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Impact of Facebook’s Libra cryptocurrency on Singapore eCommerce

If you’re a Singapore eCommerce, there’s a groundbreaking update from Facebook that you should be made aware of, and that is the Libra cryptocurrency. In fact, even eCommerce solutions provider in Singapore like ourselves are also in the loop.

Assuming that this ‘Libra’ project goes according to plan, there will be an incredibly powerful tool at the disposal of eCommerce merchants to boost their sales and grow their bottom line

What is Libra?

No, it’s not referring to the Horoscope. 

The Libra in question is a type of digital currency that is backed by the U.S Treasury securities. Right off the bat, this means that Libra is nothing like other currencies online, as it won’t be a volatile option. 

This is a huge selling point for merchants, as nobody out there wants to accept a currency that is volatile and possibly worthless with just one use. Libra will have the stability in its price, without the massive fluctuations that other cryptocurrencies will endure. 

The next thing to know about Libra is that it lets any merchant or eCommerce in Singapore become their own bank, even without a bank account. Imagine accepting digital payments from some of the 2.41 billion Facebook users – that is what Libra empowers people to do. 

To those who are unbanked, Facebook is giving them a chance to join the digital world in a big way, accessing a lot of goods and services that are enabled by Libra.

You’ll be able to make your own financial choices and this new-found freedom will enable fast payments at less cost, as compared to the traditional payment forms out there. 

How can Libra help an eCommerce in Singapore?

Expansion of Network

Libra is a significant opportunity for eCommerce websites to expand their reach and increase their customer base using data on Facebook. Although it may cost you to set up your business wallet with Libra, the power that Libra can offer you is unparalleled. 

Any business would definitely love to tap on the Facebook network, whether locally or globally.

Secured Payment Method

The technology that powers Bitcoin is Blockchain, and it’s this same technology that will be behind Libra. Indeed, blockchain will disrupt the eCommerce industry in the near future.

Blockchain is pseudonymous, which ensures that the identity of the user is never exposed to the public.

As a result, it might be an even more secure payment gateway than the ones currently available right now. 

New-Age Digital Marketing

Most digital marketing campaigns often require the target audience to leave the respective social media platform for a website or microsite, before a financial transaction or exchange can occur. 

That won’t be necessary with Libra. Its integration with Facebook signifies an added option for the audience to directly purchase products and services from the ad itself

Imagine the entire campaign being run on a single platform itself, from the ads to the financial transaction. 

What should I do now?

Any eCommerce website design in Singapore should definitely seek a revamp of some sorts to prepare for a monumental trend like this. Whether you want to do in-house or approach a Singapore eCommerce developer, you should definitely act fast.

If you’re seeking an eCommerce web development in Singapore as a locally-based SME, you should consider the Productivity Solutions Grant (PSG) for a pre-approved eCommerce website development company like ourselves. 

Contact our sales team for a quote to get your eCommerce journey started!

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