Society Pass appears to tap into Singapore’s growing e-commerce industry with its latest acquisition

By Sam Msiska, Benzinga

Singapore –News Direct– Society Pass Incorporated

Singapore is considered a safe haven for businesses. For more than a decade, the country has been among the most important financial and business centers in Southeast Asia, attracting entrepreneurs from across the continent and around the world.

Singapore is known as the go-to destination for multinationals due to its stable economic and political systems, high-quality infrastructure, and digital-friendly environment.

A number of American companies, including Cisco Systems Inc. (NASDAQ: CSCO), IBM Corp. (NYSE: IBM), Microsoft Corp. (NASDAQ: MSFT) and Apple Inc. (NASDAQ: AAPL) has established a regional headquarters in the country.

Singapore is experiencing rapid growth in e-commerce. The industry was valued at $5.9 billion last year and is expected to reach $14.2 in 2025, according to data and analytics firm GlobalData.

E-commerce should produce more than 7 billion in Singapore this year, with the number of users expected to reach 4.1 million.

Apart from having an advanced digital economy, factors fueling the growth of e-commerce include Singapore’s stable economic and political system and a highly developed internet market. A number of fintech companies have made Singapore their home, which has provided reliable and affordable alternative payment solutions.

The country’s reliable logistics services, rated among the best in Asia by the World Bank, have given industry players the ability to serve both local and international markets. In 2020, cross-border e-commerce will amount to more than $2 billion, or 35% of the country’s sales. total e-commerce revenue.

Singapore has one of the highest digital adoption rates in the world. With more than 5 million Internet users, Singapore’s digital penetration of 90% is higher than the global average of around 60%. The nation is working on a plan to roll out the fifth-generation (5G) network nationwide by 2025, a move that will push its digital adoption even further.

Social commerce would drive the growth of e-commerce

A new form of e-commerce called social commerce is emerging in Singapore, offering buyers and sellers the opportunity to interact on social media platforms. The industry is expected to grow from $940.9 million in 2022 to more than $7 billion by 2028, according to a report by Research and Markets.

The ability to browse and buy products on social media platforms has forced brands to use paid and organic posts to drive traffic to their websites. Just recently, TikTok rolled out an e-commerce solution in Singapore called TikTok Shop. TikTok Shop allows users to interact directly with brands and sellers using their TikTok app.

Is live streaming also fueling growth?

Live streaming has become increasingly popular in Singapore during the COVID-19 pandemic. As stores were forced to close, live streaming became the only option for shoppers to interact with brands.

Even after the pandemic, live streaming would gain popularity, especially among millennials. The growing market for live streaming has caught the attention of social commerce startups such as Upmesh.

Looking to enter the Singapore e-commerce market through acquisitions

Singapore-based e-commerce holding company Company Pass Inc. (NASDAQ: SOPA) says it is growing its presence in Asia and globally through acquisitions. The company’s latest acquisitions are Gorilla networks and Thoughtful Media Group.

Focusing on emerging trends in the live streaming and influencer market, TMG encourages its content creators to develop short videos and build their presence on social media platforms, a booming industry in Vietnam, by Thailand, the Philippines, Singapore and Indonesia.

As a loyalty and data marketing ecosystem, Society Pass operates multiple e-commerce platforms in its key SEA markets. Its business model focuses on analyzing user data through the planned launch of its Society Pass loyalty platform and the circulation of its universal loyalty points, which seamlessly connects consumers and merchants across multiple product categories. and services to promote organic loyalty. Since its inception, SoPa has gathered over 1.6 million registered consumers and over 5,500 registered merchants/brands on its platform. It has invested over 2 years in building a proprietary IT architecture with state-of-the-art components to scale and effectively support its consumers, merchants, and acquisitions. Company Pass provides merchants with #HOTTAB Biz and #HOTTAB POS – a solution specialized point-of-sale technology, a complete system for payment, loyal customer management, user profile analysis, and convenient financial support packages for small and medium-sized businesses. In addition, SoPa operates Leflair.com, the leading platform lifestyle e-commerce company in Vietnam, Pushkart.ph, a popular grocery delivery company in the Philippines, Handycart.vn, a leading online restaurant delivery service based in Hanoi, Vietnam, and Gorilla Networks , a Singapore-based blockchain/web3 enabled mobile virtual network operator. For more information, please visit: http://thesocietypass .com/ .

This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investment advice.

Contact Details

Dennis Nguyen: Founder, Chairman and CEO

+1 877-440-9464

[email protected]

Company Website

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