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Digital Transformation Necessary for Retail Industry to Survive and Thrive

Photo Credit : Gobind's X Page

KUALA LUMPUR, 17 April 2024 – Digitalisation is no longer an option but a necessity for retail businesses to thrive in today’s world.

Minister of Digital, Gobind Singh Deo, highlighted that data analytics and personalisation were key tools for retailers, as “they can leverage on customer data to drive targeted marketing campaigns, enhance product recommendations, and optimise pricing strategies”.

“Supply chain optimisation is equally important, where the implementation of digital solutions can improve inventory management, logistics, and demand forecasting.”

Gobind said this in his speech at the Malaysian Retail Chain Association (MRCA) and Malaysia Digital Economy Corporation (MDEC) 100 Go Digital fourth and final finale held at My5G Portal, TRX Exchange 106 yesterday.

The MRCA-MDEC 100 Go Digital Series serves as a platform for industry players to connect, exchange views, and collaborate. Two MRCA-MDEC 100 Go Digital sessions were held last year, with the third one held in January this year.

“The retail industry has evolved rapidly in recent years. Undeniably, more and more purchases will be made online, especially through mobile phones. But there is still room for brick-and-mortar stores.

I am glad that MRCA has collaborated with MDEC for the MRCA-MDEC 100 Go Digital initiative, to carry out a series of sessions to assist retail players. These sessions saw engaging insights from industry experts and prominent players who spoke about the latest technology trends that assisted them in scaling their business to the next level, including upskilling talents,” he said.

Gobind also called upon industry players to engage constructively with the government, noting that there were challenges and gaps that must be addressed in order for businesses to harness the full benefits of digitalisation – such as digital literacy, cybersecurity, and internet connectivity.

Among those present at the 100 Go Digital event were MRCA president Dato’ Sharan Valiram, MDEC chief executive officer Mahadhir Aziz, Digital Nasional Berhad acting co-chief executive officer Datuk Ahmad Zaki Zahid and Sim Ling Ku, founder of Cursors Choice Network.

The 100 Go Digital initiative started in 2020. Its main goal is to enable Malaysian businesses to move towards digitalisation in order to improve efficiency and productivity, creating new sources of growth, as well as increasing revenue and savings in business costs. Since then, MDEC has collaborated with various industry partners to carry out 100 Go Digital programmes nationwide.

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