E-commerce share of retail receipts to grow to 10% by 2020: MTI

It’s currently at 3%.

The Ministry of Trade and Industry, in partnership with SPRING and the Infocomm Development Authority, is stepping up its efforts in easing the transition of SMEs in the e-commerce path.

According to a speech by MTI minister S Iswaran, one solution it currently employs is the Dodoca, an IT platform allowing retailers to build customer communities and engage them more effectively through data analytics.

“More than 500 SME retailers are expected to benefit from this solution by end-2017,” Iswaran said.

He added that the overall aim is to grow the e-commerce share of total retail receipts from the current 3% to 10% by 2020.

Meanwhile, in addition to new business models, companies must also have their own brands and innovative products, Iswaran added.

“Every retail company should undertake a deep review of its branding, product and design,” he added.