As of Jan 2014, of Singapore population 5.4m population:
Online users: 73%
Mobile internet penetration: 64%
Smartphone users researching products: 87%
Smartphone users who made a purchase: 44%
That means 87% of Singapore users will research products online before buying, and go to Google Search or social media when researching products. Thereafter consumers will do their shopping in store, armed with the knowledge they have now.
Accordingly to Alexa, the top sites in Singapore are:
Huge Opportunities for Businesses
Businesses will miss huge opportunities if they do not have an online presence especially at the time when consumers are actively searching online, and the top site we all know is Google as we see above is the top site in Singapore.
Google Organic results and Google Pay Per Click Ads
There are two main ways for businesses to have an online presence on Google/Yahoo/Bing, through organic search results and advertising online via paid ads as seen below:
Social Media, Facebook and Twitter
For Facebook, businesses create business pages to interact with their fans. As Facebook continues to monetize its user base, advertising online become increasingly important as organic reach (termed as number of people who were shown your post not via ads) decreases as more and more people and businesses go online all competing for attention. So increasingly Facebook has to choose posts for their users and hence paid ads come in for businesses that want to reach even their own fans.
B2C eCommerce, Qoo10 and TaoBao
For B2C (business to consumer) eCommerce sites like Qoo10 and TaoBao, we have seen the explosive growths of these platforms as more and more consumers go directly to these channels to purchase everything under the sun at a fraction of the price in stores. For consumer products, this is definitely a good place to place your products or advertise. These channels though are getting increasingly competitive in product pricing.
Forums and review sites, Hardwarezone.com.sg and TripAdvisor
For forums and review sites like hardwarezone.com.sg and TripAdvisor, businesses also engage in conversations to get their share of voice. Sites like these also accept Google text/image ads, which can be very effectively targeting based on keywords, topic of the page or what users are interested in as tracked by Google through their online advertising platform, Google Adwords.
Huge Opportunity, Time is Now
Source: IAB, PWC
Online ad spend is estimated to grow 61% YoY towards 2018, so is your business ready to take on this competition?
With so many of your potential customers online and researching before purchase, your business should be.