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30 june bt(online) fostering growth in e-commerce

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  • 1. Client : PayPal Country : Singapore Publication : The Business Times Section : Technology Date : 30 June 2014 Type : Online Topic : Fostering growth in e-commerce Circulation : 37,500 URL : http://www.businesstimes.com.sg/specials/views-top/fostering-growth-e- commerce-20140630

2. Fostering growth in e-commerce Lawrence Chan VP for APAC Merchant Services and GM for Southeast Asia PayPal WITH the unprecedented rate of Internet and smartphone penetration in Singapore, we are already seeing Singaporeans driving e-commerce, buying and selling actively on the global online marketplace. PayPal forecasted that by 2015, e-commerce market in Singapore will be worth over S$4.4 billion, with mobile commerce making up more than 70 per cent of this. In 2013, online exports by PayPal merchants in Singapore saw double-digit growth of 38 per cent year-on-year, underlining a strong global demand for Singapore-made goods and services. To continue this acceleration, small and medium-sized enterprises (SMEs), who make up the backbone of Singapore's economy, should tap into the US$10 trillion global commerce opportunity, extending their reach to millions of customers around the world online without the cost of physical geo-expansion. With the rise of Internet-connected devices, it is also critical for local businesses to adopt mobile strategies to cater to today's global customer who wants to be able to shop anytime and anywhere. By embracing e-commerce, SMEs in Singapore will be able to drive business productivity, increase revenue and ease the cost and labour pressures that many face today in the traditional commerce space.