#b2c product led growth

[cohoai]

Create omnichannel engagements - Coho AI

Deliver a cohesive user experience across all touchpoints, from mobile and web to in-app and SMS. Meet users where they are, ensuring a consistent and personalized interaction at every step of the journey. https://www.coho.ai/product/personalized-journeys/

[marketresearchintent]

B2C E-Commerce Market Revolution: Key Drivers Behind 14.3% Growth Rate

The B2C (business-to-consumer) e-commerce market is one of the most dynamic and fast-growing industries globally, significantly reshaping how businesses and consumers interact. According to Intent Market Research, the B2C e-commerce market was valued at an impressive USD 3,367.5 billion in 2023 and is projected to reach over USD 8,600.0 billion by 2030, growing at a compound annual growth rate (CAGR) of 14.3% from 2024 to 2030. With this rapid growth trajectory, the B2C e-commerce sector presents a landscape filled with opportunities and challenges for businesses, consumers, and investors.

What is the B2C E-Commerce Market?

The B2C e-commerce market encompasses online transactions where businesses sell goods or services directly to individual consumers. Unlike B2B (business-to-business), where transactions occur between companies, B2C focuses on meeting the needs of individual customers. This market includes a wide range of products, from physical goods such as clothing, electronics, and household items to digital goods like online subscriptions, courses, and software.

Download Sample Report @ https://intentmarketresearch.com/request-sample/b2c-e-commerce-market-4238.html  

Key Drivers of the B2C E-Commerce Market Growth

Growing Internet and Smartphone Penetration Access to the internet and the rapid adoption of smartphones have made it easier for consumers to shop online. With billions of people now connected, e-commerce platforms have become more accessible than ever, driving the global shift from traditional to online retail.

Increased Consumer Demand for Convenience The appeal of online shopping stems largely from its convenience. Customers can purchase items at any time, compare prices instantly, and have products delivered to their doorstep. This level of convenience has led to high customer retention and growth in online spending.

Advancements in Payment Solutions Digital payment methods, including credit/debit cards, mobile wallets, and other secure online payment systems, have streamlined the purchasing process. Innovations like buy-now-pay-later (BNPL) and easy refunds have further encouraged online shopping.

Growth in Logistics and Fulfillment Services As e-commerce continues to grow, so does the demand for efficient logistics and fulfillment networks. Companies have invested heavily in supply chain improvements, making delivery faster and more reliable, even in remote areas.

Regional Insights in the B2C E-Commerce Market

North America North America is a mature and highly competitive market for B2C e-commerce, with well-established players like Amazon, eBay, and Walmart dominating the space. The region benefits from high disposable income, advanced logistics, and widespread use of digital payment methods.

Asia-Pacific The Asia-Pacific region, led by China, Japan, and India, is currently the largest B2C e-commerce market. Factors like a huge population, a thriving tech ecosystem, and a growing middle class have all contributed to its rapid expansion. The region is expected to maintain a strong growth trajectory.

Europe Europe is also a significant player in the global B2C e-commerce market, with strong growth observed in countries like Germany, the UK, and France. Factors such as cross-border e-commerce and digital payment advancements are supporting market growth.

Latin America and Middle East & Africa Although comparatively smaller, the B2C e-commerce markets in these regions are expanding due to rising internet penetration and increased investments in digital infrastructure. Countries like Brazil, UAE, and South Africa are witnessing notable growth in online shopping.

Trends Shaping the B2C E-Commerce Market

Social Commerce Social media platforms like Instagram, Facebook, and TikTok have integrated shopping features, allowing users to browse and buy directly within these apps. Social commerce is driving engagement, especially among younger audiences.

Personalization and AI-Powered Recommendations E-commerce platforms are increasingly using AI to offer personalized recommendations. By analyzing browsing habits and purchase history, AI can present customers with tailored products, improving the shopping experience and increasing sales.

Sustainability and Eco-Friendly Shopping Options Modern consumers are more environmentally conscious and prefer brands that prioritize sustainability. E-commerce companies are responding with eco-friendly packaging, carbon-neutral shipping, and sustainable sourcing to meet these demands.

Subscription Models and Membership Programs Subscription services and membership models, such as Amazon Prime, are popular for their added value. These programs create customer loyalty by offering benefits like free shipping, exclusive discounts, and faster delivery.

Augmented Reality (AR) in Online Shopping AR technology allows customers to visualize products in a real-world context before purchasing. For instance, furniture and home decor websites use AR to show how items will look in a customer's home, enhancing decision-making and reducing returns.

Access Full Report @ https://intentmarketresearch.com/latest-reports/b2c-e-commerce-market-4238.html 

Challenges Facing the B2C E-Commerce Market

Data Security and Privacy Issues With the rise in online transactions, protecting consumer data has become critical. Cybersecurity threats and data breaches can damage a brand's reputation and discourage online shopping.

High Competition and Customer Expectations With numerous companies vying for consumers' attention, competition in the B2C e-commerce market is intense. Customer expectations for fast shipping, responsive customer service, and a smooth online experience continue to rise.

Logistical and Supply Chain Disruptions While logistics are improving, supply chain disruptions, especially during peak seasons, remain a challenge. Issues like shipping delays and product shortages can impact customer satisfaction.

Return Management and Reverse Logistics Online shopping has higher return rates than traditional retail. Efficiently handling returns, known as reverse logistics, can be costly and complex for companies, especially with global or cross-border transactions.

Future Outlook of the B2C E-Commerce Market

The B2C e-commerce market is expected to continue its growth trajectory through 2030, fueled by technological innovations, evolving consumer habits, and the ongoing expansion of digital infrastructure worldwide. Emerging technologies, such as blockchain for secure transactions, AI for personalized shopping, and drones for faster deliveries, are likely to redefine the sector further. Moreover, as companies increase their focus on sustainable practices and local sourcing, the market will likely see a surge in eco-friendly and socially responsible brands.

About Us

Intent Market Research (IMR) is dedicated to delivering distinctive market insights, focusing on the sustainable and inclusive growth of our clients. We provide in-depth market research reports and consulting services, empowering businesses to make informed, data-driven decisions.

Our market intelligence reports are grounded in factual and relevant insights across various industries, including chemicals & materials, healthcare, food & beverage, automotive & transportation, energy & power, packaging, industrial equipment, building & construction, aerospace & defense, and semiconductor & electronics, among others.

We adopt a highly collaborative approach, partnering closely with clients to drive transformative changes that benefit all stakeholders. With a strong commitment to innovation, we aim to help businesses expand, build sustainable advantages, and create meaningful, positive impacts.

