (including domestic) creates vulnerability
- Multiple market presence provides resilience against regional economic or policy shocks
- Portfolio approach to market entry balances high-risk/high-reward markets with stable growth regions
2. Scale Beyond Domestic Limits
- Combined regional markets create a scale impossible within Singapore alone
- Enables production efficiency and supply chain optimisation previously unattainable
- Provides a revenue base to fund further innovation and market development
3. Leveraging Singapore’s Unique Position
- Singapore’s multicultural character provides natural advantages in understanding diverse markets.
- Position as innovation hub creates credibility in design and the creative industry.
- Strong governance reputation adds a trust factor to Singapore brands globally.
4. Building Global-Local Networks
- Each new market creates opportunities for knowledge transfer and cross-pollination.
- Development of distributed production and design capabilities
- Creation of feedback loops that enhance product development and innovation
Strategic Implementation Considerations
1. Scenario Planning for Resilience
The article emphasises preparation for market disruptions:
- “What if” exercises for tariff changes, policy shifts, or market disruptions
- Development of backup sourcing, flexible pricing tiers, and alternative market entry models
- Maintaining operational agility to pivot quickly when conditions change
2. Balancing Digital and Physical Presence
- Digital-first approach enables cost-effective market entry
- Strategic physical presence (pop-ups, collaborations) provides an experiential dimension
- Virtual engagement tools (3d consultations, livestreams) bridge physical distance
3. Building Community Rather Than Just Customer Base
- Creating engaged communities around brand values and aesthetics
- Transforming retail from transaction-focused to experience-centred
- Developing authentic connections that transcend market boundaries
Conclusion
Singapore SMES in design and retail are demonstrating that global expansion isn’t merely an option—it’s an imperative given domestic market constraints and tariff uncertainties. By approaching globalisation strategically through regional prioritisation, collective efforts, digital innovation with human connection, and value-based differentiation, these businesses are not just surviving tariff uncertainties but transforming potential barriers into catalysts for innovation.
Rather than pursuing traditional paths to established but increasingly volatile markets like the US, the most successful Singapore SMES are building resilience through thoughtful diversification, leveraging regional strengths, and creating authentic connections that resonate across borders. This approach not only addresses the immediate challenges of tariff uncertainty but also transcends the fundamental limitations of Singapore’s domestic market size.
Singapore Marketing Trends Post-COVID-19: Analysis & Strategic Recommendations
Executive Summary
The COVID-19 pandemic has fundamentally shifted consumer behaviour and marketing landscapes in Singapore. This analysis examines key trends, successful business adaptations, and strategic recommendations for companies operating in Singapore’s post-pandemic environment. The transformation toward digital channels, e-commerce adoption, and changing consumer priorities presents both challenges and opportunities for businesses seeking to remain competitive.
Pre vs. Post-COVID Marketing Landscape
Domestic Marketing (Pre-COVID)
- Focused on identifying and appealing to target demographics within Singapore
- Social media marketing provided quick, cost-effective brand building
- Word-of-mouth marketing amplified through digital channels
- Content customisation for local audiences
International Marketing Considerations
- Required understanding of foreign environments and cultural nuances
- Faced challenges including competition, legal restraints, government controls, varied consumer behaviours, and ecological factors
- Success stories (McDonald’s in India, Nokia, Unilever) demonstrated the importance of localising offerings
COVID-19 Impact on Consumer Behaviour
According to Nielsen’s research, Singapore reached the “Quarantined Living Preparation” threshold, characterised by:
- Increased online shopping (37% of consumers)
- Decline in physical store visits
- Rising out-of-stocks and supply chain strains
- 76% of consumers indicated they would not return to pre-COVID online shopping levels
Key Behavioural Shifts:
- E-commerce Acceleration
- 70% of consumers shop online for FMCG products
- 69% of first-time online buyers planned to continue online shopping
- The electronic durables category saw the highest increase (+6%) in online purchases
- Product Preference Changes
- Increased purchases of packaged/mineral water (27%) and functional drinks (24%)
- Higher demand for frozen (24%) and instant foods (26%)
- Decreased purchases of perishable/raw foods (12%)
- Digital Entertainment Surge
- 44% increase in online gaming
- 38% increase in social network activities
