E-commerce and Online Shopping for World Bank- myassignmenthelp

Question: How e-commerce and online shopping affect singapores economy and its own citizens. Answer: Introduction The World Bank ranked Singapore as the second place to do business in the world after New Zealand. This has been facilitated by various factors including a fast-reliable IT network, tech savvy population and a highly dedicated government to ensure and promote and develop internet infrastructure and formulating favourable policies. It is estimated that by the year 2021 the mobile ad expenditure will grow up to $2.20 accounting for 69% of the total digital ad expenditure (Tandon, 201). A study done by a property consultancy group JLL in Singapore showed that over 60% of the population shop online or at least they base what to buy on the information they get online either with mobile phones or with computers. Literature Review The development of ecommerce has far-reaching impacts to the economy. The economic growth of most countries in Pacific Asia is attributed to the development of ICT as well as the digitalization of business according Fintech Singapore study (Singapore, 2018). The growth of online shopping and e commerce has the following thematic impacts on the general economy. The impacts have been seen to cause a good elevation towards the economy and people of Singapore. Development of ICT has played the major role in the economic growth of Singapore and its people. Employment According to the Ministry of Manpower statistics, unemployment rate in 2017 stood at 2.2 % (manpower, 2015).The development of e commerce has opened numerous employment channels to the residents of Singapore at different stages from ICT experts who develop web pages and shopping sites to sales agents who are online throughout the day to meet the needs of buyers at any time of the day. In addition, the need of easy and convenient delivery of goods purchased online lead to the need of employing people for the same purpose. As more people are employed, more business is expanded also the living conditions of the citizens is improved as they can afford a decent living (export.gov, 2017). Infrastructural Development Singapore has one of the most extensive and developed IT infrastructure in the world (Holodny, 2015). According to Singapore Business review newspaper, the government rolled out a $2.82 billion project in a bid to enhance ICT infrastructure and IT security (Singapore Business Review, 2016). The growth of online shopping demanded a well-developed physical infrastructure as well to facilitate quick and reliable means of transporting goods to the buyers as most of the sellers have do have delivery services (Chye Ong, 2016). Online advertising With over 81% of Singaporeans being able to access internet and the number increasing by over 10% in 2013 -2014, it creates a suitable and most efficient channel for marketing (Rajeck, 2016). The rapid and consistent growth of e commerce and online shopping has led to a massive growth in the online marketing agencies in Singapore (Anusha, 2016). This has been made possible because business can design adverts in a way that will attract their target audience, which in return will result into purchases. Business are also able to make more money by allowing business to advertise in their websites. This was various business support each other promoting the idea of e commerce even further (one, 2017) Greater competition The growth of online shopping has many advantages compared to those that trade in a physical shop, it has several setbacks one of them being the development of a stiff completion to the entry of new competing business both local and international that offer either same goods or alternative goods (Anusha, 2016). The increase in competition is because of introduction of new chains of distribution in the market (dot.econ, 2015). This has a direct impact on the success of any individual investor and if the external intrusion is great. The growth off local consumer innovativeness as new goods and new marketing methods have been developed to boost sales (Chan, 2013). Findings and analysis E- Commerce has a direct impact to both the final consumers and to the economy of the country. This is because majority of the citizens are employed and hence they can take afford a decent living. A healthy nation translates to a productive nation. In addition, the goodwill of the government to support small business that are trying to make it in the online platform has opened new channels to create jobs to the innovative population in Singapore (Sam Sharma, 2015). The infrastructural growth in Singapore has been on the rise due to the governments commitment to open the country to promote entrepreneurial spirit (Lu, Pang, Hang, Tailor, 2015). More IT experts have been employed leading to the growth of computer literate population. This has affected the economy positively has more revenue is collected from the exports that are made to other countries not only in Asia but also in Europe and Africa. The growth of e commerce has enables citizens of Singapore to make well-informed decisions before purchasing goods. This has been made possible by the availability of reliable access to internet and thus purchases are based on the information obtained online. This has eliminated chances of making impulse buying and doing away with intermediaries who sometimes exploit innocent unsuspecting buyers or sometimes forcing them to acquire goods they did not want. E-commerce has opened Singapores retail market hitting $4.4 billion in 2015. This is since majority of the citizens conduct business online. This retail market is expected to grow even further because of the growth of both local and international markets and a well receptive of Singapores goods in international market. This way Singapores business will be able to trade internationally bringing home more revenue for the government for economic development (Sebastian, 2016). Limitation of the study There is a gap in literature regarding the studies of Pacific Asia as majority of the scholars focuses on Europe and other countries in America. Countries such as Singapore whose culture is very different from those in Europe do not benefit from such studies, as the data obtained may not be relevant to Singapores current conditions. E-commerce is a broad and involving subject that requires a lot of time and resources to cover fully. In addition, the literature used to review might not cover it adequately and exhaustively considering that, it operates in an ever-changing environment. Some of the sources used in this study are not easy to verify that they contain correct information as not all sources have been approved for publishing. Conclusion E- Commerce has far-reaching impacts in any economy. The effects of online shopping to individual citizens vary as they are affected differently. Employment opportunities created by online business has boosted economic growth. Equally, the stiff competition experienced ensures that the goods offered are of high quality and business maintain ethics as they conduct business. Development of online marketing revolutionizes business and hence promoting economic growth in many ways. References Anusha, G. (2016). EFFECTIVENESS OF ONLINE ADVERTISING. International Journal of research, 14 - 21 B. (2013). The development of e?commerce in Singapore. EmerraldInsight. Chye, K., Ong, G. (2016). Sustainable Construction for Singapore's Urban Infrastructure. Procedia Engineering, 14 - 21. dot.econ. (2015, October 1). Retrieved from dotecon commerce : https://www.dotecon.com/assets/images/DotEcon-Ecommerce-Final-Report.pdf Export.gov. (2017). Singapore Country commercial Guide. Retrieved from Export.gov: https://stats.mom.gov.sg/Pages/Unemployment-Summary-Table.aspx# Holodny, E. (2015, October 02). Business Insider. Retrieved from https://www.businessinsider.com/wef-countries-best-infrastructure-world-2015-9?IR=T Lu , L. W., Pang, J., Hang, P. L., Tailor, N. (2015, December 2). E - Commerce in Singapore. 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