Contact Us

sales@intentmarketresearch.com

US: +1 463-583-2713

[foodandbeverages]

Canned Seafood Market Potential Growth, Share, Demand and Analysis of Key Players – Forecasts to 2033

The global canned seafood market (Marché de fruits de mer en conserve) is projected to have a moderate-paced CAGR of 3.7% during the forecast period. The current valuation of the canned seafood market is USD 33.6 billion in 2023. The value of the canned seafood market is anticipated to reach a high of USD 48.2 billion, by the year 2033.

The outcome of expanding consumer spending power is an increase in demand for notable and unusual culinary items. The market has more prospects as a result of the use of various types of seafood in restaurants and hotels in the United States. The canned seafood market is projected to expand due to the rising acceptance of plant-based seafood.

Scientists and marketers are developing nutritious, plant-based fish that tastes authentic due to the rise in demand for seafood alternatives. For example, the canned fish manufacturer Karavela created a range of yellow pea-based canned seafood items in December 2021.

Both small businesses and established businesses are exhibiting interest in fish made from plants. An alternative to tuna derived from soy, yeast, and sunflower extract was introduced by Atlantic Natural Foods. Additionally, Good Catch secured US$ 32 million in funding in January 2020 for their plant-based seafood, while another company, Impossible Foods, said in 2019 that it is working on plant-based fish.

As consumer awareness for ecologically and socially responsible seafood procurement grows, customers have begun choosing fish items that are acquired sustainably. As a result, more producers of canned salmon are attempting to get their raw materials from fisheries that have received certification from the Marine Stewardship Council (MSC) and Aquaculture Stewardship Council in an effort to support the sustainable movement (ASC). Additionally, it ultimately led to a rise in canned fish sales.

Numerous manufacturers and distributors are concentrating on sales through online channels and e-commerce platforms as a result of customers’ increased interest in and preference for online shopping, which is being fueled by convenience. Therefore, brands like F.C.F. Fishery’s Bumble Bee and Dongwon Group’s StarKist are working more and more closely with online retailing businesses like Amazon, Alibaba, ASDA, and Waitrose & Partners to offer items on their e-commerce platforms. Additionally, business-to-business (B2B) and business-to-consumer (B2C) activities are supported through the internet and e-commerce platforms. In addition, new companies are enhancing logistics and the supply chain to assist in the hassle-free delivery of canned seafood to customers.

However, during the projection period, illegal fishing and overfishing may provide a significant threat to the canned seafood industry. Despite being the market’s main driver, commercial fishing has had a negative impact on fish stocks. Thus, it has caused overfishing and the depletion of fisheries.

Information Source: https://www.futuremarketinsights.com/reports/canned-seafood-market

Key Takeaways:

Over the forecast period, the United Kingdom is anticipated to occupy a significant portion of the global canned seafood market. By purchasing fish solely during its season, British businesses are setting the standard for canning mackerel, tuna, sardines, anchovies, and salmon. Additionally, they obtain it mostly from the world’s most eco-friendly fisheries.

The canned seafood market in the United States is expected to grow significantly, over the projection period. All of the seafood that the key players buy comes from small-scale fishing villages in the United States, as well as Canada. They solely deal with fisheries that are managed responsibly to benefit both the environment and workers.

The caviar product category is anticipated to generate the most revenue throughout the course of the projection period because pharmaceutical businesses use it and the different extracts from its products to create tablets, capsules, and liquid medicines that assist patients overcome inadequacies.

As they offer discounts and deals to improve their sales results, the hypermarkets/supermarkets sales channel type, and is the most creative segment for key companies, accounting for a sizable portion.

Competitive Landscape:

The global canned seafood market is divided as a result of the presence of both international and local competitors. Significant market share is held by several corporations in their specialized industries. Leading firms frequently value organic developments, such as product approvals and the rise in demand for foods derived from animals, fats and oils, refined grains, and fruits and vegetables. The canned seafood market throughout the world is predicted to grow significantly as a result of these causes.

Key Players:

Nueva Pescanova

Marine Harvest ASA

Thai Union Frozen Products

Royal Greenlands

StarKist Co.

Nippon Suisan Kaisha Ltd.

Maruha Nichiro Corporation

Icicle Seafoods Inc.

LDH (La Doria) Ltd.

Wild Planet Foods

American Tuna Inc.

Universal Canning Inc.

Tri Marine Group

Trident Seafoods Corporation

Connors Bros. Ltd.

Recent Developments:

In May 2019, Rio de Oro, a Moroccan manufacturer of frozen fish, introduced a line of canned fish with a focus on the European market.

In August 2020, Golden Gate Capital and Thai Union Group PCL had agreed to sell each other the remaining stock interest in Red Lobster Seafood Co. Orlando is likely to continue to house Red Lobster’s headquarters.

Key Segments

By Product Type:

Caviar

Mackerel

Salmon

Sardines

Tuna

Others

By Sales Channel:

Hypermarkets/Supermarkets

Convenience Stores

Independent Grocery Stores

Specialty Stores

Online Retail

By Region:

North America

Latin America

Asia Pacific

MEA

Europe

[leadgenerationcompanyindubai]

Branddirect B2B Lead Generation Company in Dubai, UAE

In today's fast-paced business landscape, where companies are constantly seeking innovative ways to expand their reach and increase sales, B2B lead generation has become the lifeblood of successful businesses. For companies operating in Dubai, UAE—a global business hub—this is even more critical. One company stands out for its exceptional ability to help businesses unlock new growth opportunities: BrandDirect, a leading B2B lead generation company based in Dubai.

What is B2B Lead Generation?

Before diving into why BrandDirect is a leader in this space, let’s first understand the importance of B2B lead generation. Simply put, B2B lead generation is the process of identifying and attracting potential business clients. Unlike B2C marketing, which focuses on individual consumers, B2B lead generation targets businesses that are interested in your products or services.

Effective B2B lead generation is the key to building a robust sales pipeline, closing deals faster, and maintaining long-term client relationships. In an increasingly competitive market like the UAE, having a reliable partner to navigate this process is crucial.

Why BrandDirect?

As a B2B lead generation specialist in Dubai, UAE, BrandDirect has developed a reputation for delivering high-quality leads that turn into tangible business growth. With its focus on transformative B2B marketing, BrandDirect offers innovative lead generation solutions tailored to each client’s unique needs.

Here’s why BrandDirect is the best choice for your B2B lead generation needs:

1. Deep Market Expertise

Dubai is a melting pot of business opportunities, and BrandDirect knows this landscape inside out. From tech startups to large-scale enterprises, BrandDirect has worked across industries, providing client-centric solutions designed to yield results. With its in-depth knowledge of regional and global markets, BrandDirect helps clients connect with high-potential leads who are the perfect fit for their products or services.

2. Innovative Lead Generation Strategies

BrandDirect doesn’t believe in a one-size-fits-all approach. Their lead generation strategies are powered by data-driven insights, modern tools, and cutting-edge technologies like AI-powered lead scoring and advanced CRM systems. This allows them to generate highly targeted leads, ensuring that you’re not just reaching out to potential clients, but the right clients.