- 36% increase in online video streaming
Industry-Specific Consumer Behaviour
YouGov data revealed varying impacts across industries:
| Industry | Impact During COVID-19 |
| Groceries | 198% increase in online time spent |
| Restaurant & Delivery | Revenue per transaction ~50% higher |
| Consumer Investing | 212% increase in transactions, 45% lower revenue per transaction |
| Insurance | Transactions peaked at 196% above normal |
| Telecommunications | 29% growth in transactions despite falling revenues |
| Consumer Electronics | Revenues shrank by up to 9% |
| Fashion & Apparel | Revenues dropped up to 25% |
| Beauty & Cosmetics | 44% increase in revenues, 13% increase in transactions |
| Jewelry & Luxury | Overall increase in online revenues |
| Children’s Retail | Declined during early COVID, recovered during Circuit Breaker |
| Games | Initial surge unable to offset overall decline |
| Hobbies & Leisure | Spike at Circuit Breaker start for home-based activities |
| Travel & Tourism | Revenues and transactions down over 90% |
Top Performing Businesses During COVID
Brands popular among “COVID-19 Worriers” included:
- E-commerce platforms: Qoo10 and Shopee
- Personal care brands: Dettol (+16.7 point increase in customer score) and L’Oreal
- Packaged food brands: Nissin and Enfragrow
- QSR brands: McDonald’s and KFC
- Media and delivery services: MEWATCH and Ninja Van
Business Adaptation Strategies
Digital Transformation
- Shift to Direct Mail/Email Marketing
- Cost-effective customer communication
- Focus on helping, not selling
- Pivot to Virtual Events
- Using platforms like Facebook Live and Instagram Live
- Expanding conversations through online discussion tools
- Maintained SEO & Content Marketing
- Despite performance losses due to COVID-19, focus
- Long-term investment in digital presence
Government Support Initiatives
- SG Together Enhancing Enterprise Resilience (STEER) Programme
- MAS SGD Facility for ESG Loans
- Jobs Support Scheme (JSS) with wage subsidies
Future Marketing Opportunities
E-Commerce Growth
- Market valued at $9.5 billion during COVID-19
- SEOis becoming essential for online visibility and traffic
Enhanced Social Media Marketing
- Increased active user base during stay-at-home periods
- More effective channel for driving organic traffic
- Growing importance for lead generation
Digital Infrastructure Recommendations
- Accelerate Digital Transformation
- Adopt AI, automation, and cloud technologies
- Redesign technical infrastructure for resilience
- Deploy virtual agents for routine customer inquiries
- Leverage Customer Data Analytics
- Analyze digital footprints (purchase patterns, online interactions)
- Use AI and machine learning to identify consumer needs
- Monitor market trends in real-time
Challenges for Singapore Businesses
SME Growth Limitations
- Domestic market constraints driving international expansion
- 60% of companies with <$7.4M turnover already have international presence
- New territories introduce new risks requiring mitigation
Financial Concerns
- Cash flow and liquidity issues
- 60% of SMEs seeking external financing via bank loans
- Need for credit solutions like trade credit insurance
Strategic Recommendations
- Omnichannel Approach
- Focus on both online and offline strategies
- Minimize out-of-stock scenarios across channels
- Create seamless customer experiences
- Digital Marketing Investment
- Prioritize SEO for long-term online visibility
- Leverage social media for targeted engagement
- Utilize email marketing for direct customer communication
- Data-Driven Decision Making
- Collect and analyze consumer behavior data
- Identify emerging trends and opportunities
- Personalize marketing based on insights
- Product/Service Adaptation
- Consider longer shelf-life products
- Focus on essential categories during economic uncertainty
- Develop home-based consumption options
- Financial Risk Management
- Explore government support programs
- Consider insurance and credit solutions
- Plan for sustainable cash flow
Conclusion
The COVID-19 pandemic has accelerated digital transformation in Singapore, creating both challenges and opportunities for businesses. Companies that embrace digital channels, understand evolving consumer behaviors, and implement data-driven strategies will be best positioned to thrive in the post-pandemic marketplace. The shift represents significant potential, estimated at half a billion US dollars annually in Singapore’s digital economy, for businesses willing to adapt and evolve.
Domestic marketing in Singapore:
As you incorporate a Singapore company, your first goal should be to identify your target market. Get to know your target customers well and maximise your efforts to appeal to this demographic. Most startups make the mistake of casting a wide net to target any potential customers. However, at the onset, it’s essential to focus on your target audience to accomplish your short-term goals. As you gradually build a customer base and gain some momentum, you may then implement a more widespread campaign to target other market segments.
