SFIC visits a world of luxury
15 furniture retailers and manufacturers found out more about running an Ecommerce business and its challenges through a candid interaction with Samuel Lim, Founder and CEO of homegrown Luxury Ecommerce giant, Reebonz.
On 20 July 2017, Singapore Furniture Industries Council (SFIC) led a team of 15 furniture retailers and manufacturers to visit the 200,000 square feet new HQ and logistic hub of Reebonz, Singapore’s homegrown luxury e-tailer. A candid sharing by Samuel Lim, Founder and CEO of Reebonz have revealed insights to running an Ecommerce business, the challenges it bring and the sweet success he is enjoying today.
While E-commerce continues to be the much talked-about model among businesses today, the competition is not any lesser and remains intense, both locally and globally. The only path for business growth and sustainability is to transform and evolve from the status quo, on a regular basis.
‘The competition is real and we are seeing more and more younger entrepreneurs, in their 20s, coming onboard the E-Commerce marketplace with new business concepts. This is especially rampant in China. The only way to compete is to constantly invest in product innovation to excite your customers and keep them coming back’ said Samuel Lim, Founder and CEO of Reebonz.
It is no longer just a strategy of offline to online. Rather, online businesses have to also explore the offline, brick-&-mortar strategies to directly engage with their customers and build stronger brand loyalty. It is for this very reason that Reebonz invested in a physical showroom at Suntec City and at the same time, runs private members and by-invitation-only showcases at their HQ.
‘This (having a physical presence) is increasingly necessary for Ecommerce businesses like us to more effectively establish stronger rapport and relationships with our customers, reach new customer segments and strengthen brand positioning’, Samuel emphasized.
Attracting and retaining good talent base to support and sustain your Ecommerce business venture can be a challenge. By investing in a strong corporate culture, open communication and ensuring accessibility to the top management decision making process have helped Reebonz build a team of committed and passionate talents for the organisation.
‘Unlike some traditional organisations which tend to keep their financial figures private, I believe in sharing these with the team so that they are aware of their direct contributions to the company’s growth. This further motivates them and drives accountability to each team’s efforts and investments’, said Samuel, who is thankful and happy to have such a strong team supporting him in the Ecommerce journey.
This visit has given the participating companies a clearer understanding to how an Ecommerce business operates and the intensive resources required for one to taste success. ’A very honest overview about the glamour and challenges of an E-Commerce business. The sharing challenges a traditional retailer to rethink innovation and survival in our rapid changing landscape” said Ms Jamie Lim, Regional Marketing Director at Scanteak Singapore.
While Ecommerce may sometimes be perceived as a cost-efficient, hassle-free business to grow your market share, there is no short cut to success. Organisations have to be prepared to invest the time, human and financial resources. Then comes the perseverance and commitment to a strong online and offline marketing strategies, efficient logistics and 24/7 customer support. Success will be with those who seeks.
Reebonz has invested and it continues to do so today, to stay competitive and successful.