BrandDirect's team uses a combination of inbound marketing, content strategies, and outbound prospecting to ensure you’re visible where your ideal clients are searching.

3. Visionary Leadership and Expert Team

Behind every successful campaign is a team of B2B marketing professionals with years of experience in understanding client needs and business dynamics. BrandDirect is led by a visionary leadership team that sets the tone for innovation, integrity, and transparency in all operations. Their team members are experts in business intelligence, sales processes, and account-based marketing (ABM), working tirelessly to drive quality leads to your sales team.

4. End-to-End Solutions

From lead generation to conversion, BrandDirect offers end-to-end solutions that simplify the process for their clients. This includes everything from identifying potential clients, engaging them through multi-channel strategies (including email campaigns, social media, and content marketing), and nurturing them through the sales funnel until they convert into paying customers.

With a structured process and seamless execution, BrandDirect ensures that no lead is left untapped, maximizing your return on investment (ROI).

Transforming B2B Lead Generation in Dubai

BrandDirect has successfully transformed how businesses approach lead generation in the UAE. With personalized outreach campaigns, the company helps businesses build lasting relationships with decision-makers in industries ranging from technology, finance, healthcare, and more.

Dubai’s diverse and dynamic economy provides immense opportunities for businesses, but finding qualified leads remains a challenge. BrandDirect helps you overcome this hurdle by identifying key decision-makers, understanding their pain points, and offering tailored solutions that meet their specific needs.

A Client-Centric Approach

At the heart of BrandDirect’s success is its client-centric approach. The company believes in working closely with its clients to ensure their goals align with the lead generation strategies employed. Whether you’re looking to enter new markets, launch a new product, or expand your existing client base, BrandDirect takes the time to understand your objectives and customizes its approach accordingly.

The BrandDirect Difference

Here’s what sets BrandDirect apart from other B2B lead generation companies in Dubai:

Transparency: Every step of the lead generation process is transparent. Clients receive regular reports and updates on the progress of their campaigns.

Quality Over Quantity: BrandDirect prioritizes the quality of leads over sheer volume, ensuring that every lead has a high probability of conversion.

Data-Driven Decisions: By leveraging data analytics, BrandDirect ensures that its campaigns are continually optimized for maximum performance.

Local and Global Reach: While based in Dubai, BrandDirect has the capacity to tap into both local and international markets, giving clients unparalleled access to a wider range of potential customers.

Ready to Transform Your B2B Sales Pipeline?

In the ever-evolving world of business, generating high-quality B2B leads is essential for sustainable growth. BrandDirect, a trusted B2B lead generation company in Dubai, UAE, has a proven track record of helping businesses increase their sales and expand their reach through effective and targeted lead generation strategies.

Partner with BrandDirect today and watch your business grow with qualified leads that convert into valuable, long-term clients.

Contact BrandDirect now to discover how our lead generation expertise can help your business scale new heights in Dubai and beyond!

[market-insider]

Kimchi Market: Detailed Insights on Size, Share, and Growth Potential

The global kimchi market size is anticipated to reach USD 6,888 million by 2030 and is projected to grow at a CAGR of 4.9% from 2024 to 2030, according to a new report by Grand View Research, Inc. Kimchi, a traditional Korean fermented dish, has seen a remarkable surge in global demand, particularly in markets like the U.S. and Japan. This increase is fueled by the rising popularity of Korean cuisine, driven in part by the global influence of K-culture, including K-pop, K-dramas, and Korean films. Consumers are increasingly drawn to kimchi not only for its unique and vibrant flavors but also for its health benefits, such as its probiotic properties that support digestive health and boost immunity. This growing interest has resulted in significant export growth, with South Korea's kimchi exports reaching record highs in recent years.

Key players in the global market, including Daesang, CJ CheilJedang, and Pulmuone, are actively expanding their production capabilities and innovating their product lines to meet this growing demand. For instance, Daesang has recently (as of 2024) expanded its manufacturing plants in Vietnam to boost local production and introduce new kimchi products tailored to regional tastes. Companies are also diversifying their offerings by creating convenient, ready-to-eat kimchi and experimenting with new flavors and ingredients, such as turmeric and beetroot, to appeal to a broader range of consumers. These innovations are helping to make kimchi more accessible and appealing to international markets.

Despite the robust growth, the market faces challenges such as fluctuating raw material costs and competition from locally produced alternatives in various international markets. However, the future prospects remain strong as the global appetite for Korean cuisine continues to grow. The increasing awareness of the health benefits associated with fermented foods, coupled with the ongoing trend of exploring diverse culinary experiences, is expected to sustain the demand for kimchi.

For More Details or Sample Copy please visit link @: Kimchi Market Report

Kimchi Market Report Highlights

The baechu kimchi led the market with the largest revenue share of 55.80% in 2023. Its widespread appeal as a Korean staple, combined with its nutritional benefits and the growing trend towards fermented foods, has driven its popularity. The influence of K-culture has also played a significant role in boosting its global consumption

Based on end use, the food service segment is projected to grow at the fastest CAGR of 5.5% from 2024 to 2030, fueled by its integration into global cuisines and dining trends. Restaurants are increasingly adding kimchi to their menus to cater to the demand for exotic and healthy options. The international rise of Korean cuisine and fusion dishes also drives its popularity in the food service industry

Based on distribution channel, the B2C segment led the market with the largest revenue share of 54.10% in 2023, driven by brands like CJ Bibigo, Daesang Jongga, and Pulmuone available in major retail chains. This accessibility reflects kimchi's growing popularity as a healthy, probiotic-rich food choice. In Southern California, Korean kimchi sales now dominate the market, constituting over 50% of the kimchi section's total sales as of 2024, highlighting substantial growth and competition among imported brands in the state

The U.S. market is anticipated to grow at the fastest CAGR of 6.3% from 2024 to 2030. In 2023, South Korean kimchi exports to the U.S. surged to USD 40 million, up 37.4% from the previous year, driven by its reputation as a healthy, probiotic-rich food and its integration into mainstream American cuisine. The influence of Korean entertainment, particularly K-dramas, has further propelled kimchi's popularity, expanding its presence in major U.S. retail chains like Costco and Walmart

For Customized reports or Special Pricing please visit @: Kimchi Market Report

We have segmented the global kimchi market report based on product, end-use, distribution channel, and region.

