DBS BusinessClass Bootcamp by FirstCom Solutions

April 30, 2020

Business owners who have yet to create and grow their online presence during the extended circuit breaker measures need to act fast to ensure business continuity. There is no better time than the present as many technology firms, banks and the government are pitching in with solutions to help struggling companies adapt and thrive.

 

One such sector that’s undergoing a huge upheaval is the F&B industry. To help their clients make the digital transition, DBS invited FirstCom Solutions to speak at a live webinar for their BusinessClass members. As one of their F&B Digital Relief Package partners, FirstCom was invited to speak about the landscape and challenges for SMEs when going online, as well as the solutions and grants available to make the transition easier.

 

Here is a brief summary of the topics discussed by our director, Jim, during the webinar.

Digital Sales Channels and Where to Start

Businesses making the switch to online sales typically have two options. The first is selling on a third-party marketplace like Lazada, Qoo10 or Shopee. The second is developing their own e-commerce website. 

 

We detailed the advantages and disadvantages of both, with the general consensus being that while marketplaces make great starting points, they cannot match the scalability and capabilities of a well-run e-commerce website.

Common Challenges Faced by SMEs When Going Online

In our years of servicing clients, there are some common challenges that are always prevalent for SMEs no matter the industry. They are:

  • Creating Content for E-commerce Website
  • Digitising Order Processes
  • Planning for Order Fulfilment
  • Preparing for Recurring Orders
  • Growing and Building a Virtual Brand

Seeing how SME employees wear many hats, an SME looking to digitize might excel at one or two, maybe even three of these areas, but very rarely can they solve all five challenges without outside help. 

Grants Available for SMEs

With the challenges outlined above, FirstCom shared a few avenues of financial support available to SMEs so they can acquire the expertise required to digitize. With an explanation summarising their benefits as well as eligibility requirements.

 

The grants highlighted were:

 

Naturally, the webinar ended with a Q&A session where F&B operators got to pick Jim’s brain and clarify any doubts. If you’re a business owner looking into e-commerce solutions and wondering about the PSG grant, check out our FAQ page.

Apply for the DBS F&B Digital Relief Package here. F&B operators get to choose between FirstCom’s PSG pre-approved e-commerce solution worth $10,000 at only $2,000 or a social media marketing training package worth $4,000, at only $3,000.