ENTREPRENEURS can’t afford not to jump on the online bandwagon. Many traders are already suffering a loss and have to play catch-up, as the business world is fast changing due to the pandemic.
While some are computer illiterate, other local traders are simply reluctant to leave their traditional ways of doing business behind.
However, there is little choice in the matter as movement control orders (MCO) are frequently changing.
Based on recent studies, traders who have ventured out of their comfort zone are already enjoying as much as 500% increase in sales after migrating to an online business model.
In a statement yesterday, Entrepreneur Development and Cooperatives Ministry (Medac) advised traders to make necessary preparations in the migration of their business operations from traditional to digital to ensure their continued survival in the COVID-19 era.
Its minister Datuk Seri Dr Wan Junaidi Tuanku Jaafar said like it or not, digitalisation is the new norm.
“As a result of the pandemic, many have chosen to buy online. Those who refuse to adapt to new trends and methods might face difficulty maintaining their businesses,” he warned.
Wan Junaidi is confident that those who successfully migrated to operating online, are now reaping the benefits.
On a related matter, informal and petty traders are urged to register their businesses with the relevant authorities in order to receive various aid from the government.
Currently, there are almost two million unregistered informal and petty traders nationwide. Because of their unregistered status, the ministry is unable to channel any aid to them.
“We are concerned about their (the traders’) situation and want to help them,” Wan Junaidi added.
“They, however, need to register their businesses so that whatever aid we want to provide can be given through the proper channels.”
On a related matter, Medac is confident the target of 50% contribution of small and medium enterprises (SMEs) to the gross domestic product (GDP) under the National Entrepreneurship Policy (NEP) can be achieved by 2030.
The confidence was based on the 82,555 new businesses that had registered with the Companies Commission of Malaysia from April 1 to July 19, this year.
The NEP, launched in July last year, is a guide to provide a holistic framework or ecosystem for rapid development of entrepreneurship in Malaysia.
Apart from that, Medac has also targeted the 14,625 cooperatives nationwide to contribute up to RM100 bil in 2030 to the GDP compared with the current RM40 bil, through the Cooperative Transformation 2020, which has been approved by the government. – Dec 13, 2020
