Online businesses the way forward in this trying time

MIRI: Businesses are looking at ways to sustain themselves because of the gloomy global economic outlook in 2020.

Digital entrepreneur, Loreen Ling, said the new year could be the time for existing business owners to look into new ways in managing their businesses and find new customer base.

“Since the emergence of Internet, the social media has become a platform to promote many products – food, health supplements, cosmetics and beauty products, among others. Facebook, Tao Bao, Amazon, and Shopee are a few platforms where one could easily find anything under the sun at just the click of the keyboard.

Loreen Ling (right) and Irene Kong.

“Whilst there is still stigma against certain types of products, there are many channels customers can browse through to check whether products they are
eyeing are genuine or otherwise,” she said when contacted yesterday.

Transforming from Offline to Online (O2O), she added, was actually a crucial move for existing businesses to remain relevant, and to compete with other online businesses.

Competition faced by offline businesses is just a start. Online platform is so vast; the market doesn’t just focus on certain group at one place.

“It is actually a borderless market that can reach out to millions of potential customers, and the demand is unimaginable.”

To sustain a digital business, education is vital for both sellers and customers, said the online beauty entrepreneur.

Irene Kong, a student studying at a local college said online business would help young people earn side income and become independent.

“We need only spend time and a little money to invest in ourselves to learn about products we wish to sell online, The returns are what you get after the hard work,” said the 19-year-old.

This accountancy student who started online business two years ago, with the intention to be financially independent, said it is a good learning opportunity for youngsters to expose themselves to the real market, understand the demand, and the buying culture.

“It depends on each individual whether they want to make it a life-long career or a part-time career. They need to know their priority.”

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Source: https://www.theborneopost.com/2020/01/01/online-businesses-the-way-forward-in-this-trying-time/