Developing online business strategy with millennials through partnership with university

• Main Authors: KUSNADI, Yuanto, PAN, Gary
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2020
• Subjects: Small and medium enterprises; online shopping; physical stores; business-university Partnership; millennials; SMU-X; Singapore; COVID-19; pandemic; Asian Studies; E-Commerce; Entrepreneurial and Small Business Operations; Higher Education
• Online Access: https://ink.library.smu.edu.sg/soa_research/1908; https://ink.library.smu.edu.sg/context/soa_research/article/2935/viewcontent/Online_business_millennials_univ_BT_20200513_av.pdf
• Institution: Singapore Management University

The COVID-19 pandemic has brought about a significant shift in shopping behaviour from offline to online among Singaporean consumers. According to data from data analytics firm Nielsen, 37 per cent of Singaporean consumers have increased online shopping activities since the COVID-19 outbreak. This shift towards online shopping, food delivery and e-groceries may persist beyond the COVID-19 period. While the increase in online shopping has benefited online stores, many businesses who do not yet have an online presence or have not been paying much attention to conducting sales online were caught off-guard during the circuit breaker period which has resulted in decreased footfall and plummeting sales in most physical stores. Therefore, having an online retail presence has become critical for businesses, as they can no longer continue business as usual.