The quickest and least expensive way to build your brand is via social media, where the right message can go viral in mere seconds. Social media has made “word-of-mouth” marketing so much easier and with substantially quicker results! Through social media platforms as Twitter, Facebook, Instagram, and Pinterest, among others, you can easily create a buzz and generate brand awareness. Engage your customers (and potential clients) by posting relevant links, notes, videos, photos, infographics, etc. Again, in this context, it is imperative to know your target customers well so that you can post content that will most likely appeal to them.
Conclusion: Domestic Marketing localises products, making marketing engage with target local audiences. Domestic marketing engages a specific Singaporean demographic.
International Marketing is defined as the performance of business activities designed to plan, price, promote, and direct the flow of a company’s goods and services to consumers or users in more than one nation for a profit. The only difference between the definitions of domestic marketing and international marketing is that in the latter case, marketing activities take place in more than one country.
Challenges of International Marketing
International Marketing has its own set of challenges compared to domestic marketing. Marketers are generally unaware of the foreign environment and, therefore, have to deep-dive into the market where they plan to venture.
The challenges can be:
Competition
Legal Restraints
Government Controls
Varied Consumer Behaviour
Ecological factors – Weather, etc..
Controlling all the above factors to create a favourable market is next to impossible for the marketers, as most of them are beyond their control. Therefore, marketers need to focus more on what they can control.
International Marketing Examples:
Case study: McDonald’s market entry in India
When McDonald’s entered India, they did extensive research before zeroing in on the menu on offer for Indian consumers. The entire menu was tailor-made according to Indian consumer taste. The company stuck to a 40% Pure Vegetarian offering, unlike any other overseas market. McDonald’s also made sure to respect Indian culture by not serving beef or pork recipes, which, on the other hand, were popular ingredients in other markets. McDonald’s also made sure to create recipes with Indian spices to match the local taste.
Source: https://www.bbc.com/news/business-30115555
There are plenty of other examples where global giants customised their offering to meet the Indian consumer equipment and thrived. Here are a few:
Nokia – Dust dust-resistant phone, an anti-slip grip and a built flashlight for the India rural consumer.
Hindustan Unilever – Introduced shampoo sachets priced at Re 1 for price-sensitive Indian consumers
MTV – Localised programming helps to gain a wider audience.
All these product localisations translated into success stories in India and helped the brand reach every household in the country. The success of these products and familiarity with the brand gave companies leeway to experiment with their new offerings and lure consumers to try new variants.
https://www.icmrindia.org/casestudies/catalogue/Business%20Strategy1/BSTR038.htm
COVID-19 has spread all over the world, and millions of people are forced to change their lifestyle habits until things improve.
Consumer trends during COVID in Singapore:
(Case studies by Nielsen market research)
A Nielsen investigation has identified six key consumer behaviour threshold levels that tie directly to concerns around the outbreak. The thresholds offer early signals of spending patterns, particularly for emergency pantry items and health supplies, and these patterns are being mirrored across multiple markets.
As of 31 March, Singapore is at “Quarantined Living Preparation.” Consumer shifts at this level include increased online shopping, a decline in in-store visits, rising out-of-stocks, and strains on the supply chain.
Challenges arising from this outbreak are likely to accelerate the use of existing and new technologies and tools. Nielsen’s Impact of COVID-19 on Consumer Behaviour (March 2020) survey found that a new digital norm has emerged.
Two in five consumers in Singapore (37%) have increased their online shopping activities, and 3 in 4 (76%) indicated that they will not return to the same levels of online shopping before the outbreak.
“The convenience and accessibility to products online, especially during COVID-19, have not only increased existing online shoppers’ spend but also converted many offline shoppers to online. This trend is unlikely to return to pre-COVID status,” observes Garick Kea, Executive Director of Consumer Insights at Nielsen.
COVID-19 drove higher penetration of online shopping for FMCG products (personal care, home care, beverages, packaged food), as 7 in 10 consumers are shopping online to stock their pantries. This behaviour is likely to continue even when the pandemic ends.
The penetration of users venturing into e-commerce will continue to rise. Nielsen’s COVID-19 dipstick in March 2020 found that 69% of people surveyed who bought household goods online for the first time during COVID-19 will do so again in the next 12 months.
