Singapore Retail Needs To Think Deeply On How They Embrace E-Commerce

Singapore Retail Needs To Think Deeply On How They Embrace E-Commerce

Many local businesses in the retail sector I've spoken to think too superficially when adopting e-commerce for their business, even after reading news after news on how the retail sector is being heavily disrupted by e-commerce.

Adopting a proper digital strategy to continue growing your retail business is at the very least, having an e-commerce website. This can be done easily, sign up on Shopify or something similar, buy a template or hire a freelancer to help you set it up and viola- you have an e-commerce store. You can also aggregate your online sales on marketplaces like Qoo10 or TaoBao.

The right strategy has to start from identifying the gaps in your current retail operations and how your customers are interacting with your business.

Experts can then help you devise and deploy the right solutions to help elevate your retail business, not merely saving it from disruption. The solutions should include a good mix of e-commerce channel creation, omnichannel strategy, digital marketing and productivity tools.

How To Embrace E-Commerce

Omnichannel especially, highly advocated in this article, helps to give your customers a seamless experience at every possible touchpoint you can offer with your brand and products. It’s no longer having separate online and offline experiences, but how you can offer your product at the right place and the right time.

You also want to personalize what is important to various individual customer profiles when they interact with your business. For example, if data shows that a particular customer is ready to buy a product after viewing it multiple times on the website and at the physical store, you want to make the offer as easy and irresistible as possible for this customer to buy the product immediately.

You can also read more about omnichannel retail in our recent article “5 Retail Trends Our Local Businesses Need To Lock-down This Year”.

"Specialists can be deployed, to hand-hold these companies along their transformation journey. These can be specialists who have expertise in creating digital strategies, restructuring processes, and managing change within the company."
- Quoted from Mr Sherwin Siregar (Atlas Sound & Vision’s CEO) in this Channel NewsAsia article.

If you would like expert advice on how digital strategies can grow your retail business, do not hesitate to reach out to us at iFoundries.


 

This is a commentary post by Vary Yong, Managing Director of iFoundries.
Vary embarked on his entrepreneurial journey after his first taste of the internet industry shortly before the dot com bubble burst. With more than 12 years of experience in the digital space. he gained substantial hands-on experience in various fields of this fast-paced industry, including e-learning, e-commerce, web development and internet marketing. Vary has been featured and interviewed in various media including ZDNet and Techinasia.