SINGAPORE - Media OutReach - 11 October 2023 - Amazon Global Selling Singapore today unveiled its 2024 strategic priorities at the Amazon Global Selling Summit 2023 (Southeast Asia) and signed a Memorandum of Understanding (MOU) with Nanyang Polytechnic's Singapore Institute of Retail Studies (NYP-SIRS). According to the MOU, the two parties will join hands to bolster online export capabilities of Singaporean entrepreneurs and small and medium enterprises (SMEs) and will further empower them in going global. The program aims to equip around 800 Singaporean entrepreneurs and SMEs with the knowledge and skillsets to take their business online in the next three years and help them seize cross-border ecommerce (CBEC) opportunities. At the summit, Amazon also introduced a fee-waiver for new sellers from Southeast Asian countries. Synergistic Collaboration with NYP-SIRS The value of B2C e-commerce sales earned by Singapore firms from overseas sales has the potential to more than double from S$1.7 billion in 2022 to S$3.9 billion by 2027, if they invest in cross-border e-commerce. These are findings from the recently launched 'Local Sellers, Global Consumers: Capturing the e-commerce export opportunity in Singapore' study[1], which surveyed over 300 SMEs from Singapore. One of the key strategies of the Retail Industry Transformation Map (ITM) 2025 led by Enterprise Singapore is to build global Singapore brands and support internationalization. This is also the main backdrop of the MOU between Amazon Global Selling Singapore and NYP-SIRS. Amazon Global Selling's vision is to help businesses benefit from global digital transformation, build international brands and directly reach Amazon customers worldwide. Through the collaboration, the two parties plan to jointly coordinate and organize trainings and courses, so as to empower entrepreneurs and SMEs to have the opportunity of operating on the same stage as established brands and to win global customer recognition. Singapore entrepreneurs, SMEs and retailers can look forward to availing themselves of initiatives and programmes such as product sourcing best practices, study missions, and workshops for product development that can tap on the global consumption trends. The goal is to elevate the training and support available to CBEC sellers, particularly those with their sights set on North America. Amazon Global Selling and NYP-SIRS plan to work together to explore more initiatives to encourage and support the adoption of cross-border e-commerce among entrepreneurs and SMEs. Over the course of three years, the program aims to equip around 800 Singaporean entrepreneurs and SMEs with the knowledge and skillsets required to jumpstart and nurture their CBEC businesses. Anand Palit, Head of Amazon Global Selling, Southeast Asia, said: "This collaboration marks a key milestone in our continuous journey of empowering Singapore SMEs and entrepreneurs to thrive on a global scale. As the e-commerce landscape rapidly evolves, our commitment remains resolute in equipping local entrepreneurs and businesses with the knowledge, resources, and online export expertise essential for sustained international success. We recognize the immense potential within Southeast Asia and envision a future where our joint efforts with industry collaborators will serve as a catalyst for the region's entrepreneurial community. Together, we will not only navigate the opportunities and complexities of cross-border e-commerce but also pioneer innovative solutions that keep local brands at the forefront of global cross-border e-commerce." Russell Chan, Principal & CEO, Nanyang Polytechnic, said: "By being aware of what local businesses wanted and needed, we were able to work with Amazon Global Selling so that this collaboration delivers real, immediate and practical initiatives which tap into Amazon's global expertise and insights, as well as NYP-SIRS' experience and know-how in the retail space. This region is quickly developing into a powerhouse for the B2C cross-border market – and this collaboration is poised to make considerable impact." Empowering Business Success at Amazon Global Selling Summit 2023 (Southeast Asia) Themed 'Go Global from the Get Go', this year's Amazon Global Selling Summit (Southeast Asia) will showcase inspirational success stories from sellers across the region, illustrating how they harnessed Amazon's innovative services and tools to achieve their goals of selling internationally in North America and Europe. At the summit, Amazon Global Selling also outlined four strategic priorities for its business in Southeast Asia in 2024: Introducing global infrastructure and resources, strengthening local industry and entrepreneurship collaborations, enhancing product innovation and services to improve seller...