S'pore launches e-commerce transaction standard

Businesses will now have more guidance on how to improve their online retail processes and policies, thanks to the launch of a national standard on e-commerce transactions.

It covers pre-to post-purchase activity, and can serve as a practical guide for e-retailers and intermediaries such as e-marketplaces.

The launch of the standard – known as Technical Reference 76 (TR 76) – will help build trust and transparency in online transactions, Enterprise Singapore (ESG) and the Singapore Standards Council said yesterday. It will also support efforts to bolster the online presence of smaller firms in the growing e-commerce market.

E-commerce transactions have shot up amid the coronavirus outbreak. Online retail sales generated an estimated 17.8 per cent of total retail turnover in April, up from 5.5 per cent in January.

A webinar to help firms learn how to apply the new guidelines will be held on July 2 by ESG and Nanyang Polytechnic’s Singapore Institute of Retail Studies.

SEE BUSINESS 

Source: Read Full Article