In the days after Singapore commenced its mandatory national lockdown, online retail providers such as RedMart saw a three-fold increase in online sales. As the world heads towards a post-pandemic era where brick-and-mortar businesses open up, it comes as no surprise that consumers remain rooted in their preference towards online shopping options. A recent eMarketer study has revealed that worldwide total retail sales are expected to hit $23.4 trillion in 2020, a 5.7% contraction from 2019 — and nearly 12% under the pre-pandemic estimates of $26.5 trillion.
Consequently, being able to afford the finer things in life is out of reach for many people. Having a large amount of spendable cash is not a part of many Singaporean’s lives these days as the economy contracts and bills pile up. Getting a loan or a credit card relies on many factors, including your salary, costs associated with living, and credit scores. If any of those variables do not look great on paper, making a credit purchase can be next to impossible.
Between the changing consumer trends and rising financial insecurities of both customers and merchants alike, traditional retail models are proving to be increasingly unsuccessful in this day and age. Traditional businesses that once dismissed the need to offer a robust online channel now have no choice but to re-examine their digital strategies.
A possible first step to digitize your brand could be to implement buy-now-pay-later (BNPL) solutions. Offering consumers the option to make purchases through real-time, custom pricing and interest-free solutions, BNPL solutions such as OctiFi help companies bridge the gap between the offline and online space.
OUT WITH THE OLD
This story is from the November 2020 edition of Entrepreneur magazine.
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This story is from the November 2020 edition of Entrepreneur magazine.
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