Singapore’s retail industry is facing tough times as operating costs continue to rise and manpower availability remains tight.
But even in such volatile business conditions, EpiCentre Pte Ltd, a premium reseller of Apple products proved that it is possible to overcome these challenges and thrive.
At the Service Excellence Learning Journey hosted by EpiCentre last 10 October 2013, the company shared how getting into a Customer-Centric Initiative (CCI) project helped double its revenue from $88.1 million to $178.3 million.
Guest-of-Honour National Trades Union Congress (NTUC) Secretary-General Lim Swee Say hailed EpiCentre’s efforts in developing a Service Excellence Management System.
SG Lim also identified three points to help retailers succeed in this challenging new landscape:
1) Invest in people
2) Invest in technology to make workers’ jobs Easier, Smarter and Safer (ESS)
3) Invest in the customer
“If we accept, we recognise that the customers are not just looking for a product, a service at that point in time, but looking at the experience, then the pre-purchase, the purchase and the post-purchase, in fact the whole process, must more and more become a seamless process,” SG Lim added.
Key findings from the CCI Impact Study on 142 CCI projects conducted by the National University of Singapore were also shared by SG Lim.
The study revealed that retailers who participated in the CCI paid their workers 7.8 per cent more than other retailers. The value added per worker rose by 25.1 per cent compared to the industry average of seven per cent while sales per worker posted a 13.6 per cent increase versus 5.2 per cent.
Companies that focused on technology as a result of CCI have seen their revenue and profits soar by 26.4 per cent and 34.5 per cent respectively, higher than industry averages.
Speaking on the sidelines of the event, Co-chairperson of the Go-the-Extra-Mile for Service (GEMS) Up Committee Yeo Guat Kwang revealed that such plans were underway to reach out to more Small and Medium Enterprises (SMEs). This means providing different types of retailers such as salons and provision shops with the appropriate technologies and know-how.
Mr Yeo also assured the micro-SMEs that they need not worry about the costs involved as smaller establishments are likely to get more funding and support.
Original article written by Nicolette Yeo, and can be found in NTUC This Week (18 October 2013)
