COVID-19 Survival Guide For Retail, F&B, And Service Industry: Bring Your Business Online In Just 3 Days
COVID-19 Survival Guide For Malaysian Retail, F&B, and Service Industry: Learn How To Bring Your Business Online In Just 3 Days.
Since the breakout of the Covid-19 pandemic, many businesses have suffered, especially in the Retail Sector with businesses ranging from Food and Beverage (F&B) to the Services industry.
According to Retail Group Malaysia, the Malaysian retail industry is expected to reach a negative growth of 3.9% during the first quarter of 2020. In a joint statement, members of Malaysian retail associations have reported as much as a 50% drop in sales, with some expecting revenue to dip further too, as Malaysians continue to shy away from outdoor shopping activities.
While the traditional retail sector plunges, Ipsos Malaysia reports that almost half (48%) of Malaysians say they have increased online purchases during the pandemic, especially for food and grocery deliveries. Malaysians are particularly buying personal care items, groceries, and clothes online, and this trend is likely to prolong even after the MCO is lifted.
With e-Commerce on the rise, here is a 5 Step Guide to help retail SMEs to survive and come out of this pandemic stronger.
Step 1: Setting Up A Crisis Management Taskforce & Managing Stakeholder Communications
SME retailers must plan and build a flexible crisis management team in order to steer and manage any response from all fronts. This will provide ample visibility for better decision-making and command-control throughout the business. The team should also craft the right message with constant updates to reassure their customers and suppliers on their next business action plans and more.
Step 2: Minimum-To-Survive Scenario Planning
SME retailers should consider scenario planning and resource projection for the first 1-2 months, 3 months, 6 months, and 12 months. These projections should factor in market demand, staff shortages, supply constraints, and cost management. Responding to the complex environment during the pandemic with the right and agile decision will increase the chance of the firm’s minimum survival.
Step 3: Adapt & Evolve Your Retail Store
SME retailers should assess each of their retail stores for local customer demands and competitors’ offerings. Adapt and evolve each storefront, from providing partial- to full-service, turning it into a back-end operation-only centre, setting up delivery or pick-up branch, and more. This will help maximise the use or resources to generate enough revenue for survival while trimming off cost-inefficient activities.
Step 4: CIMB’s Digital Retail Package: Bring Your Business Online in Just 3 Days
For many SMEs, a lack of know-how remains as one of the major barriers to adopting e-Commerce. A such, CIMB SME Bank, together with its partners Exabytes and Billplz, has launched the Digital Retail Package. The goal here is to empower SMEs to start selling online in the simplest manner and at an affordable cost.
The Digital Retail Package (11th May 2020 – 31st July 2020) is eligible to all CIMB Business Current Account/-i SME customers. The following entails:
A. Exabytes Relief Package (RM1399 RM699):
Exabytes will help SMEs launch a fully-functioning online store within 3 days.
What Will SMEs Get?
- Product uploads (sell up to 1000 products)
- Copywriting included
- Ready to accept credit card & online banking
- Shipping ready (complimentary RM25 credit)
- 1x .COM domain
- 1x user business email address
- 1x homepage banner design
B. BillPlz Relief Package (2 Months Zero Fees on the Standard Membership plan worth RM300)
For SMEs that aren’t ready to launch an online store but want to sell via Social Media or chatting platforms like Facebook, Instagram, or WeChat, Billplz’s Payment Form will come in handy. Armed with the Payment Form, SME merchants can avoid sharing personal banking details to the public. Instead, they can send out a unique link generated for their product to receive orders and get paid instantly.
What Will SMEs Get?
- Payment option via FPX (online banking)
- Transaction fees (RM1.00 per transaction)
- Support (email + phone)
- Settlement speed (next business day – except Friday)
C. CIMB Cashback Support for SMEs – Up to RM100 Cashback (RM50 per package sign up):
The cashback is capped to the first 200 customers.
The cashback will be credited into the customer’s CIMB Business Current Account/-i in T+2 months (T = the end date of the campaign). Eg: As the campaign ends on 31st July 2020, the cashback will be received on 30th September 2020.
Step 5: FREE Webinar to Help Boost Your New Online Retail Store
Get additional assistance via the Digital Retail Package FREE Webinar:
A. Webinar Part 1
- Get your Online Store ready in 3 days by Exabytes
- How to Increase Online Store Traffic for More Sales by Exabytes
- Digitizing Payment 101 by Billplz
- 17th June 2020
- 10am – 12noon
B. Webinar Part 2
- Optimizing your Online Store User Experience by Exabytes
- How to Make Google Love your Online Store by Exabytes
- The Importance of Online Payment by BillPlz
- 24th June 2020
- 10am – 12noon