HCM City (VNS/VNA) - Digital transformation is vital forbusinesses in the trading sector to stay competitive in today’s market, andthey need to focus their resources and implement it methodically to derivegreater efficiency, heard a symposium in Ho Chi Minh City last week.

The boom in digital technologies and the COVID-19 pandemic havechanged consumer behaviour from visiting brick-and-mortar stores to buyingonline, and from paying by cash to digital payments, speeding up retailevolution, they said.

Retailers are increasing their presence on various digitalplatforms (e-commerce platforms, social networks, etc.) to reach consumers, andtechnology would continue to play an important role in helping retailbusinesses evolve to meet the changing needs, they said.

Nguyen Anh Duc, Chairman of the Association of VietnameseRetailers and General Director of Saigon Co.op, said retailers have accelerateddigital transformation post-pandemic, but are facing difficulties due to theirlimited resources and don’t know how to ensure the transformation dovetailswith their resources and market fluctuations and ushers in efficiency.

Foreign retailers possess advantages in terms of capital,technology and expertise, and domestic enterprises are at a disadvantage whentrying to go digital, he said.

At the event, the Ministry of Planning andInvestment’s business development department introduced a handbook ondigital transformation for small- and medium-sized enterprises in the retailand logistics sectors.

A representative of the department said digital transformation hasbecome a pressing issue, particularly since the pandemic drastically changedpeople's habits and society, requiring organisations, individuals andbusinesses to adapt.

Tran Vu Trung, senior manager, consulting, at EY ConsultingVietnam JSC, said the handbook provides up-to-date information to supportbusinesses in their digital transformation journey.

It says identifying strategic goals and vision of digitaltransformation is important for businesses and shape their journey.

After defining strategic goals and visions, businesses need todevelop a methodical roadmap to achieve them.

They must build a "digital culture" throughcommunication and training in digital transformation to ensure that managersand employees have a correct understanding of digital transformation and areready to accept changes in a positive manner.

Qualified human resources are also needed to achieve digitaltransformation.

Trung said people are the key to effective digital transformationand need to have innovative thinking, the ability to accept change and learningand teamwork capabilities. 

Getting the leadership on board is also important to achievedigital transformation, he said.

There is no best or universal solution, and businesses need tofind the right solutions basing on their vision, goals and resources, headded.

The symposium co-organised by the Emulation Group 11 under thecity People’s Committee and the Association of Vietnamese Retailers./.