The Big Read: Live Streaming and Gamification Drive Rise of ‘Retail’ Amid Pandemic E-Commerce Boom
While Mr. Tng considers Theo10 to have made a successful transition to online retailing with the bulk of his sales taking place online, it hasn’t been easy.
Whether it’s deciding what the right platform is to continue on, learning how to design and market their product listings in a way that stands out from the competition, how to deal with delivery issues, it is challenge after challenge that Mr. Tng and his team have taken up. surpass.
A spokesperson for the Singapore Retail Association said many new users were not quite ready for the digital hub, even though they saw the need for it and it was a costly race for many retailers, even until today.
Despite the challenges, retailers know that clinging to the status quo is not an option.
But the steep learning curve and high costs to truly deliver an online branch that fits seamlessly into the offline part of the business has caught some retailers off guard.
Prof Tuli said it is important not to think of digitization in binary terms.
âWe tend to assume it’s either you scan or you don’t. It’s notâ¦ It’s a continuumâ¦ It doesn’t mean you’re starting to become like Amazon, âhe said.
Even the complexity of on-line trading can vary among different retailers, Professor Tuli said. A retailer may choose a simpler approach where the medium is used only to talk about the product and viewers are then invited to go to the online or physical store to purchase it.
This would be at a much lower cost than live feeds that incorporate payment solutions that allow customers to buy on the spot.
The amount of retailers to digitize really depends on their products and their business model. It wouldn’t make sense for a family-owned store located in a social housing building with only two employees to open an e-commerce platform, Techsun’s Mr. Ivan Zhou said.
However, they can take baby steps. For example, launching a click-and-collect service or creating a WhatsApp group with other residents of the subdivision and interacting with them by letting them know about promotions, he said.
Digitization, while critical, should not be seen as a silver bullet that will solve all the problems for retailers, Professor Tuli said.
At the end of the day, having unique products and good customer service is always key, noted Professor Tuli.
And as retailers here continue to innovate through whatever digital channel they choose, more interesting products may be traded in the virtual space in the near future.
Already, Pornsak has said that a law firm has approached Mdada to sell the legacy planning through its live streaming sessions.
While it’s not even close to the rocket launch service sold during a live streaming session in China last year, it may be a harbinger of things to come here.
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