Among non-FMCG products, the electronic durables category had the highest increase (+6%) in online purchases after the outbreak. On the other hand, 8 in 10 consumers purchased school and office supplies offline.
Understandably, there has been a significant reduction in non-FMCG purchases online compared to FMCG products, as consumers prioritise more essential products.
More consumers bought packaged and mineral water (27%) and functional drinks (24%) to stay healthy. Across the different food products, consumers purchased frozen (24%) and instant foods (26%) most often. Conversely, people bought raw food (12%) the least often during COVID-19, as consumers prefer foods that can be kept for a longer time, instead of perishables.
People still go to physical stores to pantry-stock, so FMCG retailers and hypermarkets should focus on omnichannel strategies to minimise out-of-stock both online and offline.
With increased concerns over themselves and their families, more consumers purchased additional insurance. Half of these policies include COVID-19 coverage to help safeguard their future.
And while non-essential workers are staying home, online entertainment activities have become more popular. Two in five consumers (44%) are playing more online games, followed by social network activities (38%) and online video streaming (36%), which are keeping people engaged during this period.
“Traffic in shopping malls, outdoor and entertainment activities are likely to resume to normal levels post-COVID-19 progressively, but this means that indoor activities such as online gaming and video streaming might be reduced when restrictions are relaxed,” says Mr Kea.
Nielsen Holdings plc (NYSE: NLSN) is a global measurement and data analytics company that provides the most complete and trusted view available of consumers and markets worldwide.
Economy forecasts after COVID:
Earlier news reported that Singapore downgraded its annual growth forecasts as the economy faces the impacts of the COVID-19 outbreak. The Ministry of Trade and Industry estimated an annual gross domestic product (GDP) to between -0.5% and 1.5%, down from its initial growth projections of 0.5% to 2.5%.
CNBC quoted the ministry in a statement as saying, “The [initial] forecast was premised on a modest pickup in global growth, along with a recovery in the global electronics cycle in 2020.” But given the situation, COVID-19 has since affected the Singapore economy, as well as that of China and many other countries.
Source:
According to the ministry, the sectors likely to experience the most impact are manufacturing, wholesale and retail, tourism, transportation, accommodation, and the food and beverage industries.
Following its remarkable performance in 2019, the accommodation and food service sector is presumed to slow down amidst the sharp turn in tourism and the imposition of travel restrictions in the city.
Similarly, the manufacturing sector is forecasted to experience a further decline, after its 1.4% downturn in 2019. The ministry also acknowledged that the disruption of industrial operations in China will have an adverse impact on the Singapore economy.
Singapore’s aggressive and innovative measures to keep the virus under control have allowed the state to avoid the kind of business disruption that could further damage the economy. In fact, the World Health Organisation (WHO) lauded the city for its response to the pandemic and its efforts to find every case, follow up with contacts, and prevent further transmission.
Business Transition measures to meet COVID challenges:
With events and gatherings being cancelled, the increasing barriers to in-person meetings, businesses across all industries bearing the brunt of COVID-19, and no sign when we can start up again, digital marketing is going to be the clear winner here.
A key to resilience is developing ongoing contingencies to prevent this loss. In this situation, this most likely means moving into social media marketing, content marketing, SEO, and SEM campaigns. The same holds true for businesses that have been slow to adapt to digital marketing.
If your business standard is to meet potential customers, adapting could mean opening new social media channels or hosting virtual events where introductions can be made and relationships established. This could be your most feasible option when your prospects are less open to the idea of meeting with you and shaking hands.
How To Adapt Marketing Strategy In This Time Of Uncertainty
Shift To Direct Mail
Email is cheap and effective. While it may not make up for your performance losses, it remains a good way to remind your customers that, at a time when it’s risky to visit your physical store, you can still meet their needs online. But, still, your goal here is to ensure your customers that you are here to help, not to sell or promote special COVID-19-related deals.
Turn To Virtual Events
If you are one of the many event organisers who have cancelled or rescheduled their events, an alternative you can do is host a virtual event. There are many applications and platforms online that can help you run a digital event, one being Facebook Live or Instagram Live. You can double up on this effort by expanding your conversations through online discussion tools or social media channels to allow participants to exchange dialogue before and after the event.
