Singapore is well-known as one of the top economic powerhouses in the world, with several industries doing profitable businesses all year round. However, due to the COVID-19 pandemic, many of these sectors struggle, due to strict social distancing and quarantine regulations, not only locally but internationally. Thousands of large and small enterprises have been affected by the pandemic; some business owners are even forced to close down or declare bankruptcy.
Some of the industries failing in Singapore include enterprises that rely on customers coming to their location. With that said, not all economic sectors are struggling during these times. Due to the current living set up of most people, industries such as healthcare services and products and housing and utilities have not been affected.
Regardless, many businesses still have a hard time to stay afloat amidst the pandemic. Here are some of the industries failing in Singapore. If your venture is part of these sectors, here are also some tips that can help your business during the ‘new normal’.
INDUSTRY FAILING IN SINGAPORE
During the pandemic, many countries, including Singapore, put up strict travel bans. No tourists can go in and out of the country, with some even not allowing locals to travel outside of their residential area.
As a result, tourism is one of the industries failing in Singapore. Ventures under this category have been struggling with the lack of tourists in months. Accommodations, such as hotels and room rentals, were left with no incoming customers. Travel agencies and tourist spots also halted their operations during this time.
Food services can be considered essential goods under the quarantine rules. However, customers are not allowed to eat in restaurants, cafes, and bars during phase one period. Even once phase one is lifted, businesses are asked to enforce strict social distancing precautions. This means that only a limited number of people are allowed to dine-in at a time.
With many people choosing to stay home rather than eating outside, food services are still categorized as an industry failing in Singapore. For most food ventures, they opt to have delivery services ready for their customers.
Wholesale and Retail Trade
As mentioned earlier, people in Singapore are less likely to go out during the pandemic. Mall and boutiques are not open or have fewer customers than usual, making wholesale and retail trade a failing industry. Rather than physically going to stores, customers are making their purchases online. As a result, many businesses are moving their transactions to online platforms like websites and social media accounts.
Under strict phase one rules, people are not allowed to go out of their house, unless for emergencies and essential needs. With many spending their time at home, the transport industry such as grab and taxis are experiencing hard times. Even after phase one has been lifted, many countries are still posing travel bans, making aviation businesses remain stagnant. Land transportation also experiences fewer users than usual due to social distancing precautions & many other companies are opting for Work From Home Schemes for their employees for their safety even after phase one has been lifted.
Arts, Entertainment, and Recreation
During the pandemic, the arts and culture sector holds industries failing in Singapore. Galleries, movie theatres, and recreational parks closed temporarily or shut down completely, as no one was going to them. This sector is also struggling because of the travel bans for locals and international tourists.
Due to high numbers of foreign workers living in dormitories being infected, as they are being housed in confined spaces with up to 12 workers in a single room which drastically increases the rate of infection throughout the dormitory. Due to the severe numbers and rising concerns, Singapore had temporarily locked down workers living in dormitories to prevent the spread to public places. This is a huge concern for the construction industry due to the fact that their labour intensive work often relies on the foreign workers that are housed in dormitories, lowering their productivity and slowing down the process of construction.
As many people remain in the comforts of their current home, it is less likely for them to find a new place during the pandemic. Failing economy and retrenchments placed a huge concern for couples who are planning to get their first home together too. Start-up owners also prefer to have their business done online, so people interested in spaces may be hard to find. Due to the low demand, real estate is considered as an industry failing in Singapore.
GOING DIGITAL FOR AN INDUSTRY FAILING IN SINGAPORE
Despite the increasing number of businesses closing down and many other industries failing in Singapore, some ventures have thrived amidst the pandemic. There are still some start-up ventures within these sectors who have opened during these times.
Most of these business owners found a solution to their lowering sales by transferring their transactions online. Strict quarantine and social distancing rules cause low customer traffic to many physical spaces. By going online, owners can reach potential customers without them leaving the comforts of their own home. This shows to be effective as buyers are making their purchase via phone or computer.
Even if it sounds intimidating, digital marketing is something you can start on your own, without spending a lot of money. Many free online resources teach you tips and tricks in creating an effective marketing campaign. Online courses are also available if you want a more comprehensive understanding of the field.
With that said, not every business owner has the time and resources to do digital marketing on their own. Specific industries have a hard time transitioning their transactions online, and doing online marketing on their own may cause more harm than good for their business. Especially now that many of your business competitors have gone online as well, you need to make your venture stand out. There is nothing to worry about as there are many digital marketing firms out there that can help you in your journey.
SEVEN WOLVES DIGITAL MARKETING FOR AN INDUSTRY FAILING IN SINGAPORE
Managing your business’ digital marketing strategies on your own is tough. Instead of planning them yourself, as mentioned earlier, you can hire a team of experts in this particular field, to do it for you. Seven Wolves has a team of digital marketing gurus that specializes in various aspects of digital marketing. The digital landscape is continuously changing. Having people, whose sole responsibility is to map-out that landscape for you, will assist your venture moving forward.
When working with us, we take all aspects of your business, including your budget. We offer packages, where you can get various digital marketing services for your business in Singapore that is worth your money. We can help you from creating SEO plans for running social media ads. We got you covered!
Hiring people to do digital marketing keeps you from the trial and error stage and gives you time to take better care of the other aspects of your business. We do it right because digital marketing is our business, and our business involves growing yours to new heights. Seven Wolves will help you thrive in digital marketing’s ever-changing landscape, and to do it better than anyone else.
Interested? Collaborate with Seven Wolves to put your digital marketing game to another level and introduce you to a world of possibilities. Contact us today.