The idea of Digital Transformation for your wholesale business may sound like it will cost a lot. It probably will. But putting it off now will cost you even more down the road. The most expensive decision that you will make is not to transform digitally.
The problem with the status quo
Changes in the market are now quick and urgent. Only lean and agile businesses with a digital presence can keep up and expand their client base plus drive up their takings. Companies that balk at paying for digital transformation efforts risk losing their market share due to their slow response and inflexibility. Wholesale business owners should ask themselves: Do they want to upgrade their business to stay in the game, or do they want the status quo legacy systems and risk having to exit the market sooner or later.
A UOB SME Outlook 2021 Study revealed that 40 per cent of SMEs that implemented digital transformation initiatives in 2020 reported more robust revenue growth. The survey involved 782 local SMEs with revenues of less than S$100 million. It showed that businesses that have digitalized their entire setup, or more than one area, outperformed companies that only digitalized a single aspect.
Defraying your digital transformation costs
Suppose you apply for government grants at any time from 1 April 2020 to 31 March 2022. In that case, your business will enjoy maximum funding support of 80 per cent of the total costs of the digital solutions and equipment you have acquired to digitally transform your business. The government has set aside $500 million for SMEs to adopt digital solutions and deepen digital capabilities to go digital and go global. There is no better time than now to kick off your digital transformation journey.
Choosing the right service provider
Working with the right service provider will be crucial. Zooloo, for example, has the complete set of digital solutions for the Stage 1 recommendations in the SME Go-Digital Roadmap for the Wholesale Trade. Approaching a reliable digital solutions provider like Zooloo means that you will be guided through the grant application process. Furthermore, Zooloo also has training courses that will train your staff to handle the deployed digital solutions.
Contact Zooloo's digital solutions experts immediately to determine how you can take that first step towards digital transformation at sales@zooloo.asia.
Read more about grants available in our earlier post 👉 https://www.zooloo.asia/blog/blog-37-grant-details/
Explore more
- Read about The Digital Transformation Journey
- Learn more about our “Digital Backbones”
- Learn more from our eBook series on Digital Transformation for Wholesale Trade
Tags:#digitaltransformation #B2B #digitaladoption #digitalintegration #covid19 #digitalsolutions #wholesaletradesector #wholesaletrade
