AMAZON Global Selling on Wednesday (Oct 11) inked a new agreement with Nanyang Polytechnic’s Singapore Institute of Retail Studies that will benefit around 800 Singaporean entrepreneurs and small and medium-sized enterprises (SMEs).

The deal will bolster their online export capabilities and support them in going global by equipping them with knowledge and skill sets to take their businesses online in the next three years and seize cross-border e-commerce opportunities.

Amazon Global Selling is a programme offered by online retail behemoth Amazon that helps businesses sell internationally.

Anand Palit, the head of Amazon Global Selling, South-east Asia, said: “We recognise the immense potential within South-east Asia and envision a future where our joint efforts with industry collaborators will serve as a catalyst for the region’s entrepreneurial community.”

“What was once an opportunity reserved for large brands with vast resources is now accessible to SMEs, who contribute more than 60 per cent of sales on Amazon Stores,” he added.

The memorandum of understanding was signed at the Amazon Global Selling Summit 2023 (South-east Asia) held at the Marina Bay Sands Expo & Convention Centre.

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Minister of State for Trade and Industry Low Yen Ling graced the event and said in her opening remarks: “I am heartened by this collaboration, which strengthens the links of tech leaders like Amazon with our local ecosystem.”

SMEs “form the heart of Singapore’s economy”, accounting for nearly half of the Republic’s gross domestic product, 70 per cent of its workforce, and 99 per cent of all enterprises, she said.

Low added: “I am confident that we can look forward to seeing more of our home-grown Singapore brands scaling new heights in global markets.”

Amazon also introduced at the summit a fee-waiver for new sellers from South-east Asian countries.

New sellers who plan to sell on Amazon stores in North America will now pay a discounted US$1 for six months of its professional selling plan that grants them access to Amazon’s full suite of product research and brand building tools, among others.

A professional plan currently costs US$39.99 per month, according to the American tech giant’s website.

Singapore has been riding on the waves of success of the global e-commerce landscape, which has a forecast scale of more than US$4 trillion by 2027.

The Republic’s business-to-consumer (B2C) e-commerce exports totalled S$1.7 billion in 2022 and are anticipated to reach S$3.9 billion by 2027, according to tech advisory firm Access Partnership.

Russell Chan, principal and chief executive officer at Nanyang Polytechnic, said: “This region is quickly developing into a powerhouse for the B2C cross-border market – and this collaboration is poised to make considerable impact.”