With the new normal being implemented worldwide more rapidly than anyone is prepared for, businesses have been urged to stay afloat using any other means possible. This means adapting to the e-commerce space, where most of the market has shifted dramatically.
In Southeast Asia, the sudden wave of merchant digitalisation has proven the need for businesses to go online as a necessity during the pandemic.
According to Google’s report, one in three small businesses believe that they wouldn’t have survived the pandemic if they didn’t go online. Meanwhile, eight out of ten merchants expect more than half of their sales to come from online sources over the next five years.
The impact of the pandemic on small businesses was immediately apparent. Mass layoffs and closures had already occurred. For some of us, if we didn’t see it happening to a relative or a good friend, we would have seen it happening to a friend of a friend or maybe that favourite humble restaurant that you used to frequent.
The ones that made it, or perhaps, barely made it in this challenging time, may have shifted their efforts towards going online. The extreme environmental shock didn’t give anyone enough time for a proper transition to the next phase, and it’s not going to slow down anytime soon.
Online accessibility is a necessity
Before COVID-19, society was already conditioned to seek more convenience and accessibility to enjoy an easier life. Most of us are, for lack of a better word, merely spoiled by modernity and the wonders of the internet that allows people to connect through an augmented view of the world.
Until recently, we still see a division between people who find the importance of moving to the online space for future progression and those who think adopting a lifestyle facilitated by the online platform is optional. However, once the pandemic arrived, these demands for accessibility suddenly turned into a necessity overnight.
The digital business sector is expected to expand more rapidly than it already has before COVID-19.
Also Read: Why live commerce is here to stay in Asia
Despite the high rate of internet penetration throughout Southeast Asia, many merchants still have yet to fully digitalise the fundamental aspects of their businesses that will allow them to function properly as e-commerce. A lack of prioritisation may cause this because they didn’t foresee the widely unexpected crisis.
Adaptation and survival
Things will never be the same as before. So the best thing we can do is adapt and survive.
Most transitional phases may prove difficult, but they have to be done. What’s needed now is more opportunities for merchants to reach customers more sustainably and efficiently.
An example of a platform that provides a space for both merchants and customers to be connected is ZCITY. This app provides services that simplify the e-payment experience by hosting a wide range of available merchants in one app while providing cashback and promotions for each purchase. Transactions can be done via trusted e-wallets, credit cards and online banking for ease of mind.
First steps to look at
The best way for a business to get started is to first look for current gaps in their services and employ strategies to fill that in.
You can refer to other successful e-commerce businesses as role models. Observe how they manage the difficulties encountered while discovering the technologies needed to allow seamless online operation.
The goal is to create a smooth and straightforward experience for your business, merchants and customers.
It would be best if you didn’t overlook reassessing growth opportunities for your company in the new normal. That way, you can appropriately modify business models and reallocate capital to strive towards those opportunities efficiently.
Also Read: The era of live commerce has finally arrived. Will retailers embrace it?
Unlearning old habits
It’s time to challenge our preconceived ideas about what made organisations successful a couple of years ago and carefully analyse the current data.
After the pandemic, the severe disruption of global consumption has created a massive paradigm shift everywhere. With that, we were pulled along an inevitable flow where wading against the currents would only prove to be self-destructive.
Reinforcing a business culture centred around digital technologies has proven to give ample benefits beyond just reducing costs. More and more businesses reported the importance of boosting their capabilities through modern technologies as it far outweighs the initial concerns about cutting costs for the pandemic.
Embracing digital transformation
As people turn online more and more to buy products and services, we too must embrace digital transformation to maintain our competitive advantage.
The majority of these changes will likely be here to last or trigger new trends that dive even deeper into the roots of virtual networking.
As easy as it is for organisations to default to old habits during crises, sacrifices have to be made while undertaking more of the perceived risks that will return more value. Adapt your business to the new reality. Not to only survive this crisis but also to thrive in the post-crisis world.
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