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BENEFITING FROM THE MESSY ECOMMERCE ECOSYSTEM




We all know that ecommerce is booming especially during the pandemic. Can you
think of a few common ecommerce names in Singapore? Shopee, Lazada, Amazon,
Redmart, Shopify and many more... By just naming it, the list is getting long
and seems to be uncountable. Confusing, isn't it?
So, how can finance services enterprises get out of this messy ecommerce and
reaping the benefits? Majority of the finance services enterprises are already
using an Enterprise Resource Planning (ERP) or any other accounting systems
backend to run their daily operations. Is the existing system obsolete? No.
Finance services enterprises still need their finance, distribution & trading
and other modules to function. However, these existing systems do not "talk"
with the ecommerce. Instead of benefiting from, it seems to "drain" the finance
services enterprises' resources and limiting the growth.

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PAINS AND CHALLENGES THAT FINANCE SERVICES ENTERPRISES ARE FACING WITH
ECOMMERCE:

    
 1. We must key in all the orders of the various platforms into our ERP backend
    manually and it is extremely time consuming and prone to error.
 2. During super sales events, we just simply cannot catch up with our orders
    processing. It is not linked with our ERP backend, and we must process it
    manually.
 3. Our warehouse often packs the item wrongly and wrong items was sent out.
    Customers complain or return is very common.
 4. Our stocks are running out, but orders are still coming in. We need to get
    our customer service officers to call up customers to inform them of the
    possible delay and customers are cancelling their orders.
 5. Our product's pricing, quantity and description online are different with
    our inventory. It is difficult to maintain the consistency.
 6. Our ecommerce orders are mainly low value but high-volume. However,
    customers expectation remains high, and they are complaining that our status
    updates are slow.
 7. These platforms charge high commission/ transaction fees and are eroding our
    profitability.
    




POSSIBLE SOLUTIONS FOR THE FINANCE SERVICES ENTERPRISES TO PONDER OVER:

    
 1. Limit the platforms sales to the major ones. Not ideal as it may reduce your
    orders significantly.
 2. Extract all the orders from all the platforms into an excel and manually
    upload into your existing ERP backend. This is a cost-effective solution,
    but you will lose the rest of the automation and real-time synchronisation
    between orders, product listing such as pricing, promotion and description,
    order status update, return and importantly, customers' details.
 3. Setup your own e-shop. It is important especially for finance services
    enterprises who are keen to build a long-term branding and image. However,
    remember to choose one e-shop that does not charge you an arm and a leg when
    your transaction volume increases exponentially and importantly, one that
    allows full seamless integration with your ERP backend.
 4. To replace your legacy backend to a modern ERP system that comes with
    real-time integration with the major ecommerce platforms in the market.
    Furthermore, this new backend should also provide RESTful API that allows
    you to connect to other 3rd party system such as other future ecommerce
    platforms.
    



> In conclusion, it makes sense to implement both (3) and (4) concurrently to
> maximise your ROI (Return on Investment) for a full automation to increase
> your productivity and capacity to meet the demand.
> Multiable is a market leader in the modernised business applications. With
> its' M18 platform (unified data - single source of truth), the highly
> configurable platform covers all your business needs for an ERP (finance,
> trading/ distribution, manufacturing, WMS, project), CRM, POS, F&B, eCommerce,
> communicators & workflow RPA.
> Do you know that government is supporting your new business applications (up
> to 70% of the project cost) such as ERP under the EDG grant? What are you
> still waiting? Act now to boost your productivity and raise your
> profitability!

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