Kuala Lumpur, 17 July 2020- Malaysian businesses are finding new ways to thrive in the digital landscape amid COVID-19 pandemic, according to research by social media giant, Facebook.
In a report entitled “State of Small Business”, it said Malaysian small and medium businesses (SMBs) made serious efforts to adapt to the new normal by moving their operations online.
“44 per cent of operational SMBs on Facebook reporting 25 per cent or more of their sales were made digitally in the past month,” it said.
It said among other key findings from Malaysia is cash flow was identified as a primary concern with 63 per cent of SMBs reporting lower sales compared to the same time last year, while 58 per cent expecting cash flow to be a challenge over the next few months.
Other than that, it said 42 per cent of SMBs in Malaysia has reduced the number of employees as a result of the outbreak.
“Less than half of Malaysia’s SMBs are optimistic with 47 per cent saying they are confident about future prospects due to major issues brought on by the pandemic,” it said.
Facebook said among the successful business is Tajuddin Tempelicious, a local tempeh business which utilises technology and social media to connect with customers and supply networks.
Tajuddin Tempelicious founder Noorasliyati Sukiman said 80 per cent of her orders derive from advertising her products on Facebook Marketplace, Instagram and WhatsApp.
“Since I started digitalising my business, I have managed to expand outside of Johor to other ASEAN countries including Singapore, Brunei, Europe and the Middle East,” she said.
Noorasliyati reveals that she had to expand the capacity of her operations with sales increasing by 100 per cent and looking to expand her business to more countries in Asia.
The research done was in partnership with the World Bank and The Organisation for Economic Co-operation and Development (OECD) which surveyed SMBs across 50 countries and regions during the pandemic with the objective of amplifying the voice of SMBs and assess how their situations are changing.– BERNAMA