[companyknowledgenews]

LG Electronics unit looks to B2B prospects - Information Global Internet https://www.merchant-business.com/lg-electronics-unit-looks-to-b2b-prospects/?feed_id=197918&_unique_id=66e3bd76e2318 #GLOBAL - BLOGGER BLOGGER Mr Amnaj says the company is targeting sales of 16 billion baht this year, up 7% from 2023.LG Electronics (Thailand) Co Ltd will focus more on the business-to-business (B2B) market, whose growth is expected to outpace the consumer market.Amnaj Singhachan, head of marketing at LG Electronics (Thailand), said the company views the B2B market as having high growth potential due to the country’s economic recovery coupled with the post-pandemic recovery, which has led to strong demand in the B2B sector in areas such as offices and hotels.The company believes there is still room for growth in the information display and air conditioner market, he said.“We will closely monitor the year-end tourism season. If the country’s tourism booms this year, the hotel operators might opt for property renovation, which could open the door of opportunity to the company in the year to come,” said Mr Amnaj.He said the company’s products are being distributed through three channels: business-to-consumer (B2C) through its dealers and sub-dealers, business-to-business (B2B), and direct-to-customer (D2C) via online e-commerce platforms such as Shopee, Lazada, NocNoc, or LG’s website.The B2C channel accounts for 80% of the company’s sales, while B2B and D2C each account for 10% of overall sales.Mr Amnaj said the company aims to increase the proportion of B2B and D2C to account for around 15% each, while reducing the proportion of B2C down to 70% next year.“In five years, the company aims to reduce its B2C channel to account for 50% of overall sales, and increase B2B sales to 20% and D2C sales to 30%,” he said.Mr Amnaj said even though the company is focusing more on the B2B segment, it will maintain its partnerships with B2C dealers.Moreover, the company also aspires to transform into a “Smart Life Solutions Company” that can connect and expand the customer experience across various spaces, including home, commercial, mobility and virtual.This goal is in line with its Future Vision 2030 to showcase its innovative efforts beyond the home appliance space, he said.Regarding the flooding in Chiang Rai province, Mr Amnaj said the situation has directly affected around 10 of its 30 local dealers.In the aftermath, the company is considering launching a relief scheme, such as a not-for-profit repair service for damaged electrical appliances and marketing campaigns with longer instalment plans for new appliance purchases.The company is targeting sales of 16 billion baht this year, up 7% from the previous year, he said. http://109.70.148.72/~merchant29/6network/wp-content/uploads/2024/09/g2d8f04c9adc99571cb94b622a16370f12b862d184af543c74a6a0c04918d80cc7993ef4c068c8eda87d4994661bfbb99ce2.jpeg Mr Amnaj says the company is targeting sales of 16 billion baht this year, up 7% from 2023. LG Electronics (Thailand) Co Ltd will focus more on the business-to-business (B2B) market, whose growth is expected to outpace the consumer market. Amnaj Singhachan, head of marketing at LG Electronics (Thailand), said the company views the B2B … Read More

[bravecompanynews]

LG Electronics unit looks to B2B prospects - Information Global Internet - #GLOBAL https://www.merchant-business.com/lg-electronics-unit-looks-to-b2b-prospects/?feed_id=197917&_unique_id=66e3bd75d8bcc Mr Amnaj says the company is targeting sales of 16 billion baht this year, up 7% from 2023.LG Electronics (Thailand) Co Ltd will focus more on the business-to-business (B2B) market, whose growth is expected to outpace the consumer market.Amnaj Singhachan, head of marketing at LG Electronics (Thailand), said the company views the B2B market as having high growth potential due to the country’s economic recovery coupled with the post-pandemic recovery, which has led to strong demand in the B2B sector in areas such as offices and hotels.The company believes there is still room for growth in the information display and air conditioner market, he said.“We will closely monitor the year-end tourism season. If the country’s tourism booms this year, the hotel operators might opt for property renovation, which could open the door of opportunity to the company in the year to come,” said Mr Amnaj.He said the company’s products are being distributed through three channels: business-to-consumer (B2C) through its dealers and sub-dealers, business-to-business (B2B), and direct-to-customer (D2C) via online e-commerce platforms such as Shopee, Lazada, NocNoc, or LG’s website.The B2C channel accounts for 80% of the company’s sales, while B2B and D2C each account for 10% of overall sales.Mr Amnaj said the company aims to increase the proportion of B2B and D2C to account for around 15% each, while reducing the proportion of B2C down to 70% next year.“In five years, the company aims to reduce its B2C channel to account for 50% of overall sales, and increase B2B sales to 20% and D2C sales to 30%,” he said.Mr Amnaj said even though the company is focusing more on the B2B segment, it will maintain its partnerships with B2C dealers.Moreover, the company also aspires to transform into a “Smart Life Solutions Company” that can connect and expand the customer experience across various spaces, including home, commercial, mobility and virtual.This goal is in line with its Future Vision 2030 to showcase its innovative efforts beyond the home appliance space, he said.Regarding the flooding in Chiang Rai province, Mr Amnaj said the situation has directly affected around 10 of its 30 local dealers.In the aftermath, the company is considering launching a relief scheme, such as a not-for-profit repair service for damaged electrical appliances and marketing campaigns with longer instalment plans for new appliance purchases.The company is targeting sales of 16 billion baht this year, up 7% from the previous year, he said. http://109.70.148.72/~merchant29/6network/wp-content/uploads/2024/09/g2d8f04c9adc99571cb94b622a16370f12b862d184af543c74a6a0c04918d80cc7993ef4c068c8eda87d4994661bfbb99ce2.jpeg BLOGGER - #GLOBAL

[boldcompanynews]

LG Electronics unit looks to B2B prospects - Information Global Internet - BLOGGER https://www.merchant-business.com/lg-electronics-unit-looks-to-b2b-prospects/?feed_id=197916&_unique_id=66e3bd74e4557 Mr Amnaj says the company is targeting sales of 16 billion baht this year, up 7% from 2023.LG Electronics (Thailand) Co Ltd will focus more on the business-to-business (B2B) market, whose growth is expected to outpace the consumer market.Amnaj Singhachan, head of marketing at LG Electronics (Thailand), said the company views the B2B market as having high growth potential due to the country’s economic recovery coupled with the post-pandemic recovery, which has led to strong demand in the B2B sector in areas such as offices and hotels.The company believes there is still room for growth in the information display and air conditioner market, he said.“We will closely monitor the year-end tourism season. If the country’s tourism booms this year, the hotel operators might opt for property renovation, which could open the door of opportunity to the company in the year to come,” said Mr Amnaj.He said the company’s products are being distributed through three channels: business-to-consumer (B2C) through its dealers and sub-dealers, business-to-business (B2B), and direct-to-customer (D2C) via online e-commerce platforms such as Shopee, Lazada, NocNoc, or LG’s website.The B2C channel accounts for 80% of the company’s sales, while B2B and D2C each account for 10% of overall sales.Mr Amnaj said the company aims to increase the proportion of B2B and D2C to account for around 15% each, while reducing the proportion of B2C down to 70% next year.“In five years, the company aims to reduce its B2C channel to account for 50% of overall sales, and increase B2B sales to 20% and D2C sales to 30%,” he said.Mr Amnaj said even though the company is focusing more on the B2B segment, it will maintain its partnerships with B2C dealers.Moreover, the company also aspires to transform into a “Smart Life Solutions Company” that can connect and expand the customer experience across various spaces, including home, commercial, mobility and virtual.This goal is in line with its Future Vision 2030 to showcase its innovative efforts beyond the home appliance space, he said.Regarding the flooding in Chiang Rai province, Mr Amnaj said the situation has directly affected around 10 of its 30 local dealers.In the aftermath, the company is considering launching a relief scheme, such as a not-for-profit repair service for damaged electrical appliances and marketing campaigns with longer instalment plans for new appliance purchases.The company is targeting sales of 16 billion baht this year, up 7% from the previous year, he said. http://109.70.148.72/~merchant29/6network/wp-content/uploads/2024/09/g2d8f04c9adc99571cb94b622a16370f12b862d184af543c74a6a0c04918d80cc7993ef4c068c8eda87d4994661bfbb99ce2.jpeg #GLOBAL - BLOGGER Mr Amnaj says the... BLOGGER - #GLOBAL

