LAST year was a grim year for countless businesses around the world including Malaysia and its people. The pandemic ravaged the country’s economy, causing over 30,000 businesses to shut down and more than 100,000 jobs lost. Even with the vaccine in town, the road to recovery is still a long one.
It goes without saying that even in the post-pandemic scene, businesses and individuals need to remain resilient and resourceful in maintaining or even increasing their revenue source.
On this, Revenue Monster CEO Amanda Chin believes that one of the ways to ease the burden of the struggling economy is via social and live selling.
“Since the pandemic began, many micro SME businesses and individually run businesses have thrived digitally. Live selling on platforms such as Facebook, Instagram and more have been growing exponentially with the global revenue for the segment doubling in 2020 to RM486 bil,” she explained.
Being a Malaysian-based fintech company, Revenue Monster specialises in business digitalisation, helping novice entrepreneurs find their footing when it comes to setting up their online businesses.
According to Amanda, Malaysia’s e-commerce market rakes in over RM16.2 bil annually, with a growing portion of it contributed by merchants promoting their products through social media and live selling.
In fact, the overall e-commerce market has been forecasted to grow at a compound annual growth rate of 24%.
Locally, F&B brands are already leveraging on the potential of Facebook and Instagram live selling.
“For instance, Kenny Rogers recently hosted a live mukbang stream. The livestream garnered close to 30 orders in only 30 minutes. An order a minute is very good as a starting point,” Amanda added.
However, this may be easier said than done since the market is rife with challenges, especially for a novice entrepreneur who may lack the expertise in marketing, financial know-how and technical expertise to support backend systems.
Many have a great business idea yet fail when it comes to implementation simple because of the technicality involved. Therefore, Amanda advises any entrepreneur who are new to the online scene to seek out professional assistance from fintech companies like Revenue Monster before taking their big leap. – March 26, 2021
