6 Pandemic-Proof Business Ideas That Will Work Out In S’pore
Every crisis is an opportunity for disruption.
Singapore’s job market may not be at its peak right now, but now is the perfect time to launch a startup. Additionally, business ideas that survive crises tend to be more resilient.
New Singaporean entrepreneurs now have access to a S $ 50,000 grant to help them start their businesses. A three-month business creation program will also be launched to help you bring your ideas to life.
If the only thing that bothers you is the lack of a great idea to capitalize on, we’ve picked some in-demand business ideas in 2020.
1. Electronic commerce
Retail is so 2019. With the rise of giants like Shopee, RedMart and Qoo10, e-commerce is booming more than ever in Singapore.
Additionally, COVID-19 has essentially moved almost all of our services online. In Southeast Asia, online sales climbed 96% for the week ending May 11.
That’s why now is the time to jump into the e-commerce game as a distributor, whether it’s selling snacks, beauty products, or even pet food.
Far from being limited to household essentials, consumers are also spending on items focused on health and wellness as they adjust to the new normal, like yoga mats and home office furniture.
2. Food or grocery delivery
Singaporeans are willing to pay for the convenience, which is why we are seeing an increase in demand for delivery services.
With COVID-19, many consumers have also shifted to ordering their food or groceries online rather than leaving their homes.
The food delivery market is booming as consumers demand more and more take out. Singapore food delivery revenue is expected to reach US $ 464 million (S $ 647 million) by 2020, according to a Statista report.
Despite the grip of the ‘big three’ in the market – GrabFood, Foodpanda and Deliveroo – at least 10 new platforms have jumped on the food delivery bandwagon.
Recently, the TADA app has also joined the scene with the launch of TADA Fresh Market, which delivers groceries from wet markets right to your door.
3. Services focused on sustainability
Despite a global pandemic, sustainability remains a hot topic as consumers are more aware than ever of the impact of their new purchasing decisions on the environment.
Discarded masks and food delivery wrappers have appeared on Singapore’s shores, prompting spontaneous beach cleanups organized by members of the public.
Singaporeans are estimated to have produced an additional 1,334 tonnes of plastic waste during the circuit breaker. It is therefore not surprising to see the emergence of enterprising companies to encourage sustainable lifestyles.
Launched in July in the middle of the circuit breaker, susGain is an app from Singapore that rewards its users for every responsible purchase.
4. Food technology
Yes, bed and breakfasts are struggling, but Singapore’s mad love for all things gastronomy remains constant. This is why new innovations in the food industry are gaining ground.
Singaporeans have found ways to overcome the high overheads of retail and labor costs, which has led to the rise of cloud kitchens, drone ‘delivery men’ or virtual F&B startups. designed specifically for delivery.
It is indeed the right time to venture into the food technology industry. In particular, lab-grown foods have seen a massive boost from seed funding.
Whether it’s recreating breast milk from stem cells or developing jackfruit-based pulled pork, these F&B innovations could solve problems associated with a food supply chain plagued by a pandemic.
5. Digital marketing
Although the circuit breaker is finished in Singapore, Singaporeans are still advised to stay at home as much as possible to prevent the risk of COVID-19 infection.
Since most of us are bored at home, screens – big or small – have become the primary source of entertainment to fight the blues.
Influencers, on the one hand, benefit from their virtual presence. Steven Lim, a Singaporean personality who made his Singapore Idol debut in 2004, has earned over S $ 20,000 per month making birthday videos.
Platforms like Sendjoy and Authentic Celebrity Experiences allow celebrities to make money through personalized video messages, and apps like Partipost let you earn up to $ 100 with a simple social media post.
Singaporeans are said to have spent more time playing games than any other country in Asia.
Platforms like Twitch and Steam have reported a spike in user adoption, with players logging in to get their fix.
One of the latest releases from Riot Games, Legends of Runeterra, saw an almost 500% increase in the total number of tries in Singapore. Meanwhile, game retailer Qisahn saw its sales increase by 40% during COVID-19.
Singaporean gaming chair maker Secretlab has also seen a “sharp increase in demand” for its chairs during this pandemic time.
Since the breaker days, many Singaporeans have been encouraged to work from home. As rooms evolved into offices, many invested in improving their work-from-home setup.
Featured Image Credit: Eat Roam live / Hive Live / World Best News / CNBC
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