[technologycompanynews]

LG Electronics unit looks to B2B prospects - Information Global Internet - BLOGGER https://www.merchant-business.com/lg-electronics-unit-looks-to-b2b-prospects/?feed_id=197915&_unique_id=66e3bd74110c7 Mr Amnaj says the company is targeting sales of 16 billion baht this year, up 7% from 2023.LG Electronics (Thailand) Co Ltd will focus more on the business-to-business (B2B) market, whose growth is expected to outpace the consumer market.Amnaj Singhachan, head of marketing at LG Electronics (Thailand), said the company views the B2B market as having high growth potential due to the country’s economic recovery coupled with the post-pandemic recovery, which has led to strong demand in the B2B sector in areas such as offices and hotels.The company believes there is still room for growth in the information display and air conditioner market, he said.“We will closely monitor the year-end tourism season. If the country’s tourism booms this year, the hotel operators might opt for property renovation, which could open the door of opportunity to the company in the year to come,” said Mr Amnaj.He said the company’s products are being distributed through three channels: business-to-consumer (B2C) through its dealers and sub-dealers, business-to-business (B2B), and direct-to-customer (D2C) via online e-commerce platforms such as Shopee, Lazada, NocNoc, or LG’s website.The B2C channel accounts for 80% of the company’s sales, while B2B and D2C each account for 10% of overall sales.Mr Amnaj said the company aims to increase the proportion of B2B and D2C to account for around 15% each, while reducing the proportion of B2C down to 70% next year.“In five years, the company aims to reduce its B2C channel to account for 50% of overall sales, and increase B2B sales to 20% and D2C sales to 30%,” he said.Mr Amnaj said even though the company is focusing more on the B2B segment, it will maintain its partnerships with B2C dealers.Moreover, the company also aspires to transform into a “Smart Life Solutions Company” that can connect and expand the customer experience across various spaces, including home, commercial, mobility and virtual.This goal is in line with its Future Vision 2030 to showcase its innovative efforts beyond the home appliance space, he said.Regarding the flooding in Chiang Rai province, Mr Amnaj said the situation has directly affected around 10 of its 30 local dealers.In the aftermath, the company is considering launching a relief scheme, such as a not-for-profit repair service for damaged electrical appliances and marketing campaigns with longer instalment plans for new appliance purchases.The company is targeting sales of 16 billion baht this year, up 7% from the previous year, he said. http://109.70.148.72/~merchant29/6network/wp-content/uploads/2024/09/g2d8f04c9adc99571cb94b622a16370f12b862d184af543c74a6a0c04918d80cc7993ef4c068c8eda87d4994661bfbb99ce2.jpeg BLOGGER - #GLOBAL Mr Amnaj says the company is targeting sales of 16 billion baht this year, up 7% from 2023. LG Electronics (Thailand) Co Ltd will focus more on the business-to-business (B2B) market, whose growth is expected to outpace the consumer market. Amnaj Singhachan, head of marketing at LG Electronics (Thailand), said the company views the B2B … Read More

[onlinecompanynews]

LG Electronics unit looks to B2B prospects - Information Global Internet https://www.merchant-business.com/lg-electronics-unit-looks-to-b2b-prospects/?feed_id=197914&_unique_id=66e3bc516fa8c Mr Amnaj says the... BLOGGER - #GLOBAL Mr Amnaj says the company is targeting sales of 16 billion baht this year, up 7% from 2023.LG Electronics (Thailand) Co Ltd will focus more on the business-to-business (B2B) market, whose growth is expected to outpace the consumer market.Amnaj Singhachan, head of marketing at LG Electronics (Thailand), said the company views the B2B market as having high growth potential due to the country’s economic recovery coupled with the post-pandemic recovery, which has led to strong demand in the B2B sector in areas such as offices and hotels.The company believes there is still room for growth in the information display and air conditioner market, he said.“We will closely monitor the year-end tourism season. If the country’s tourism booms this year, the hotel operators might opt for property renovation, which could open the door of opportunity to the company in the year to come,” said Mr Amnaj.He said the company’s products are being distributed through three channels: business-to-consumer (B2C) through its dealers and sub-dealers, business-to-business (B2B), and direct-to-customer (D2C) via online e-commerce platforms such as Shopee, Lazada, NocNoc, or LG’s website.The B2C channel accounts for 80% of the company’s sales, while B2B and D2C each account for 10% of overall sales.Mr Amnaj said the company aims to increase the proportion of B2B and D2C to account for around 15% each, while reducing the proportion of B2C down to 70% next year.“In five years, the company aims to reduce its B2C channel to account for 50% of overall sales, and increase B2B sales to 20% and D2C sales to 30%,” he said.Mr Amnaj said even though the company is focusing more on the B2B segment, it will maintain its partnerships with B2C dealers.Moreover, the company also aspires to transform into a “Smart Life Solutions Company” that can connect and expand the customer experience across various spaces, including home, commercial, mobility and virtual.This goal is in line with its Future Vision 2030 to showcase its innovative efforts beyond the home appliance space, he said.Regarding the flooding in Chiang Rai province, Mr Amnaj said the situation has directly affected around 10 of its 30 local dealers.In the aftermath, the company is considering launching a relief scheme, such as a not-for-profit repair service for damaged electrical appliances and marketing campaigns with longer instalment plans for new appliance purchases.The company is targeting sales of 16 billion baht this year, up 7% from the previous year, he said. http://109.70.148.72/~merchant29/6network/wp-content/uploads/2024/09/g2d8f04c9adc99571cb94b622a16370f12b862d184af543c74a6a0c04918d80cc7993ef4c068c8eda87d4994661bfbb99ce2.jpeg #GLOBAL - BLOGGER Mr Amnaj says the company is targeting sales of 16 billion baht this year, up 7% from 2023. LG Electronics (Thailand) Co Ltd will focus more on the business-to-business (B2B) market, whose growth is expected to outpace the consumer market. Amnaj Singhachan, head of marketing at LG Electronics (Thailand), said the company views the B2B … Read More

