DBS is pioneering efforts to support small and medium-sized enterprises (SMEs) and heartland merchants in Singapore by enhancing their capabilities in live commerce. The bank’s research indicates that live commerce, a form of livestream shopping, could generate up to $1.3 billion (SGD 1.67 billion) in sales this year, representing 40% of the local social commerce market. This initiative is part of DBS’s strategy to help businesses tap into the growing trend of social commerce, which is expected to reach $3.2 billion (SGD 4.11 billion) in 2025.
The shift towards live commerce is largely driven by changing consumer habits, with more people spending time on social media platforms. DBS’s research highlights that social commerce is growing at a compound annual growth rate of 16%, with expectations to double by 2030. Live commerce offers a more engaging shopping experience, allowing real-time interaction between consumers and merchants, which significantly boosts conversion rates.
To support this growth, DBS has launched workshops and live-selling sessions for SMEs. In collaboration with TikTok and Boom Media, the bank has conducted social commerce workshops and live selling sessions, training over 70 participants in content creation and viewer engagement. The recent “SG60: Transforming Businesses for the Future” event, a 60-hour live-selling marathon, showcased 60 local businesses and generated nearly 15 million impressions on TikTok.
Chen Ze Ling, Group Head of Corporate and SME Banking at DBS, emphasised the importance of live commerce in helping SMEs reach regional customers without a physical presence overseas. Sachin Mittal, Head of Technology Research at DBS, noted that live commerce is becoming integral to the online shopping experience, particularly for mobile-first consumers.
Looking forward, generative artificial intelligence is expected to further enhance live commerce by offering real-time translation and round-the-clock livestreams, expanding market reach. This initiative underscores DBS’s commitment to helping businesses adapt to digital trends and seize new growth opportunities.
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