Reshaping the business strategyThe increasing digitalization of business in the country has stimulated enterprises to redesign their business model accordingly. Businesses that had solely relied on their physical stores early on started making digital investments in different areas to enable them to conduct their business online. These investments were mostly in their hardware or network, as well as in cybersecurity software to protect their digital assets. By operating both online and offline, as well as improving their digital services, these businesses would be able to accommodate their customers’ needs and preferences more efficiently, which may then result in higher business gains. Other benefits from digital investment for enterprises include cost reduction, as well as the efficiency of manpower.
In addition to transforming their business models, businesses in Singapore have also adopted digital transactions, incorporating the use of e-payments and e-invoicing. In 2019, approximately 90 percent of Singaporean enterprises used e-payment methods in the form of bank giro and bank fund transfer instruction. As for the leading e-invoicing modes used, most enterprises sent and received their invoices electronically.