[internetcompanynews]

LG Electronics unit looks to B2B prospects - Information Global Internet - BLOGGER https://www.merchant-business.com/lg-electronics-unit-looks-to-b2b-prospects/?feed_id=197913&_unique_id=66e3bc5084086 Mr Amnaj says the company is targeting sales of 16 billion baht this year, up 7% from 2023.LG Electronics (Thailand) Co Ltd will focus more on the business-to-business (B2B) market, whose growth is expected to outpace the consumer market.Amnaj Singhachan, head of marketing at LG Electronics (Thailand), said the company views the B2B market as having high growth potential due to the country’s economic recovery coupled with the post-pandemic recovery, which has led to strong demand in the B2B sector in areas such as offices and hotels.The company believes there is still room for growth in the information display and air conditioner market, he said.“We will closely monitor the year-end tourism season. If the country’s tourism booms this year, the hotel operators might opt for property renovation, which could open the door of opportunity to the company in the year to come,” said Mr Amnaj.He said the company’s products are being distributed through three channels: business-to-consumer (B2C) through its dealers and sub-dealers, business-to-business (B2B), and direct-to-customer (D2C) via online e-commerce platforms such as Shopee, Lazada, NocNoc, or LG’s website.The B2C channel accounts for 80% of the company’s sales, while B2B and D2C each account for 10% of overall sales.Mr Amnaj said the company aims to increase the proportion of B2B and D2C to account for around 15% each, while reducing the proportion of B2C down to 70% next year.“In five years, the company aims to reduce its B2C channel to account for 50% of overall sales, and increase B2B sales to 20% and D2C sales to 30%,” he said.Mr Amnaj said even though the company is focusing more on the B2B segment, it will maintain its partnerships with B2C dealers.Moreover, the company also aspires to transform into a “Smart Life Solutions Company” that can connect and expand the customer experience across various spaces, including home, commercial, mobility and virtual.This goal is in line with its Future Vision 2030 to showcase its innovative efforts beyond the home appliance space, he said.Regarding the flooding in Chiang Rai province, Mr Amnaj said the situation has directly affected around 10 of its 30 local dealers.In the aftermath, the company is considering launching a relief scheme, such as a not-for-profit repair service for damaged electrical appliances and marketing campaigns with longer instalment plans for new appliance purchases.The company is targeting sales of 16 billion baht this year, up 7% from the previous year, he said. http://109.70.148.72/~merchant29/6network/wp-content/uploads/2024/09/g2d8f04c9adc99571cb94b622a16370f12b862d184af543c74a6a0c04918d80cc7993ef4c068c8eda87d4994661bfbb99ce2.jpeg LG Electronics unit looks to B2B prospects - Information Global Internet - #GLOBAL BLOGGER - #GLOBAL

[formidablecompanynews]

LG Electronics unit looks to B2B prospects - Information Global Internet https://www.merchant-business.com/lg-electronics-unit-looks-to-b2b-prospects/?feed_id=197912&_unique_id=66e3bc4f9c300 #GLOBAL - BLOGGER BLOGGER Mr Amnaj says the company is targeting sales of 16 billion baht this year, up 7% from 2023.LG Electronics (Thailand) Co Ltd will focus more on the business-to-business (B2B) market, whose growth is expected to outpace the consumer market.Amnaj Singhachan, head of marketing at LG Electronics (Thailand), said the company views the B2B market as having high growth potential due to the country’s economic recovery coupled with the post-pandemic recovery, which has led to strong demand in the B2B sector in areas such as offices and hotels.The company believes there is still room for growth in the information display and air conditioner market, he said.“We will closely monitor the year-end tourism season. If the country’s tourism booms this year, the hotel operators might opt for property renovation, which could open the door of opportunity to the company in the year to come,” said Mr Amnaj.He said the company’s products are being distributed through three channels: business-to-consumer (B2C) through its dealers and sub-dealers, business-to-business (B2B), and direct-to-customer (D2C) via online e-commerce platforms such as Shopee, Lazada, NocNoc, or LG’s website.The B2C channel accounts for 80% of the company’s sales, while B2B and D2C each account for 10% of overall sales.Mr Amnaj said the company aims to increase the proportion of B2B and D2C to account for around 15% each, while reducing the proportion of B2C down to 70% next year.“In five years, the company aims to reduce its B2C channel to account for 50% of overall sales, and increase B2B sales to 20% and D2C sales to 30%,” he said.Mr Amnaj said even though the company is focusing more on the B2B segment, it will maintain its partnerships with B2C dealers.Moreover, the company also aspires to transform into a “Smart Life Solutions Company” that can connect and expand the customer experience across various spaces, including home, commercial, mobility and virtual.This goal is in line with its Future Vision 2030 to showcase its innovative efforts beyond the home appliance space, he said.Regarding the flooding in Chiang Rai province, Mr Amnaj said the situation has directly affected around 10 of its 30 local dealers.In the aftermath, the company is considering launching a relief scheme, such as a not-for-profit repair service for damaged electrical appliances and marketing campaigns with longer instalment plans for new appliance purchases.The company is targeting sales of 16 billion baht this year, up 7% from the previous year, he said. http://109.70.148.72/~merchant29/6network/wp-content/uploads/2024/09/g2d8f04c9adc99571cb94b622a16370f12b862d184af543c74a6a0c04918d80cc7993ef4c068c8eda87d4994661bfbb99ce2.jpeg Mr Amnaj says the company is targeting sales of 16 billion baht this year, up 7% from 2023. LG Electronics (Thailand) Co Ltd will focus more on the business-to-business (B2B) market, whose growth is expected to outpace the consumer market. Amnaj Singhachan, head of marketing at LG Electronics (Thailand), said the company views the B2B … Read More

[smartcompanynewsweb]

