Infobip Malaysia Business Development Director Guray Ozturk says the year 2021 has shown accelerated growth of some startups and it is a positive sign of some potentially achieving unicorn status.
“While 2021 has proven to accelerate the growth of some startups, it is a positive indication that Malaysia can grow as a platform for startups to thrive and potentially achieve unicorn status.”
Guray goes on to say that having the right infrastructure and ecosystem in place is essential for this to happen and that startups must recognise that the power of connectivity is the future of business in the digital age.
“For this to materialise, having the right infrastructure and ecosystem in place makes a difference. Beyond delivering innovative solutions or a disruptive offering that would interest investors, startups need to realise that the power of connectivity is the future to drive their business in this current digital age we live in.
“Take hyper-personalisation for example, in this digital era customers are expected to be understood and prefer personalized service. By deploying an omnichannel approach, startups will not just be able to build meaningful relationships with their customers, it also enables the business to grow with the end goal of achieving unicorn status.
Trend In 2022
“The Budget 2022 announcement echoes the government’s commitment to foster the growth of startups in Malaysia, from which we can foresee a new wave of local startups emerging within Malaysia while existing startups will flourish driven by digitalisation,” he says.
Based on Google’s e-Conomy SEA 2020 Report, internet penetration has reached as much as 75% in the SEA region, and this number will likely continue to expand exponentially in the coming years.
“For startups to better leverage this growing trend, we foresee the prevalence of an omnichannel customer engagement approach that will not just enable organisations to streamline their communications with customers, engage customers where they are but also drive incremental sales.
“The trend of today’s market heavily emphasises the ‘here and now, which indicates that efforts driving a customer-centric approach through digital means are the next promising move,” he explains.
Customer Engagement
To strengthen the business foundation, according to Guray, customer engagement is one of the most important catalysts for Malaysian startups’ growth, as consumer touchpoints have led to a shift in customer expectations.
“Understanding customers’ digital behaviour and implementing an automated always-on approach enable startups to have an omnipresence digitally, engaging customers where they are most comfortable.”
At the same time, it also allows startups to collect more customer data and analyse their preferences to provide a customized offering that can potentially drive sales.
“This also provides startups with the opportunity to collect more customer data, analyse their preference to be able to provide a tailor-made offering that can potentially drive sales.
“This process of understanding customer data enables startups to develop a deeper understanding of their customers,” he says.
Guray suggests that having a large data set will benefit a startup company by allowing it to keep up with customer trends, which will eventually lead to strategic business decisions.
“With extensive customer data, startups will have the upper hand in capturing key customer trends, and this would lead them to make informed strategic business decisions.
“A large customer database provides startups with more customer engagement opportunities, establishing the perception that they are readily available to address queries at any given time. Such a display of commitment to customer service would elevate their growth,” Guray says.
Cyber Intrusion
Based on Forbes’s Top 10 Digital Transformation Trends for 2021 report, it was found that as much as 76% of SMEs have been attacked by the cyber intrusion.
Guray says, “Cybersecurity is another factor that can make or break a startup’s operations,” he continues, “With the rise of cybercrime, customers are demanding the best possible security in their digital experiences. A slight compromise on digital security and convenience may cause the erosion of trust and ultimately, a company’s bottom line.
“Various enhanced safety features to protect customers against cybercrimes such as verified SMS and two-factor authentication (2FA) need to be integrated into the customer experience journey, to safeguard your company’s reputation while earning the loyalty of customers.
“Essentially, each and every business is different, so how they take advantage of these trends will differ. However, a key takeaway is that customers are spending an increasing amount of time on online transactions, and so should businesses.
Iffah Salleh contributed to the article
