2024 growth trends for Singapore’s small and midsize businesses

Technological advancements and logistical innovations are bridging distances like never before, opening new opportunities for Singaporean businesses to expand their reach. With e-commerce revenue predicted to grow at an annual rate of 9.7% over the next four years, small and midsize companies have a chance to use this trend to propel their growth. 

A recent report produced by Forbes in collaboration with FedEx highlights three growth trends that are redefining the future for Singapore's small and midsize businesses, making it easier than ever to lead in the global marketplace. 

Business leaders are optimistic about global expansion

The first trend underscores the power of optimism in driving global expansion. An impressive 87% of business leaders surveyed are gearing up to broaden their customer base, while 80% are keen on expanding their supplier networks. This signifies a shift from local to global ambitions, fueled by a positive outlook on economic conditions and a readiness to explore new markets.

The report also points out the critical role of real-time, data-driven logistics and supply chain strategies in achieving worldwide reach, even for the smallest of businesses. 

Read the full report to discover the areas in Southeast Asia and beyond where business leaders see the most promising growth opportunities in the next 12 months. 

Cross-border complexity is a challenge for everyone

Despite optimism, the path to new markets comes with its challenges, the second trend reveals. The intricacies of cross-border commerce, from navigating tariffs and tax regulations to customs clearance, pose potential hurdles, especially for smaller businesses without the resources of larger firms. Moreover, the increasing emphasis on sustainability introduces additional complexity, requiring a more thoughtful approach to business and supply chain management.

Gain further insights into the barriers to cross-border business and how to tackle them by downloading the complete report.

Technology partners can help you scale

The third trend highlights an opportunity: leveraging technology partnerships to scale cross-border operations. In today's digital landscape, small and midsize businesses have the chance to amplify their e-commerce capabilities and integrate sophisticated technologies like AI, even with smaller IT budgets. 

Strategic partnerships, especially with global logistics experts, can provide access to the latest technology, streamline delivery processes and incorporate sustainable practices without straining financial resources.

Explore the report to learn how technology enables small businesses in Singapore to compete on a global scale.

Embark on your journey to new markets

The future holds opportunities for Singapore's small and midsize businesses aiming to capitalise on new opportunities in the Asia-Pacific and beyond. To make the most of these trends, businesses need to adjust to the changing global landscape. This requires a positive outlook towards expansion, addressing the complexities of cross-border trade through strategic partnerships, and leveraging technological advancements for a competitive advantage.

Forbes and FedEx have compiled a report, 3 Global Growth Trends Worth Watching for Small and Midsize Companies in the Asia-Pacific, offering a thorough analysis and practical advice for companies looking to succeed internationally. By downloading this report, businesses can find strategies to face the challenges of global expansion and pursue growth in the Asia-Pacific market.

Discover more tools and tips to grow your small business internationally on the FedEx Small Business Center.