LG Electronics unit looks to B2B prospects - Information Global Internet - #GLOBAL https://www.merchant-business.com/lg-electronics-unit-looks-to-b2b-prospects/?feed_id=197911&_unique_id=66e3bc4ea2ddb Mr Amnaj says the company is targeting sales of 16 billion baht this year, up 7% from 2023.LG Electronics (Thailand) Co Ltd will focus more on the business-to-business (B2B) market, whose growth is expected to outpace the consumer market.Amnaj Singhachan, head of marketing at LG Electronics (Thailand), said the company views the B2B market as having high growth potential due to the country’s economic recovery coupled with the post-pandemic recovery, which has led to strong demand in the B2B sector in areas such as offices and hotels.The company believes there is still room for growth in the information display and air conditioner market, he said.“We will closely monitor the year-end tourism season. If the country’s tourism booms this year, the hotel operators might opt for property renovation, which could open the door of opportunity to the company in the year to come,” said Mr Amnaj.He said the company’s products are being distributed through three channels: business-to-consumer (B2C) through its dealers and sub-dealers, business-to-business (B2B), and direct-to-customer (D2C) via online e-commerce platforms such as Shopee, Lazada, NocNoc, or LG’s website.The B2C channel accounts for 80% of the company’s sales, while B2B and D2C each account for 10% of overall sales.Mr Amnaj said the company aims to increase the proportion of B2B and D2C to account for around 15% each, while reducing the proportion of B2C down to 70% next year.“In five years, the company aims to reduce its B2C channel to account for 50% of overall sales, and increase B2B sales to 20% and D2C sales to 30%,” he said.Mr Amnaj said even though the company is focusing more on the B2B segment, it will maintain its partnerships with B2C dealers.Moreover, the company also aspires to transform into a “Smart Life Solutions Company” that can connect and expand the customer experience across various spaces, including home, commercial, mobility and virtual.This goal is in line with its Future Vision 2030 to showcase its innovative efforts beyond the home appliance space, he said.Regarding the flooding in Chiang Rai province, Mr Amnaj said the situation has directly affected around 10 of its 30 local dealers.In the aftermath, the company is considering launching a relief scheme, such as a not-for-profit repair service for damaged electrical appliances and marketing campaigns with longer instalment plans for new appliance purchases.The company is targeting sales of 16 billion baht this year, up 7% from the previous year, he said. http://109.70.148.72/~merchant29/6network/wp-content/uploads/2024/09/g2d8f04c9adc99571cb94b622a16370f12b862d184af543c74a6a0c04918d80cc7993ef4c068c8eda87d4994661bfbb99ce2.jpeg BLOGGER - #GLOBAL

[industrynewsupdates]

Credit Bureau Services Procurement Intelligence: Key Trends and Insights

The credit bureau services market is expected to grow at a CAGR of 12.6% from 2024 to 2030. The market for credit bureaus is expected to grow in the next few years due to the rising demand for credit cards. Credit card benefits, such as unlimited reward points with usage, insurance protection, discounts, and cashback, help increase credit scores. Further, credit card issuers provide credit bureaus with details about cardholder activity that help them confirm each customer's credit ratings, which serve as the foundation for loan applications.

As per the U.S. Federal Reserve Bank report, 82% of adults had a credit card in 2023, and 36% of adults applied for some type of credit in 2023. The adults with a minimum income of USD 100,000 held a credit card in the U.S. in 2023. The rate of credit card applications remained robust throughout 2023 in the U.S.; it reached 29% in October 2023. Due to these factors, the usage of credit cards has increased, which in turn has led to an expansion in the market for credit bureaus.

A credit bureau acquires and maintains track of a variety of credit-related insights on users and organizations, such as loans taken, overdraft facilities, and credit card usage. Increasingly, credit bureaus are partnering or collaborating with fintech companies to provide custom data analytics due to increasing demand for credit from new-to-credit (NTC) consumers. For instance, in 2023, credit bureaus witnessed more pronounced changes in the consumer credit market. As per the TransUnion report, the demand for auto and home equity loans has been steadily increasing since 2023. However, with increasing preference for credit products, the delinquency levels for personal loans and credit cards also rose in 2023.

According to TransUnion’s 2023 Consumer Pulse study, 26% of Americans planned to seek a credit instrument in 2024. Of those, 53% wanted a credit card, 23% wanted a car lease or loan and 22% wanted a personal loan. Credit limits increased by 26% in 2023, as per Equifax estimates. The share of NTC customers dropped from 17% in September 2022 to 14% in September 2023. Despite this drop, consumption-led demand continues to drive the demand for credit globally. In India, between July to September 2023, in the MSME sector, NTC customers accounted for 46% of the credit demand. They are expected to drive growth notably.

The North American region accounts for the largest category share due to an increase in the number of people looking for credit products like loans and credit cards amidst rising consumer awareness of the importance of maintaining a good credit score and routinely checking credit reports. In most places, there are primarily three major credit bureaus in the world - Equifax, Experian, and TransUnion. However, a few medium-sized private credit bureaus are also present in a few countries apart from these three giant players.

Order your copy of the Credit Bureau Services Procurement Intelligence Report, 2024 - 2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis

Companies are concentrating their efforts on introducing cutting-edge technologies to strengthen their position in the industry. Blockchain technology enables instantaneous and transparent transaction initiation and execution amongst many parties. For instance:

• In May 2024, Equifax collaborated with the commerce platform, VTEX, to help prevent fraud for merchants worldwide. VTEX’s platform will utilize Equifax’s robust fraud prevention and detection capabilities and “Kount Payment Fraud” solution in this partnership. This will help both B2C and B2B merchants secure their business while providing enhanced customer solutions.

• In March 2024, TransUnion introduced its new platform called “OneTru” for managing, analyzing and providing data-related insights about customers. The platform unifies separate data and analytical resources designed for fraud prevention, credit risk, and marketing and then consolidates them into a single unified integrated layer. This strategy enables TransUnion to provide a more accurate, comprehensive and compliant picture of customers, regardless of the use case.

Credit bureaus possess high bargaining power primarily due to their unique position as information aggregators and providers in the financial landscape. They collect and maintain detailed credit histories of individuals and businesses, which are crucial for lenders and other financial institutions to assess creditworthiness. This information asymmetry gives credit bureaus significant leverage when negotiating with clients, including banks, credit card companies, and other financial entities. Additionally, regulatory barriers and limited competition in the industry contribute to their strong bargaining position. As a result, credit bureaus can influence market dynamics and often dictate terms that favor their interests.

The credit bureau services industry is highly consolidated in nature. Globally, more than 50% - 60% of the market is dominated by three players - Experian, Equifax, and TransUnion. The concentrated industry structure of credit bureau services can be attributed to several factors. First, the nature of the industry requires a high level of trust, accuracy, and regulatory compliance. This leads to a preference for established players with proven track records. Additionally, the entry barriers are relatively high due to the complexity of the services, the need for extensive data management systems, and the regulatory environment. As a result, a few dominant players tend to dominate the market, creating a concentrated industry structure.

The major cost components are salaries of professionals, IT and infrastructure, operational and administrative expenses, legal and marketing. Credit bureaus and IT technology play a vital role in maintaining accurate and efficient credit reporting systems. The importance of investing in IT technology lies in its ability to streamline processes, reduce errors, and enhance security measures. This, in turn, ensures that consumers receive fair credit assessments and financial institutions can make informed decisions. While the cost of implementing and updating IT systems may be significant, the benefits of improved data management, faster access to information, and better risk management far outweigh the expenses.

