MasterCard Global and Ipsos-Insight did a pre-festive period survey. 60% of respondents said they would buy holdiay gifts online, up from 35% the previous year. They would spend marginally more than they would in the shops.
In Britain and USA, the proportion was at least 75% with sales estimates at GBP $15 b ( S$43b) and US$42 b (S$60 b) respectively in the year-end boliday season just past.
With incomes rise, better and easy access of Internet and with irresistible choices on the Web, Singapore is well positioned to set a new wave of consumer demand.
The need to build up trust and confidence among both sellers and buyers in a marketplace are among the foremost important criteria to move the new wave upward. Credit card fraud and fly-by-night habits are few problematic areas need attention. Further improvement in area such as able to offer and stand by hassle-free return, refund, rebate, repair and replacement warranty.
With our Singapore Government alloting big budget to build next generation national broadband network, we hope to see ourselves nearer to becoming an international or even a regional e-commerce centre. The infrastructure is there for entrepreneurs to make a go, big time, of online commerce. How big is the market, is for you to guess.