Continue With Your SEO & Content Marketing Campaigns
Whether paid or organic search, digital marketing agencies in Singapore are seeing performance losses due to the overall drop in search demand. This is not an SEO issue but rather the result of everyone being so focused on COVID-19.
While it’s the case, however, we recommend continuing your SEO and content marketing efforts as usual to maintain—if not improve—your SEO campaign.
Singapore consumers’ behaviour by industry
(Statistics compiled by YouGov)
https://sg.yougov.com/en-sg/news/2020/03/31/top-ten-brands-covid-19-worriers-are-buying
Groceries—As online transactions and revenues grew, demand significantly outweighed supply, with consumers spending approximately 198% more time online.
Restaurants & delivery (Restaurants, cafés, fast-food delivery): Revenues climbed more than twice as fast as transactions, with revenue per transaction approximately 50% higher as consumers opted for larger purchase baskets.
Consumer investing (Personal investments in stocks, bonds, funds): Investing transactions increased by approximately 212%, but approximately 45% lower revenue per transaction indicates consumers are making smaller bets.
Insurance (Life, health, commercial insurance) – We observed a significant spike in online transactions and revenues for the four weeks following DORSCON Orange, with transactions reaching a peak of 196% above normal in the first week of March (see chart).
Telecommunications (Telecom mobile services, broadband internet, home entertainment services): Transactions grew to 29%—even as revenues fell—as organisations battled for wallet share across mobile data, internet, and home entertainment.
Consumer electronics (Communication devices, home electronics, and electrical appliances)—Overall revenues shrank by up to 9% as consumers cut back on discretionary spending, despite an increased need for equipment and devices required to work from home.
Fashion & apparel- Revenues dropped up to 25% during COVID-19 as cautious consumers reduced discretionary spending.
Beauty & cosmetics – A shift in consumer purchasing behaviour from offline to online resulted in an approximate. 44% increase in revenues and an approximate. 13% jump in transactions.
Jewellery and luxury products—Online revenues and transactions were largely up, catalysed by festivals and gifting seasons during this period.
Children’s retail (Child apparel, toys, baby care): Revenues and transactions have been down since the start of COVID-19 as consumers cut discretionary spending, but returned to growth one week before and three weeks into the Circuit Breaker.
Games (Live-streaming and online gaming platforms, board and card games) – A surge in revenues observed before the Circuit Breaker was unable to offset the overall decline in revenues compared to the pre-COVID-19 period.
Hobbies & Leisure (Collectables, Crafts, Outdoors): We observed a one-off spike in revenues and transactions at the start of the Circuit Breaker as consumers sought out home-based activities.
Travel & Tourism (Airlines, online travel agencies, hotels, car rentals, attractions) – Revenues and transactions were down over 90% during the Circuit Breaker
As Singapore embarks on a gradual three-phase approach to exiting the Circuit Breaker, the effects on consumer behaviour in various industries remain to be seen. Different scenarios could emerge depending on the industry, the evolution of the virus, and the social response.
The scale of the changes identified in our data suggests a clear shift in Singapore consumers’ behaviour impacted by COVID-19. As movement restrictions and consumer cautiousness remain, the shift may persist into Phase One of the post-Circuit Breaker period and beyond.
In the long run, this shift represents significant opportunities. YouGov’s analysis, based on data collated in this report, shows that the opportunity is worth at least half a billion US dollars per annum in Singapore’s digital economy. Companies that accelerate their capabilities to stay relevant to digital consumers will be able to seize opportunities and emerge victorious as we move into a post-COVID-19 world.
Steps for businesses to stay relevant after COVID:
Action 1: Accelerate digital transformation and adoption of AI, automation, and cloud
Many companies’ technological infrastructure has suffered under the weight of the online surge. Organisations must be prepared to redesign their technical infrastructure, processes, and systems to withstand future pressures.
Faster adoption of cloud platforms will provide resilience, reliability and the scalability needed to cope with traffic surges and volatility from the increased demand in digital services. Automation must be combined with AI, especially in essential services such as food, supply chains and logistics, to free up time for more complex decision-making. Firms can deploy virtual agents to handle routine customer enquiries, particularly in the finance, travel and tourism sectors, which have seen an influx of calls since the outbreak.
Action 2: Gain deeper customer insights and trends
As more consumers go online, they leave larger-than-ever digital footprints like purchase patterns, online interactions and digital content consumption that can be collected and analysed to gain a deeper understanding of their behaviour.
