Rise of Singapore's Largest B2B Marketplace
Enterprise Singapore backs Singapore's startup strategic initiative.
On Wednesday, 06 September 2017, the Wholesale Trade Industry Transformation Map (ITM) was unveiled by Minister S Iswaran, Minister for Trade and Industry (Industry) at Enterprise Singapore’s event “Digitalisation of Trade – New Mindsets, New Skillsets”. The ITM will help companies digitalise to enhance global growth and productivity, and targets to create 10,000 new jobs by 2020. Comprising over 34,000 firms, the wholesale trade industry provides livelihoods for more than 325,000, accounting for 9% of Singapore’s workforce in 2016.
“Wholesale trade will drive economic growth for Singapore.”
In 2016, wholesale trade contributed S$47.3 billion (12%) to the nation’s gross domestic product (GDP). The industry continues to grow strongly as Asia’s rising population, urbanisation and consumerism drive trade flows to meet the region’s increased demand for food, infrastructure materials, fuel and electronics, and more.
Asia’s boom in urbanisation and consumerism presents new opportunities. ‘South-South’ trade is also growing much faster and Singapore is well-positioned to play an important role. However, external volatility and digital technology are changing how trade is conducted. Companies need to transform business models and be equipped with new skillsets. A strong core of Singaporean talent and companies will underpin Singapore's sustainability and long-term success.
Singapore's startup envisions to focus on digitalisation
In alignment with Wholesale Trade ITM, this home-grown startup seeks to focus on key strategies to ensure the sector remains relevant by:
1. Building trade connectivity through digital marketplaces and platforms
2. Growing a vibrant ecosystem of wholesale trading enterprises and retailers in Singapore
With these plans in mind, Obbo, the acronym for Offline Businesses Backed Online, was endorsed by Enterprise Singapore, together with Action Community for Entrepreneurship (ACE) to work closely together in driving its strategic initiative for Singapore's businesses to go digital and grow globally.
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