Because the third-generation proprietor of electronics retailer T Ok Foto, Mr James Ng is not any stranger to bringing new concepts to the enterprise.
However when the Covid-19 pandemic first reached Singapore early this yr, he realised the tempo of change needed to be far faster than he anticipated.
“We all the time knew that we must digitalise it doesn’t matter what, however the Covid-19 scenario pushed ahead a number of our plans,” stated Mr Ng, 43.
“If we had not digitalised… the corporate would have been out of date now.”
The corporate, which has shops in Funan mall and Plaza Singapura, revamped its web site in the course of the circuit breaker interval, and in addition elevated the variety of merchandise put up on the market month-to-month on e-commerce platforms equivalent to Lazada and Shopee from about 300 to 1,200.
This enabled T Ok Foto to increase its on-line buyer base by 3 times from April to July.
On-line gross sales now make up about 15 per cent of its complete income, in contrast with lower than 5 per cent earlier than the circuit breaker.
The corporate obtained a $2,500 Digital Resilience Bonus (DRB) payout in August for its efforts.
Going digital has additionally paid off for Mr Ricky Lim, who owns design and gardening retailer The Inexperienced Capsule in Funan mall and is opening a second outlet at Nice World Metropolis subsequent month.
Having adopted e-commerce and stock administration options, Mr Lim, 37, now desires to utilise information analytics, which he believes will assist him perceive his prospects’ wants higher.
“Adopting all these digital options has actually helped us develop our enterprise,” he stated.
“And with the DRB and assist from the Productiveness Options Grant, we’ve managed to do that at a really low price,” he added.