The value of digital deals and discounts for service-based SMEs

F3dr1ck55/ July 9, 2021/ News and Sport/ 0 comments

As SMEs in Singapore continue to manage the business impacts of COVID-19, it is still possible to create opportunity in adversity.
While no one can predict how long the COVID-19 pandemic will last, what is certain is that small and medium-sized businesses (SMEs) in Singapore can still look to find creative and innovative ways to deliver value for their customers and keep their business going now and in the future.

In these uncertain times, consumers are looking to spend less for the products and services they need so businesses that can offer not just great service but also great value will be in a better position to respond to this new reality, overcome the challenges and come back even stronger.

Bank on delivering better value

While more SMEs across various sectors of the economy have begun to resume day-to-day operations, these businesses still need to ensure that they can generate and maintain a positive cash flow especially as the coronavirus situation can change to disrupt the social and economic landscape again.

Aside from obtaining a low cost business loan like the Temporary Bridging loan, some businesses could also look to get creative in order to improve their financial situation. While it may sound counterintuitive, some companies have priced themselves lower by offering incredible value deals through online sales to generate revenue in the short-term.

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For example, at the height of COVID-19 when borders were closed and movement restrictions were imposed, innovative brands in the travel and hospitality industry such as AirAsia and the Banyan Tree, launched post-pandemic promotions which customers could redeem when restrictions were lifted. This therefore enabled both brands to improve their cash flow even though they could not operate or serve travelers at the time.

AirAsia X launched the ‘Unlimited Pass’ – a RM499 one-year pass (excluding taxes and fees) for unlimited flights to Australia, Japan, South Korea, China and India – which are valid till June 2021. This base subscription model is helping the regional budget carrier bring in some much needed liquidity while also enabling AirAsia to earn more from additional charges that are not part of the conditions of the promotion as well as additional revenue from services such as travel insurance, baggage and seat selection fees. The scheme has grown so popular that AirAsia has also launched unlimited passes for the Malaysia and Thailand markets to promote domestic air travel within each country.

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