National Day feature: Do you support local businesses?

Happy 56th National Day, Singapore!

Let’s all celebrate Singapore’s 56th year since independence with pride. Although the celebrations and parade are postponed to August 21 due to Phase 2, we can still have a small-scale celebration on August 9.

This year, the theme is “Together, Our Singapore Spirit”. And it calls for all Singaporeans to unite as one and draw strength from our “can-do” spirit to overcome the challenges brought by COVID-19. And what better way to demonstrate our Singapore spirit than by showing our support for local businesses?

What are the challenges faced by local and small businesses?

Failure to meet customer needs

Customer preferences shift from time to time. And failure to meet customer needs means businesses may suffer from lower sales, lower profit and higher inventory.

Having to compete with large and global businesses

Small and local businesses need to compete with not only other small businesses but also with large and well-established players in the industry.

Economic slowdown

The COVID-19 pandemic has affected many businesses. Many people were out of jobs and businesses were struggling to survive, especially if their business relies on close contact.

Failure to innovate and digitalise

The pandemic has shown that only those who are agile enough to transform can survive the storm. Today, the need for digitalisation and innovation are very apparent.

What are the benefits of supporting local businesses?

1. Strengthening local economy

According to a study of ASEAN consumer sentiment by United Overseas Bank, it was reported that around half of Singapore consumers are shopping locally to help local businesses recover from the pandemic. Due to the pandemic, local businesses were reporting revenue declines of more than 50%. But when consumers buy from local businesses and money goes back into the community, the local economy can be strengthened.

2. Stronger community

Local businesses are usually run by locals who truly care about the well-being of their community. And this means they are more accountable and are more in tune with the community they’re a part of. This relationship is why more locals are finding ways to support local businesses in times of crisis.

3. Unique buying experience

When you shop locally, you can find authentic and unique products, different from the standardised products produced by chains. Small and local businesses are always looking for new and exciting ways to grow. And the diversity of local businesses is what reflects the diversity of the community. Meaning to say, if you are looking to buy something that has more personal value to it, you might want to shop local.

4. Smaller carbon footprint

Local businesses are more likely to shop locally. What this means is that they get to have a smaller carbon footprint as compared to large businesses because they locally source their supplies, products and produce. As it’s good for the environment, it’s a great idea to shop local.

Want to show your support for local businesses?

1. Shop local

Do you have your red and white ensemble? If you don’t, you can get yours from local fashion stores like Love, Bonito instead of buying from large corporations. The same goes for when you are shopping for food and groceries. Get your meals from your favourite local hawkers (check out @wheretodapao on Instagram to find a hawker near you) and local eateries such as Breadyard or Coba Coba!

2. Watch local movies or shows to celebrate this year’s National Day

Even if we can’t have our usual large celebration this year, nothing is stopping us from having a small celebration at home. It’s also a good time to watch and appreciate local movies and shows like Ah Boys to Men or Ilo Ilo. While you do that, why not munch on some local snacks like those from Amazin’ Graze?

3. Show your support for local businesses

When you shop locally, give the local businesses an online review if you enjoyed their products or services and share about them on social media to boost up their online presence. This is an easy way for you to help them grow their business. Another way is to tell your friends and family about the business and assist them in getting new customers.

Just by shopping locally, you can help many local and small businesses stay afloat.

This National Day, just like our theme “Together, Our Singapore Spirit,” let’s all join hands and support local businesses to grow our community and strengthen our local economy. Here at TranSwap, we’re all about supporting and empowering local businesses to grow and globalise via our services. We’re also continuously looking to collaborate and partner with local businesses to grow and achieve new heights together.

For further enquiries on how we can help your business or becoming a TranSwap partner, send your questions here.

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