"Start small," agreed Masaya, "because in e-commerce, even small players can compete with big players."
Masaya also suggested that companies should experiment with different e-commerce platforms until they meet their targets.
"Adopt an intelligent publishing strategy," suggested Facebook's Deepesh Trivedi.
The stumbling blocks
Besides the manpower shortage in Singapore, logistics was cited as the major stumbling block in the way of e-commerce taking off in the region.
"Logistics is a great enabler for e-commerce," said Kumar. "Innovations in payments are also happening here. For example, Mastercard Labs is coming out with innovations in payments. We have all the components to make it (e-commerce) happen. We have pockets of talents to cater to the needs of the industry."
Persaud emphasized on the need to utilize analytics to drive gains in e-commerce, an area many companies seem to have neglected so far.