Speech by MOS Low Yen Ling at the Synagie x SIRS “Work in the Future – eCommerce Open House Event” - “Cultivating Champions for eCommerce”

Distinguished Guests,

Ladies and Gentlemen,

Introduction

1. A very good afternoon to all of you. I am happy to be here for the signing of the MOU for this keystone collaboration between Synagie and the Singapore Institute of Retail Studies (SIRS).

Growth of eCommerce

2. The COVID-19 pandemic has accelerated structural shifts in the retail sector. In May 2022, internet sales accounted for 12 per cent of retail sales. This is more than double the online retail sales in May 2019, showing that more consumers are buying online. In response to changing consumer preferences, retail businesses had to move quickly to digitalise their business operations to stay competitive.

3. eCommerce sales are expected to continue growing in 2022. There are business growth opportunities beyond our shores for retailers. The eCommerce market, especially in Europe, holds great potential for Singapore brands and businesses. Europe’s eCommerce market, with its 65 million online shoppers, is worth S$600 billion, five times that of Southeast Asia.

4. Recognising this immense market potential, Synagie has well-positioned itself for eCommerce expansion into Europe. Not only is this a great opportunity for Synagie’s business and brand development, but it also presents new and exciting opportunities for our local workforce in the eCommerce industry.

Realising the potential through collaboration

5. As a leading Southeast Asian digital commerce enabler and partner for beauty and fashion, Synagie is set to bring the best of technology and talents to Europe.

a. Synagie has made the omni commerce buzzword a reality. As part of its business strategy, the company has successfully enabled digital and omni commerce in all major channels across seven markets in the region.

b. Today, Synagie has a prolific list of 600 brand partners including brands like Nike and Shiseido. Certified 3-star (highest rating) by Lazada and Shopee, the Synagie Group was awarded the Lazada Regional Partner of the Year for 2021.

c. Synagie’s foray into the European markets will enhance leadership and career opportunities for its Singapore-based workers and our e-commerce sector.

6. To continue building up the capabilities of our e-commerce talents, we need close collaboration between our businesses and education. I am pleased to know that SIRS and Synagie will jointly develop a training programme to equip individuals with critical skills for the European market. This in-market knowledge and experience will further enhance the skillsets of Singaporeans in the global workforce.

7. This partnership follows the launch of the Synagie Commerce Academy (SCA) earlier this year, which saw the co-development of learning modules with SMU Academy. I trust that this joint training programme by Synagie and SIRS will enhance our workforce with in-demand digital skills, bridge talent and skill gaps, and build future capabilities for the industry.

Cultivating champions for eCommerce

8. Our local workforce needs to constantly upskill to seize new opportunities from the exponential growth of eCommerce. Many of you are here because you recognise the exciting prospects in digital commerce. To succeed in an increasingly competitive digital commerce world, we have to continually innovate and stay ahead with up-to-date skills and knowledge. Only then can we make further inroads into the global markets.

Conclusion

9. Congratulations to Synagie and SIRS on this significant collaboration which will set our eCommerce industry and talents for greater heights. We look forward to your growth and development which will contribute to our digital commerce ambitions to grow beyond Singapore and into various parts of the world.

10. Thank you.