Digital transformation necessary for retail industry to survive and thrive
KUALA LUMPUR: Digitalisation is no longer an option but a necessity for retail businesses to thrive in today’s world, with data analytics and personalisation the key tools for them, said Digital Minister Gobind Singh Deo.
He said retailers can leverage customer data to drive targeted marketing campaigns, enhance product recommendations, and optimise pricing strategies.
“Supply chain optimisation is equally important, where the implementation of digital solutions can improve inventory management, logistics, and demand forecasting,” he said in his speech at the Malaysian Retail Chain Association (MRCA) and Malaysia Digital Economy
Corporation (MDEC) 100 Go Digital fourth and final finale sessions held on Tuesday.
“The retail industry has evolved rapidly in recent years. Undeniably, more and more purchases will be made online, especially through mobile phones. But there is still room for brick-and-mortar stores,” he pointed out.
Gobind also urged industry players to engage constructively with the government, emphasising that there are some challenges and gaps that need to be addressed for businesses to harness the full benefits of digitalisation such as digital literacy, cybersecurity and Internet connectivity.
The MRCA-MDEC 100 Go
Digital Series serves as a platform for industry players to connect, exchange views, and collaborate. Its main goal is to enable Malaysian businesses to embrace digitalisation to improve efficiency and productivity, create new sources of growth, as well as increase revenue and savings in business costs.