It is more important than ever that organisations harness AI, data, and analytics to monitor market trends, needs, and sentiments in real time or near real time and seize opportunities quickly.
For example, organisations can leverage internal data, external data, and machine learning to generate “Zero Moments of Truth”—that point where the customer is at the very beginning of the decision journey—and identify consumer needs more rapidly to roll out relevant products and services earlier.
As the COVID-19 pandemic continues to affect businesses worldwide, with growth slowing down in most sectors, YouGov Plan & Track looks at the brands that have managed to sustain themselves in this harsh economic environment.
Businesses in Singapore which performed well during the COVID crisis:
To examine consumer behaviour in Singapore considering COVID-19, YouGov has identified two sets of consumer groups, based on their fears of contracting the virus. Over half (55%) are scared and the other half (41%) are not – termed ‘COVID-19 Worriers’ and ‘COVID-19 Relaxers’.
Looking at their Current Customer scores, which measure what brands consumers have been purchasing from over the past three months, there is a clear distinction between the brands COVID-19 worriers are buying over COVID-19 relaxers. By comparing the difference in their scores, ten brands come up on top.
Top-performing Businesses during the COVID crisis:
Leading the list is Southeast Asian e-commerce platform Qoo10, and its competitor Shopee also fares well in the top ten. Personal care brands, such as Dettol and L’Oreal, are also popular among COVID-19 worriers, as are packaged food brands like Nissin and Enfragrow. COVID-19 worriers are also much more likely to buy from big QSR brands like McDonald’s and KFC. The list is completed with Singaporean video-on-demand service MEWATCH and delivery service Ninja Van.
However, disinfectant brand Dettol has had the most considerable uptake in its Current Customer score since the COVID-19 outbreak in Singapore. On the date of the first confirmed COVID-19 case in Singapore, Dettol’s Current Customer score stood at +27.3, but within a month (on 27 February 2020), it had peaked at +44.0, indicating a jump of 16.7 points.
Though Dettol has been popular with Singaporeans recently, data shows that it is most popular among older Singaporeans. While only a third (33%) of the Singaporean population is over the age of 55, they make up two in five (40%) Dettol customers. A similar trend has also been seen with those aged 45 to 54 (19% vs. 23%).
Ervin Ha, Head of Data Products for YouGov APAC, commented: “As many companies begin to struggle due to the impact of the coronavirus pandemic, some brands are able to grow their businesses in this difficult time. Brands that are able to provide services in line with global guidelines on how to contain the virus, such as practising good hygiene, or simply keeping people entertained and fed at home, are the ones who stand out in these trying times.”
The Future of Marketing after Covid-19
It is impossible to say when COVID-19 will completely disappear. The Ebola virus is still present in some parts of Africa, meaning COVID-19 might experience the same fate unless scientists invent a cure. Until experts discover a cure or vaccine, we will have to struggle with the daily difficulties of running a business in a virus-stricken society.
On the bright side, SEO has proven to be a marketer’s best asset during these challenging times. Since most offline marketing tactics are producing minimal results, SEO could be the solution to your problems by helping you establish an online presence that can stand the test of time.
The Rise of E-Commerce
While many retail establishments are facing a decrease in sales, online stores are benefitting from a steady increase in profits. In Singapore, the e-commerce market is worth $9.5 billion during COVID-19. If the e-commerce market is already on the rise due to the COVID-19 pandemic, what more could the future bring once the virus ceases to harm the entire Singaporean population?
Marketing Trends to Consider Following COVID:
Most people prefer to stay at home and purchase their goods online. After all, online shopping is safer than shopping in person. Thanks to the increasing number of online shoppers in Singapore, e-commerce remains one of the most successful forms of transactions today. Fortunately, SEO is one of the many aspects of digital marketing that can help the e-commerce market grow.
With SEO, marketers can help their online businesses grow by increasing their rankings and getting more exposure. In the long run, SEO is better for e-commerce since it involves cost-effective marketing strategies that are perfect for driving traffic and getting more clicks.
Improved Social Media Marketing Benefits
Due to preventive measures that urge the public to stay at home, more people have been using social media. As a result, the number of active social media users has significantly increased, giving marketers a brilliant idea to market their businesses on social media platforms like Facebook and Instagram.
