Embrace digital technology to remain competitive, traditional retailers told

KUALA LUMPUR: Local traditional retailers should consider evolving their businesses and embrace digital technology as a safeguard initiative and preparation to compete with the rapidlygrowing market, said 11Street Senior Manager for Seller and Strategic Business Division, Bernard Lee.

He said in line with expansion in the digital world, retailers should work together with the eCommerce platform providers in order to grow their businesses where the collaborations would provide a win-win situation to both parties in view of the competitive advantages that each of them has.

“Technology is not a threat to traditional retailers. There are a lot of opportunities with technology.

“Competition is always there but we need to find the niche,” he said at the International Social Security Conference 2017 yesterday.

Lee was one of the panellists at a session titled ‘Breaking the Traditional Codes: World Without Boundaries’.

Employees Provident Fund (EPF) chief executive officer, Datuk Shahril Ridza Ridzuan, moderated the session.

The two-day event, themed ‘Future of Work: Preparing For Tomorrow Today’, is jointlyorganised by the EPF and the US-based investment company, BNY Mellon.

Lee said by leveraging on digital technology, retailers could lower costs and reduce th eb a r r i e r s t o market entry with easy and quick access to the market and broader customer base/ reach, while at the same time enjoyed higher returns. — Bernama