SINGAPORE, Oct. 25, 2022 /PRNewswire/ -- eBay has signed a Memorandum of Understanding (MoU) with Enterprise Singapore (EnterpriseSG) today to boost SME export initiatives, at the sidelines of the Singapore Week of Innovation and TeCHnology (SWITCH) 2022 flagship event taking place from 25 – 28 October 2022. The MoU kicks off a relationship between the two organizations to work together on enabling Singapore SMEs to export to global markets, starting with the US, through eBay's global marketplaces. According to eBay's recently released "Southeast Asia Small Online Business Trade Report 2022" ("Report"), the US is the top export market for Singapore SMEs on eBay.
As a global commerce leader and third-party marketplace, eBay creates pathways to connect millions of sellers and buyers in more than 190 markets around the world. Its global marketplaces provide businesses, large and small, with the opportunity to grow and thrive.
Small businesses and entrepreneurs are fundamental to the economic health of local communities. Working together with EnterpriseSG, eBay is committed to fuelling Singapore SMEs' long-term success through digital commerce, so they can grow their business locally while selling globally. EnterpriseSG will work with more Singapore SMEs to explore e-commerce platforms, including eBay, to boost their exports as part of the collaboration.
"We share EnterpriseSG's mission of fostering entrepreneurial spirit and promoting economic development. We're pleased to have this opportunity to work with EnterpriseSG and create a long-term, sustainable, and inclusive digital economy for Singapore and Southeast Asia. With this partnership, we hope to help SMEs expand their global reach, and realise their full potential," said Vidmay Naini, Regional General Manager for Southeast Asia, eBay International CBT.
"The growth of e-commerce opens up new opportunities for Singapore brands to access growing consumer markets more easily, especially in further away markets like the US and Europe. However, as more brands tap e-commerce, it also requires them to be more effective in differentiating themselves from intense competition. Through this partnership with eBay, we hope that SMEs will enhance their e-commerce effectiveness by leveraging this comprehensive programme that offers data-based analytical and decision tools, shares best-in-class practices, and avails an extensive range of affordable end-to-end services," said Clarence Hoe, Executive Director for Americas and Europe, EnterpriseSG.
Working Together to accelerate SME export
As part of the collaboration, eBay will provide support to SMEs who are new on eBay to scale up their export business, starting with the US. This endeavour involves:
"SMEs in the region have a wealth of inventory that global consumers want, and it is the right time for them to explore e-commerce export options. eBay is a global marketplace with 138 million active buyers from 190 countries, and we're in good position to connect SMEs in the region with global consumers," said Naini. "We have been continuously providing inclusive upskilling and learning programmes to increase SMEs' digital capabilities, and with the support of EnterpriseSG, we are able to diversify our efforts towards educating and encouraging SMEs to penetrate a wider market."
As a platform partner under the Grow Digital initiative, eBay has also worked with EnterpriseSG to offer a 6-month channel management solution programme for SMEs to develop in-house e-commerce capabilities. EnterpriseSG and eBay will continue to collaborate to support SMEs that require deeper assistance in kickstarting their e-commerce journey.
Exporting to international markets and globalizing a business means navigating complex tax laws, managing sophisticated logistics arrangements, identifying customized methods of last-mile delivery, and importantly, generating insights on ever-evolving markets and categories. To help SMEs succeed in the long run, EnterpriseSG and eBay will work together to provide market insights, up-to-date knowledge on taxation rules in global markets, as well as the appropriate partners or programmes relevant to e-commerce exports.
Business, Office & Industrial products, Jewellery & Watches Among Top Categories for Singaporean SMEs
According to eBay's recently released "Southeast Asia Small Online Business Trade Report 2022" ("Report"), SMEs in SEA are using the eBay e-commerce marketplace to successfully sell to international markets every year, adding a broad-based and resilient growth engine to the region's rapidly expanding economies.
According to the Report, a whopping 86% of eBay-enabled small businesses in Singapore exported to 10 or more international markets in 2020, while the number of international market destinations for these small businesses averaged 35. The top five product categories exported were: Business, Office & Industrial products, Jewellery & Watches, Toys & Games, Sporting Goods and Collectibles.
The report underscores the crucial role that SMEs play in generating broader economic growth and prosperity, while eBay, as a global marketplace, has created a vibrant ecosystem – comprising payment solutions, shipping solutions, marketing tools, market intelligence and dedicated local teams – to help SME communities across Southeast Asia succeed on the international stage through export opportunities.
About eBay
eBay Inc. (Nasdaq: EBAY) is a global commerce leader that connects people and builds communities to create economic opportunity for all. Our technology empowers millions of buyers and sellers in more than 190 markets around the world, providing everyone the opportunity to grow and thrive. Founded in 1995 in San Jose, California, eBay is one of the world's largest and most vibrant marketplaces for discovering great value and unique selection. In 2021, eBay enabled over $87 billion of gross merchandise volume. For more information about the company and its global portfolio of online brands, visit www.ebayinc.com.
