The Grow Digital initiative has helped more than 500 small and medium-sized enterprises (SMEs) in Singapore gain access to new overseas markets through digital platforms, Enterprise Singapore (ESG) and Infocomm Media Development Authority (IMDA) said in a press statement.
Sales by Singapore companies to overseas buyers using the platforms have been brisk, growing by at least 10 per cent month-on-month this year.
Under the Grow Digital initiative, a joint initiative by ESG and IMDA under the SMEs Go Digital1 programme, SMEs can get a head start in going global by tapping on established Business-to-Business (B2B) and Business-to-Consumer (B2C”) e-commerce platforms.
In doing so, SMEs can seize international business opportunities and diversify their revenue and market streams safely, without the need to establish an in-market physical presence.
There are currently five B2B platforms and six B2C solution partners pre-approved under Grow Digital. They cover major markets with good e-commerce growth in Southeast Asia such as Hong Kong, China and India.
“E-commerce is a critical enabler to help SMEs cope with challenges and shifts in consumer purchasing trends brought about by Covid-19 – shifts we expect will become the new normal," said Jane Lim, Assistant Chief Executive, Sectoral Transformation Group, IMDA.
"Through the Grow Digital initiative, we aim to help more SMEs leverage these e-commerce opportunities, and tap on the growth in overseas markets."
Chew Mok Lee, Assistant Chief Executive, ICM & Digitalisation, Enterprise Singapore, added, "The Grow Digital initiative is designed for SMEs who are keen to take their first steps into new markets but may not yet have the resources to invest in establishing a physical presence there. To increase the success for SMEs, ESG and IMDA have specially curated the digital platforms to maximise the reach and networks across multiple countries. SMEs will also be supported by a strong network of partners so that they have the necessary digital capabilities to support their online efforts."