The category is based on a subscription pricing model, where a full report can be generated with credit scores depending upon the subscription period. The subscription plan could be for one year, 6 months, monthly, or one time as per company requirement. For instance, TransUnion CIBIL, an India-based credit information company, charges Rs 550 for credit report with a credit score. The element affecting the cost structure for credit bureau services is labor cost and software cost used in this industry. Credit bureau services come with various features, such as identity theft insurance and card activity alerts which require investment in software and acquiring labor.

Countries such as the United States, Canada, the United Kingdom, India, and Australia are preferred business destinations for these services. People in these countries give significant importance to credit scores which determine their financial competency and self-esteem. One of the essential sourcing practices for this category is engaging and negotiating with more than one supplier to acquire a holistic package of services. For instance, different credit bureau companies are providing a different set of services with credit report services. Experian can provide services such as credit scores and reports along with offering loans. In contrast, CRIF High Mark can offer credit scores and reports along with analytics services such as the deduplication platform. Therefore, businesses are required to negotiate and source the appropriate suppliers to get a whole sum report at affordable prices. Other sourcing practices considered in the category are competitor pricing strategies evaluation and payment terms.

Browse through Grand View Research’s collection of procurement intelligence studies:

• Payment Processing Solutions Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

• Cash-in-Transit Services Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

Credit Bureau Services Procurement Intelligence Report Scope

• Growth Rate: CAGR of 12.6% from 2024 to 2030

• Pricing growth Outlook: 3% - 5% (Annually)

• Pricing Models: Subscription pricing model

• Supplier Selection Scope: Cost and pricing, Past engagements, Productivity, Geographical presence

• Supplier Selection Criteria: Individual and Commercial Credit Report Services, Microfinance Credit Information Report, Credit Report Verification Services, Additional services (Loan Report, Score Simulator, Membership Access), operational capabilities and others

• Report Coverage: Revenue forecast, supplier ranking, supplier matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model

Key companies 

• CRIF High Mark Credit Information Services Pvt. Ltd

• Equifax Inc., Experian PLC

• Innovis (CBC Companies)

• TransUnion LLC

• Credit Bureau Malaysia Sdn. Bhd.

• Qatar Credit Bureau

• The Saudi Credit Bureau (SIMAH)

• Credit Bureau Singapore

• National Credit Bureau Company Limited (Credit Bureau)

Brief about Pipeline by Grand View Research:

A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions.

Our services include (not limited to):

• Market Intelligence involving – market size and forecast, growth factors, and driving trends

• Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships

• Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing

• Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions

[singsys]

The Future of E-commerce in Singapore: Insights from Top Magento Developer Singapore

Singapore has long been at the forefront of technological innovation in Southeast Asia, and its e-commerce sector is no exception. As we look towards the future, the landscape of online retail in the city-state is poised for significant transformation. 

To gain deeper insights into these changes, we've consulted with some of Singapore's top Magento developers, who are at the cutting edge of e-commerce platform development.

Current State of E-commerce in Singapore

Singapore's e-commerce market has experienced explosive growth in recent years, driven by high internet penetration, widespread smartphone adoption, and a tech-savvy population. The COVID-19 pandemic further accelerated this trend, pushing more businesses online and changing consumer behavior.

According to the developers we spoke with, Magento has emerged as a popular choice for many Singaporean businesses due to its flexibility, scalability, and robust feature set. Its ability to handle both B2C and B2B transactions makes it particularly attractive in Singapore's diverse market.

Key Trends Shaping the Future

Mobile-First Approach With smartphone usage in Singapore at near-saturation levels, developers emphasise the critical importance of mobile optimisation. "We're seeing a shift from mobile-friendly to mobile-first design," says Lee Wei Jie, a senior Magento developer. "This means rethinking the entire user experience for smaller screens and touch interfaces."

Personalisation and AI Artificial intelligence and machine learning are set to play a crucial role in personalising the shopping experience. "We're implementing AI-driven product recommendations and personalised search results," explains Tan Mei Ling, an e-commerce solutions architect. "This not only improves conversion rates but also enhances customer satisfaction."

Omnichannel Integration The line between online and offline retail is blurring. Magento developers are working on seamless integrations between e-commerce platforms and physical stores. This includes features like in-store pickup for online orders and real-time inventory tracking across all channels.

Voice Commerce As voice-activated devices become more prevalent, voice shopping is expected to gain traction. Developers are exploring ways to integrate voice commands into Magento stores, making it easier for customers to search for products and complete purchases using just their voice.

Sustainability and Ethical Shopping There's a growing demand for eco-friendly and ethically sourced products in Singapore. Magento developers are creating features to highlight sustainable products and provide transparency about supply chains and manufacturing processes.

Challenges and Opportunities

While the future of e-commerce in Singapore looks bright, it's not without its challenges. Cybersecurity remains a top concern, with developers working tirelessly to implement robust security measures to protect customer data and prevent fraud.

Another challenge is the need for speed. "Singaporean consumers expect lightning-fast load times," notes Chang Wei Xiang, a performance optimisation specialist. "We're constantly fine-tuning Magento installations to deliver the best possible performance."

However, these challenges also present opportunities for innovation. For instance, the push for better security has led to advancements in biometric authentication methods for mobile devices.

The Role of Government and Regulation

Singapore's government has been supportive of the e-commerce sector, implementing policies to foster digital transformation. Magento developers are keeping a close eye on regulatory changes, particularly around data protection and cross-border transactions.

The recent updates to the Personal Data Protection Act (PDPA) have implications for how e-commerce platforms handle customer information. Developers are working to ensure Magento installations are compliant with these regulations while still providing a seamless user experience.

Preparing for the Future

As e-commerce continues to evolve, Magento developer Singapore are focusing on creating flexible, future-proof solutions. This includes embracing headless commerce architectures, which separate the front-end presentation layer from the back-end functionality, allowing for greater flexibility and easier integration with emerging technologies.

"We're building systems that can adapt to whatever comes next," says Lim Jia Yi, a solutions architect. "Whether it's new payment methods, augmented reality shopping experiences, or integration with the Internet of Things, we want our clients' e-commerce platforms to be ready."

The future of e-commerce in Singapore is dynamic and full of potential. As Magento developers continue to push the boundaries of what's possible, we can expect to see more innovative, user-friendly, and technologically advanced online shopping experiences.For businesses looking to thrive in this evolving landscape, partnering with experienced Magento developers who understand both the local market and global trends will be crucial. By staying ahead of the curve and embracing new technologies, Singapore's e-commerce sector is well-positioned to maintain its status as a leader in the digital economy of Southeast Asia.