It has been observed that a big majority of these “booming” businesses were leveraging the use of the internet space, employing cutting-edge technologies, and e-commerce channels to not just continuing their regular operations and sales, but actually thrived and grew exponentially.
— Curtailed movement of the people and the enforcement of lockdowns has caused many businesses to suffer financially. Due to the pandemic, many companies have gone bankrupt and as a result, numerous lives have been severely impacted.
Over 13,000 businesses in Singapore have wound up since the first reported COVID-19 case locally. It is no surprise that traditional businesses that primarily depended on offline patronage for trade were taking the more significant damages from the pandemic.
The business landscape in the foreseeable future is bleak, and no end to uncertainty can be forecasted, at least until a vaccine is found. With traditional business practices facing unprecedented challenges, experts predict that the post-COVID-19 situation will usher in new norms to replace the old ways. There will be surely more businesses and trade conducted through online channels.
Despite the current challenges, there exist some businesses that thrived and recorded substantial growth in their sales. Upon closer examination, it has been observed that a big majority of these “booming” businesses were leveraging the use of the internet space, employing cutting-edge technologies, and e-commerce channels to not just continuing their regular operations and sales, but actually thrived and grew exponentially.
The survival rate of a business now seems to be dependent on how well and how rapidly it can adapt to alternative digital ways to broaden its market and to increase its market footprint. However, accomplishing this in a short time has proven to be a challenge for many businesses, especially SMEs, due to their limited resources.
However, it may seem daunting in the beginning for these businesses; setting up online retail capabilities and launching online marketing campaigns in a short time is still possible if access to the right resources is at hand.
One notable technology that has already helped many traditional businesses tap into the benefits, fast and easy to implement, and achieving quantifiable results is AdTech or advertising technology. The AdTech technology is not new but has only recently been garnering more attention from the market due to the effective results by being able to maximize the advertiser’s marketing dollars.
A prominent AdTech provider in Singapore is V-MORE, which is an advertising dollar sharing platform with its own proprietary e-commerce ecosystem. With its partnered agencies, V-MORE has also stepped up to provide a viable solution for businesses to make the digital transformation easy and solve all challenges quickly. Many traditional retailers, including food and beverage outlets, have seen and reaped the technology’s benefits as quickly as within the first week of implementation.
V-MORE’s Adtech has allowed these traditional businesses to leverage onto its online platform for a more extensive reach of potential customers to increase sales via alternative channels. Its AdTech was also particularly useful in sifting out ad fraud that drains valuable resources so that businesses get the best out of what they have.
One of V-MORE’s unique selling point is the assigning of an implementation specialist to assist, guide, and advise each onboarding business owner to oversee the transition, and to iron out any teething problems faced during the transformation process. With all these measures in place, V-MORE is aiming to benefit as many traditional business owners as possible in making that critical transition into the digital realm with the least amount of difficulty and resistance.
The dynamics of the business and retail landscape are rapidly changing but it seems that they are here to stay. What seemed like just an option a couple of years ago is quickly becoming the norm in the very near future, possibly for every sector and industry. In order to survive and rise above it all, it is therefore imperative to remain relevant and to be ready and well equipped to face any future storms. Businesses that have yet to make the digital transformation must seriously consider acting now.
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