Digitalisation has become indispensable for retail businesses aiming to thrive in today’s competitive landscape, emphasised Digital Minister Gobind Singh Deo.
Speaking at the Malaysian Retail Chain Association (MRCA) and Malaysia Digital Economy Corporation (MDEC) 100 Go Digital fourth and final finale sessions, he underscored the critical role of data analytics and personalisation in equipping retailers with the necessary tools for success.
By harnessing customer data, retailers can craft targeted marketing campaigns, refine product recommendations, and optimise pricing strategies to better meet consumer demands.
“Supply chain optimisation is equally important, where the implementation of digital solutions can improve inventory management, logistics, and demand forecasting,” he said.
Gobind highlighted the significance of supply chain optimisation through the adoption of digital solutions, which can enhance inventory management, streamline logistics, and improve demand forecasting.
Acknowledging the evolving retail landscape, the minister emphasised the enduring relevance of brick-and-mortar stores alongside the growing prominence of online shopping, particularly via mobile platforms.
“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 added.
Moreover, Gobind urged industry stakeholders to collaborate with the government to address challenges and bridge gaps hindering the full realization of digitalisation benefits.
Key areas of focus include enhancing digital literacy, strengthening cybersecurity measures, and improving Internet connectivity.
The MRCA-MDEC 100 Go Digital Series serves as a vital platform for industry players to foster connections, exchange insights, and foster collaboration. With the overarching goal of facilitating Malaysian businesses’ digital transformation, the initiative aims to enhance efficiency, productivity, and revenue while reducing operational costs.
