Every crisis is an opportunity for disruption.
The job market in Singapore may not be at its peak right now, but it is the perfect time to start a startup. In addition, business ideas that survive crises tend to be more resilient.
First-time Singaporean entrepreneurs now have access to a $ 50,000 grant to help them get their businesses started. A three month venture building program will also be started to get your ideas off the ground.
If the only thing standing in your way is the lack of a great idea, we've picked some in-demand business ideas in 2020.
Retail is like that in 2019. With the rise of giants like Shopee, RedMart and Qoo10, e-commerce in Singapore is booming more than ever.
In addition, COVID-19 has essentially relocated almost all of our online services. In Southeast Asia, online sales rose 96 percent for the week ended May 11.
For this reason, now is a good time to jump into the game of e-commerce as a distributor, whether it be selling snacks, beauty products, or even pet food.
Photo credit: eSeller Cafe
Not only do consumers limit themselves to the essentials in the household, they also spend on health and wellness items that adapt to the new normal, such as yoga mats and furniture for the home office.
2. Delivery of groceries or groceries
Singaporeans are willing to pay for the convenience, which is why the demand for delivery services is increasing.
With COVID-19, many consumers have also been ordering their groceries online instead of stepping out of their homes.
The grocery delivery market is booming as consumers increasingly ask for takeout. Food delivery revenue in Singapore is projected to reach $ 464 million (S $ 647 million) by 2020, according to a Statista report.
Photo credit: grave
Despite the market position of the “Big Three” – GrabFood, Foodpanda and Deliveroo – at least 10 new platforms have jumped on board the food delivery train.
The TADA app recently joined the scene with the launch of the TADA Fresh Market, which delivers groceries from damp markets straight to your doorstep.
3. Sustainability-oriented services
Despite a global pandemic, sustainability remains a key issue as consumers know more than ever how their new purchasing decisions affect the environment.
Discarded masks and food wrappers have surfaced along Singapore's shores, leading to impromptu beach cleanings organized by members of the public.
Image Credit: susGain
It is estimated that the Singaporeans produced an additional 1,334 tons of plastic waste during the breaker. It is therefore no surprise that entrepreneurial businesses are emerging to promote sustainable living habits.
Launched in July in the middle of the breaker, SusGain is an app for Singapore that rewards its users for every responsible purchase.
4. Food Tech
Yes, F & B's struggle, but Singapore's rabid love of all things gastronomic remains constant. That is why new innovations in the food industry are gaining in importance.
The Singaporeans have found ways to overcome the high retail and labor overheads that have led to the rise of cloud kitchens, drone delivery drivers or virtual F&B startups designed specifically for delivery.
Indeed, now is a good time to get into the food industry. Food grown in laboratories, in particular, has seen a massive incentive in seed funding.
Laboratory grown breast milk / Photo credit: SEA Mashable
Whether breast milk is derived from stem cells or jackfruit-based pulled pork is developed, these F&B innovations could solve problems associated with a pandemic food supply chain.
5. Digital Marketing
Although the Singapore breaker has ended, Singaporeans are advised to stay home as much as possible to avoid the risk of COVID-19 infection.
Since most of us are bored at home, screens large or small have become the main source of entertainment to help fight the blues.
On the one hand, influencers have benefited from their virtual presence. Steven Lim, a Singaporean personality who made his Singapore Idol debut in 2004, made over S $ 20,000 a month making birthday shoutout videos.
Photo credit: Partipost
Platforms like Sendjoy and Authentic Celebrity Experiences allow celebrities to make money with personalized video messages, and apps like Partipost can make up to S $ 100 with a simple social media post.
It is reported that Singaporeans have spent more time playing games than any other country in Asia.
Platforms like Twitch and Steam reported a surge in user adoption as players went online to fix their issues.
In one of Riot Games' latest releases, Legends of Runeterra, the total number of attempts in Singapore increased nearly 500 percent. Meanwhile, gaming retailer Qisahn saw sales increase 40 percent during COVID-19.
Photo credit: Lazada / @ozdj via Instagram
Singapore-based gaming chair manufacturer Secretlab also saw a "massive increase in demand" for its chairs during this pandemic period.
Since the breaker era, many Singaporeans have been encouraged to work from home. When rooms became offices, many invested in upgrading their work-from-home furnishings.
Featured image source: Eat Roam live / Hive Live / World's Best News / CNBC