Empower small E-commerce to become big E-commerce in Asia

“Our sales are not catching up and cash is running out. Sadly I have to shut down my eCommerce store”.

Many believe that venturing into the E-commerce business may be the new way out for their business, but soon realise that it is slowly running to the ground with the lack of resources. Low conversion rate, stagnated growth, sales and cash running dry… You are not the only merchant facing these issues. Under the devastating impact of the COVID pandemic, a dreadful number of online (and physical) sellers are on the edge of shutting down. It is estimated that 1M+ and above online sellers in Asia alone suffered from bad conversion rates, and “8 out of 10 online stores close down due to lack of orders”. We may be familiar with these numbers, but are we aware of the reason why? Have we ever thought of changing the game for SMEs in eCommerce?

Having grown up in a digital marketing setting for over 10 years, Randal Hung had helped larger online stores and platforms grow their online presence, like Zalora, Lazada, Hotels.com, Home.24. His knowledge and experience in the industry had taught him that big companies often enjoy the privilege to access digital marketing technology, tools, and expertise, yet SMEs are struggling to get a hold of the competitive scene of eCommerce.

Why Are so Many SME Merchants Failing Online?
Throughout his journey in digital marketing, Randal discovered that the burning issue to the online store owners is the low or unstable conversion rate, resulting in poor performance on ROI, revenue, and even emotional instability. Smaller businesses should not be placed in this disadvantageous position. Randal believes that businesses should have the ability to identify what went wrong with their e-commerce setup and start over again from the right place, instead of blindly experimenting with different strategies, which would eventually dry out their resources. SMEs are in the lower hand when it comes to entering the competitive market of digital marketing. They often lack the resources and expertise to systematically analyse the sea of data points, and fail to identify the most urgent issue of the business.

Some common reasons for SME merchants’ low conversion rate are poor digital marketing skills, wrong audience targeting, weak sales copy, poor UI and lack of trust, poor product-market fit, etc. With the lack of expertise in data analytic skills, finding the root cause of the issue is time-consuming and a waste of money, and smaller businesses don’t have the time and money to guess or experiment with alternative solutions. Without a systematic approach to addressing issues, more money is spent on solving the wrong problem, leading to business failure.

The New Revolutionized Pathway for Online Sellers
With this realisation, Randal Hung decides to lend a hand in getting those frustrated online sellers back on track, with the birth of GrowthSpot. GrowthSpot has built the first Growth Hacking Centric SaaS System for E-commerce in Asia, powered with AI technology. Our software itself works as a marketing consultant 24/7, providing businesses with accurate results and timely recommendations. With GrowthSpot, online sellers no longer need the manpower to monitor sales and traffic from time to time or scan through sheets of confusing data which they have no idea where to start from. Our software also provides all-rounded features to address SMEs needs for digital marketing, including problem identification, traffic channel testing and live personalised sales touch with target customers via live streaming technology. We can provide a tailored experience for your customer, which is a huge plus in the current market.

GrowthSpot gives you the answer to helping your business grow stronger. By reversing the digital marketing improvement process, we strive to make things easier for startups and save them from studying the mind-boggling data by easily identifying the problem and advising businesses with straightforward and clear rationales. The most common feedback we received from our SMEs users was that we had saved them plenty of time and money in the past and improved performance including some of our renowned partners in the eCommerce and retail industry- Google, Facebook, Shopify and SHOPLINE and more. GrowthSpot is recognised by the key players of eCommerce and digital marketing as we work towards benefiting the ecosystem of digital marketing. We are also actively seeking investors and partners with the Malaysia/SEA market, as we embark on our journey to growing in the Asia market.

What’s Next?
Since merchants nowadays are still struggling to increase online visibility in the competitive space of digital marketing, GrowthSpot is here to bring the ultimate solution to less advantaged SMEs online merchants to secure an advantageous position in the market. GrowthSpot will continuously boost the growth for SMEs in the Asian market with perseverance and tenacity. With GrowthSpot, online merchants should no longer struggle with the basics of setting up their eCommerce business and reach sustainable growth with valuable insights.

This content is provided by Malaysian Global Innovation & Creativity Centre (MaGIC).

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