Is your business really understanding the latest changes in the relocation industry? In fact, keeping your business abreast of and aligning with these changes quickly makes you stand out more from your competitors.
In 2021, Singapore has been identified as the 8th most attractive destination country for relocating citizens. According to the Population in Brief 2021 report, jointly published by the National Population and Talent Division Singapore and other government bodies, the immigrants in Singapore amount to almost 27% of Singapore’s population. That’s an exceptionally large group in a small country like Singapore!
Identifying gaps in this industry
But, we see a problem here. Many industry players are not keeping up with changing consumer behaviour. Consumers are now looking out for greater flexibility and coverage in their mobility journey. With ever-increasing demand in relocation services and vital changes in consumers’ needs, it is even more important that relocation businesses stay updated of consumers’ demands.
This Singapore ReloScape is targeted to give you a whole picture of what makes up the current relocation sector and how to consequently navigate your next steps in this competitive space to be a part of the future of global mobility. Let’s dive deeper into the relocation landscape in Singapore:
The future of global mobility
1. Largely Fragmented Relocation Industry
Currently, you may see a wide variety of industry players and service verticals in this vast sector. However, today’s relocation industry is still largely divided, with apparent gaps between industry players offering various global mobility services. Services are also widely commoditised. Service providers often find themselves struggling to differentiate themselves from close competitors.
As we all know, relocation has always been a long process with numerous procedures. Having to source for each individual service consumes too much of consumers’ time and is inefficient.
What approach should we take?
We found that the best way to approach this fragmented industry is to tie all industry players to one ecosystem i.e. platform. This ecosystem would be one which meets customers’ demand for a seamless and worry-free end-to-end relocation process, covering all their moving needs comprehensively.
At the same time, the ecosystem would be home to the vast range of service providers, including your business. Having more service providers on the platform would offer a larger variety of services to global citizens.
In this way, the platform enables relocating citizens to find all necessary services in one place, while ensuring companies onboard the platform are bound to increase their value and reach to these individuals.
2. Increased Movement Towards Tech-Based Relocation Practices
Simply put, the future of global mobility lies in leveraging technology wisely to improve the relocation experience of global citizens. Companies that undergo this digital transformation will stand an advantage over those that do not, simply because they appear modern and innovative in implementing business solutions.
Impact of COVID-19 on customers’ relocation concerns
These days, we observe increasing concerns raised and emotional burden bore by moving citizens, which could be attributed to the largely fragmented industry. Indeed, technology has never played a greater part in adding value to customers, especially in times of a pandemic.
Such innovations serve greater value when they provide greater ease and convenience in the relocation journey. Being easy-to-use, innovations are also more likely to be accepted quickly by users. Customers would also favour an experience in which he or she is able to oversee the entire relocation process all at once. And only technology is able to deliver this visibility.
We can expect to watch a rise in the number of relocation management software, relocation management companies and platforms in this relocation space.
3. Predicted Rise in Demand for Relocation from 2022
Based on a study by Wakefield Research, close to 3 in 5 workers (59 percent) are more willing to relocate for work now, compared to prior to the pandemic. Individuals still see the value of career improvements upon moving internationally. This is despite the worldwide travel bans and ongoing concerns about health and safety risks from COVID-19.
As we see business and travel picking up their pace in recent times, we can expect more global citizens emerging and relocating with confidence. Companies can anticipate a rise in demand for the services in the industry landscape above.
Should we not keep up with the times by engaging in digital transformation, it would be tough when it comes to meeting the sudden demand for relocation.
Moving forward, it is important for us to bring more industry players on board the relocation ecosystem. Such will be the most effective solution in bridging the gaps in this fragmented sector to enhance the future experience of relocating citizens.
Partner with Moovaz now to leverage on our technology and contribute to the future of global mobility together!