Retailers also have to minimise risks associated with an ever-more international supply chain, it said in a statement yesterday.
KUALA LUMPUR: Asian companies that have set the global pace in e-commerce retailing must embrace a fresh wave of digital change if they are to hold on to cost-conscious customers who have become more mobile.
With an increasing will to purchase products online and mobile shopping’s rapid growth, HSBC Malaysia said the challenge now is how to enhance customer experience for a brand’s most loyal followers and bring new buyers into the fold.
The retailers also have to minimise risks associated with an ever-more international supply chain, it said in a statement yesterday.
Head of commercial banking Mahbub Ur Rahman said the digital trend is not just about establishing brand presence and pushing products online, but must also involve daily social media engagement that delivers interesting and relevant content to customers.
“The market dynamics have undoubtedly changed, but the basic principles of retail remain the same. Brands must identify potential customers, engage them and ultimately complete a sale.
“The retailers need to use technology to better understand their product sales cycles and how to maximise margins made thinner by rampant e-commerce competition,” he said, adding, it is the only way to retain existing customers while gaining new ones. — Bernama