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IT has been almost four months since the Covid-19 virus reached pandemic status on a global scale. Nations all over the world are still in various stages of lockdown. In Malaysia, the government has adopted a “baby steps” approach to relaxing quarantine restrictions.

With social distancing still being enforced, house-bound consumers have shifted their focus to online platforms. This shift has resulted in many businesses who have relied on traditional retail methods being affected by the restrictions on their operations.

Since then, statistics have shown that 46.6% of self-employed workers have lost their jobs. Experts are now estimating that the unemployment rate could increase to four or five percent. It seems that most businesses have failed to operate because they could not find additional channels for revenue.

In a bid to help SMEs to evolve and to continue to deliver in this altered retail space, the Malaysia Digital Economy Corporation (MDEC) has organised the “100 Go Digital Initiative.” Coming under the umbrella of this initiative is the “SME Unplugged: 100 Go Digital Series” which MDEC has co-organised with Wordlabs Business Network’s (WBN).

This actionable webinar series comprises six parts. In the fourth instalment of the series, the subject of maintaining sales trends through the adaptation of e-commerce platforms was discussed.

“SMEs must be creative to secure the future of their businesses, serve their customers, and keep supply chains intact,” Sritharan Vellasamy, CEO of Wordlabs, said during his opening remarks.

“And if you sell things – what are the ways to evolve and reconnect with your customer base in the altered space. And if you are planning to sell things now – what are the trends to look for and ride the wave? Clearly, consumers have completely changed priorities in what they buy, what they stock, and what purchases they de-prioritise.”

In the first session, Sam Kon, an e-commerce Consultant for Beyond Infinity, shared tips on how SMEs can enter the e-commerce industry during this season. As the pandemic is expected to affect physical based businesses for at least the next six months, business needs to start leveraging on online traffic. To kick-start the process, Kon encouraged SMEs to refocus their priorities.

“You need to identify the suitable sales channel that will suit your businesses and help you reach customers. You then need to focus your resources and teams to work on that channel. Lastly, educate your customers and clients about your new channel. It is not always about selling your product. It is about educating your clients on why your product is and will continue to be at the top.”

In terms of the platform itself, Kon advised businesses to view things from the customer’s perspective and how they could make the shopping experience as informative, seamless and fuss-free as possible.

“The key to successful marketing content is to create value and to ensure that it is engaging. Consumers do not have the time or patience to look at a lot of text or bulk of information, even news channels have gravitated to short news bulletins in short videos. Keep your content short and sweet, digestible. A product video is usually less than one minute. Think about what you can do in that one minute. You need to create curiosity.”

“E-commerce has become a critical extension to business. Before this, it was considered a luxury to have, but not anymore. We need to embrace what e-commerce can do for your business and persevere. Keep in mind that survival will take work,” said Kon.

Continuing the discourse, the panel in session two discussed what changing the shape of retail in a post-Covid 19 world could look like.

Moderated by Dr Alan Downe, Research Fellow & Consultant of Multimedia University Business School, the panel comprised Carol Fung, Head of Seller Adoption & Development in MDEC; Arthur Chemin, the Retail Industry Manager for Google; and Kristy Yong, Executive Director for MS Read.

Among the many brilliant questions asked by Dr Downe, the panellists were asked how the retail sector has changed and if they had any advice, they could give to SMEs trying to navigate these changes.

Carol had this to say, “The pandemic has levelled the playing field. Before this, big brands used to dominate shopping malls and physical advertising, etc., but now you can see a lot of smaller retailers gaining popularity on the online market. You don’t compete with the big boys, but rather you can collaborate with or learn from them. The point is not to compete. The point is to provide DNA to your products.”

She also encouraged SMEs to join the various community platforms and resources that have been made available to them.

“Don’t walk this journey alone, be in a community. MDEC is one such community. Traditional establishments could be at a roadblock right now because they might not know where to go, but the community will help you to make the right decisions with the right advice from people who have gone through similar experiences.”

Arthur added another perspective, “Crisis stimulates change. Physical retail is not going to die, but the way it operates is definitely going to change. SMEs need to evolve their physical businesses while building up their online presence. Use available resources, such as Google My Business to get your business noticed online.”

“Data is the key to understanding where your customers go and what they’re interested in; to help you relate to your clients and to understand them. Without it, you won’t be able to track your progress and to know what is working for you, etc. Also, build a customer base. It will be a goldmine in driving you. You also must consider your current customer base, as well as attracting new customers. You need to ensure that you are delivering aspects that your current base is attracted to, don’t change so much that people shift.”

Representing a brand that is successfully navigating the traditional brick-and-mortar and digital retail arenas, Kristy gave this insight, “E-commerce is not a destination; it is a journey. We’re constantly learning and digitizing every day. That’s why it’s so important to take the customer’s perspective into account - what do they want and how can we cater to that? Digitalisation is about maintaining your business processes as well as engaging customers and generating sales on an online platform. We need to balance out the best of both worlds, marrying traditional and digital platforms in a way that they complement each other.”

This concept was then illustrated in the SME Unplugged Clinic in which Ming Zhen, Lead, Merchant Acquisition of Neowave Solutions, presented the benefits of using omni-channels. She illustrated how easy it was for SMEs to bridge their online and offline platforms using Zetpy, a data platform and inventory management system. As an omnichannel, Zetpy facilitates the integration between your online and offline store, e.g. it will help to ensure that your inventory is synced with your sales.

With the shift in consumers’ focus onto online platforms, SMEs that choose to embrace e-commerce during this season have a higher chance of getting their brands noticed even as online traffic is at an all-time high. It has never been easier as well with so many resources and tools being made available to SMEs. That being said, SMEs should take heed of Winston Churchill’s wise words and “Never let a good crisis go to waste.”

Source: https://www.thesundaily.my/business/sme-unplugged-discover-how-e-commerce-is-able-to-boost-sales-amid-current-altered-retail-habits-BA2442672