The rising number of active social media users has proven that networking sites such as Facebook, Instagram, and Twitter are viable marketing tools. As such, the future of SEO is looking brighter, thanks to enhanced social media marketing benefits that can help businesses gain leads.
With a growing population of active users, social media marketing is shaping up to become one of the most efficient methods of SEO marketing. With the help of a social media marketing campaign, you can drive more organic traffic to your website and improve your web visibility.
The good news is that SEO is becoming a solution to many problems for proprietors and companies. Consider working with a digital marketing agency if you wish to reap the full benefits of SEO.
Government Initiatives to ease COVID fallout for businesses:
SG Together Enhancing Enterprise Resilience (STEER) Programme
The programme will support funds set up by Trade Associations and Chambers (TACS) or industry groupings1. The aim is to help businesses overcome the challenges arising from COVID-19 and push on with transformation efforts in preparation for the economic recovery.
Supportable uses of the fund include grants for business sustenance, business growth, and capability upgrading.
Valid from 3 March 2020 to 2 March 2021.
SUPPLEMENTARY BUDGET
From 1 April 2020, Enterprise Singapore will match S$1 for every S$2 raised by such industry-led initiatives, up to S$1 million per fund.
The Monetary Authority of Singapore (MAS) has launched the MAS SGD Facility for ESG Loans in partnership with Enterprise Singapore (ESG). The facility lends Singapore Dollars (SGD) at an interest rate of 0.1% per annum to eligible financial institutions to support their lending to SMES under the ESG Loan Schemes. The ESG Loan Schemes comprise the Enhanced Enterprise Financing Scheme—SME Working Capital Loan and the Temporary Bridging Loan Programme.
Under the JSS, the Government co-funds between 25% and 75% of the first $4,600 of gross monthly wages1 paid to each local employee in 10 months (up to Aug 2020) and 10% to 50% of the same in the subsequent 7-month period (Sep 2020 to Mar 2021). Updated.
Jobs Support Scheme
Employers will receive five updated main JSS payouts in April 2020, July 2020, October 2020, March 2021, and June 2021, with an additional special payout in May 2020.
While the subsidies are based on a percentage of employees’ monthly wages, employers have the flexibility to allocate the subsidies as necessary to keep their businesses running and to help them retain their employees.
Challenges faced by Singapore Businesses:
(Analysis by Aon On Point Market Research)
Source: https://theonebrief.com/asia/post/enabling-growth-challenges-faced-by-singapores-small-businesses/
For Singapore SMES, growth can be challenging if limited to the domestic market. “With relative proximity to, and the considerable potential market size of countries such as China, Indonesia, and Vietnam, overseas expansion is seen as a logical next step for SMEs – particularly those who have already accomplished sustainable scale in their home market,” Hare explains( Andrew Hare, Managing Director – Asia, Aon In point)
Aon In point’s 2019 SME Insurance Survey shows that around half of the polled firms are considering expanding overseas. Over 60 per cent of companies with less than $7.4 million (S$10 million) turnover already have an international footprint, while only a quarter of companies with sub-million-dollar turnover operate beyond Singapore.
However, international expansion is difficult for many SMES. “To achieve sustainable growth on a regional and global scale, SMES in Singapore need to mitigate new risks in new territories through risk transfer such as insurance and explore financing options to boost their expansion plans,” says Hare.
“But it is difficult for business owners to find time to consider and implement new ideas beyond managing the challenges of day-to-day business, let alone ways to increase capital to further business operations offshore,” he adds.
Creative financing and safeguarding capital
Cash flow and liquidity are other concerns identified by SSMES in Singapore, indicating that more can be done. A lack of capital is a significant challenge for SMES to adapt and innovate, with Aon’s study finding that more than 60 per cent of SMES are seeking external financing via bank loans to help with cash flow financing and power their growth plans.
Lending data shows that the Monetary Authority of Singapore’s relaxation of restrictions has led to several SME financing companies, including Grab, which has recently made a foray into the lending business, setting up business in Singapore to help these enterprises with cash flow financing.
As with most areas of business, risks related to cash flow and liquidity should be mitigated for optimal business operations. Credit solutions such as trade credit insurance, which enhance financing and protect the balance sheet, can help.
Leveraging available resources, deepening appreciation of evolving risks, and acting in a timely fashion to mitigate them can make or break business ventures.
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