In this day and age, several SME businesses in Malaysia are looking for ways to move forward with the digital economy.
As we all know by now, the current COVID-19 situation is unlikely to improve anytime soon.
This is a huge blow for many SMEs out there and this is a critical period to determine the next steps in order to survive.
Some of them have managed this situation well, some barely survived and some were even forced to shut their business down.
Hence, instead of asking questions, you should start for answers. In this article, we are going to show you how your company can thrive in the digital economy.
Scroll down to find out more.
What Is Digital Economy?
From the name itself, you might get a rough idea of what it is about.
In a way, this is gradually replacing the “traditional” economy. Nowadays, people can basically get anything online without stepping out of your house.
Some of the examples of the digital economy that you might be familiar with are Amazon, Netflix, and Airbnb.
What do all these companies have in common?
For a start, consumers can make all the transactions online and they get great service in exchange. It is also quick, effective, and convenient for both parties.
This economic activity requires electronic communication and digital technologies.
The main tools that are involved in the digital economy are:
Over time, many physical shops are now moving to digital by selling online while maintaining selling their products at their stores as well.
There are also plenty of shops that sell their products completely online without owning physical stores.
So, the point here is the digital economy is the way of moving forward.
Hence, it is crucial for your SME to be in the picture. There is still time to work on your online presence to make the best out of this situation.
More than half of the world population are on the Internet, so it is wise to get your business online.
Why SME In Malaysia Should Go Digital?
Let’s face it, we use the Internet every day, don’t we? It has become an essential part of many people.
From a business point of view, people are now just a few clicks away from purchasing something online.
There are dozens of online stores out there that are easily accessible and ultimately manage to get customers all the time.
With this in mind, if your SME isn’t on the internet, you should do it as soon as possible.
Firstly, the internet allows us to get all the information that we need.
As an SME business owner, you surely know who your competitions are. What you can do is check the details of their products such as the price, product, and more.
This is a huge chance for you to make some improvements that can get the customers to you.
At the end of the day, people will always compare because it is important for them to know that they are making the best choice for themselves when purchasing online.
Saves time and cost
There is no need for you to rent an expensive place with all your business being done through online.
You can also focus more on the next steps for your business to grow because time will be on your side.
Customers from anywhere can make orders on the Internet and you just have to post it. They will receive their products in a few days.
Compared to the traditional economy, the digital economy is way more flexible.
For instance, you can always make adjustments according to your customers’ preferences.
If it’s possible, you can fulfill their requests and you get to sell your products.
There are many services that are available online, people can get anything they want these days.
Work From Home
By doing digital, you get to do your business from anywhere in the world.
For the past few months, this ‘work from home’ phrase has become synonymous with us due to the COVID-19 lockdown.
While we have witnessed many businesses tragically sunk, the digital economy didn’t seem to have any major issues.
You get to continue doing your business as usual because it is simply flexible.
At the same time, you get to help our battle against this virus by reducing contact and staying safe at home.
How SME In Malaysia Can Move Forward With Digital Economy?
Since the business world is constantly evolving, you should also make a move to improve your business.
By having an online presence, you get to increase awareness about what your business is all about. There is always a chance of success going online.
You can promote your products on social media platforms such as Facebook, Twitter, Instagram, and many more.
However, you probably know by now that there are tons of businesses on the web and this could make your job harder.
For SME in Malaysia, going up against big companies seems like an impossible task.
Hence, we suggest you turn to a digital marketing agency like Bomstart to make your dreams come true.
We offer digital marketing services such as SEO, Facebook Ads, Google Ads, email marketing, affiliate marketing, website development, graphic design, and copywriting.
Your SME can reach to another level with us as we provide a total solution for digital marketing.
Get in touch with us.