Businesses currently have better access to assistance and available technologies compared to just a decade ago. With decisive actions to seek these out, businesses can survive the current challenges as well as future-proof themselves.
— COVID-19 has resulted in severe disruptions and brought the world to its knees in a mere few months.
In Singapore, retailers felt the immediate and severe effects when movement control measures were enforced. The stoppage of in-store sales meant fast decreasing revenue and diminishing profits. Retail sales plunged by 40.5% across the country, and 8663 business entities closed down in April alone, according to Channel News Asia.,
With close to the entire population of Singapore staying home to break the transmission chain of the virus, many traditional retailers scrambled to digitise their businesses, in the hope of trying to increase online sales to make up for the loss of walk-in revenue. One of the hardest hits was the Food and Beverage (F&B) industry, with more than 80% of F&B outlets reporting a sharp decrease in sales and revenue, despite making a rushed shift towards online sales.
More than 3,200 new F&B listings across Deliveroo, Foodpanda, and GrabFood in April meant stiff competition for all. It did not take long before what might be described as an “advertising war” to spark off. Many retailers started running costly advertising campaigns on platforms like Facebook and Google in a desperate attempt to compete for the attention of consumers. As more retailers jump onto the digital advertising bandwagon, there was also an increased interest in Advertising Technology.
Advertising Technology, or AdTech, refers to a range of software and tools that businesses and marketing agencies use to strategise, set up, and manage their digital advertising activities. AdTech, when deployed correctly, can help advertisers optimise their advertising budget for cost-efficient and positive results. However, many traditional retailers soon found their advertising efforts drowned out by brands with better-established online capabilities and bigger budgets.
To counter this and to give the digitalisation neophytes a fair chance to compete on a level playing field, some marketing agencies are lending their expert assistance to best leverage on the right AdTech for their clients.
Nexus Marketing is one such agency that managed to help over 40 retailers in Singapore accelerate their online growth for positive sales results, with one of the retailers seeing as high as a 700% Return On Ad Spend (ROAS) in just two weeks.
Nexus Marketing credited the phenomenal success to its deployment choice on the right platform, V-MORE AdTech. V-MORE is an advert dollar sharing platform with an e-commerce ecosystem, and within V-MORE exists its AdTech platform. V-MORE AdTech effectively sifts out advertising fraud and presents advertisers’ messages and offers to potential online shoppers in a cost-efficient manner for positive results.
The lower cost for a meaningful reach of the masses on V-MORE is possible because it incentivises users with cash equivalent reward points for their real attention, saving valuable resources. This innovative arrangement by V-MORE created a win-win environment for both advertisers and consumers. Advertisers are assured that their messages and offers reach their desired target audience without the need for extensive and costly marketing efforts. At the same time, consumers are incentivised for their genuine attention to messages and offers that interest them.
While the world is going through extraordinary times of challenges, the pressing need for digitalisation is even more prominent. Fortunately, comfort can be drawn from knowing that businesses have better access to assistance and available technologies compared to just a decade ago. With decisive actions to seek these out, businesses can survive the current challenges as well as future-proof themselves.
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