Finding new markets, expanding sales channels and putting products on online business platforms is the way that many businesses have chosen to overcome difficulties.
Diversifying methods
In Binh Duong, many enterprises identify an opportunity in the 4.0 revolution as having to switch to a method of approaching the market with technology, introducing and trading goods through a digital platform. They have not only stopped at domestic consumption, but reached out in order to connect with foreign customers to maintain and develop production and export.
Domestic enterprises are proactive to participate in fairs and exhibitions to enhance interaction and access to technology. In picture: A booth on new technology and machinery at the 2023 Electromechanical Industry Fair in the WTC BD
“Enterprises must recognize that there are opportunities in challenges. Broken supply chains require enterprises to find ways to transform production technologies, direct their investments to the shortage stages of the world's supply chains, and not be too dependent on one supply chain”, said Park Han Ku, Chairman of Industry 4.0 Korea Association.
Huynh Dinh Thai Linh, Director of the World Trade Center Binh Duong New City (WTC BD) affirmed that with its mission, WTC BD has been proactive to support enterprises to diversify marketing channels to develop and widen the market. Besides the traditional channel of meeting and contacting, WTC BD has also promoted online marketing channels from websites to social networks to attract more customers, thereby developing consumption channels.
According to enterprises, in the current context of the market's reduced demand and unpredictable situation, it is also difficult for them to set up a long-term strategy. They have to focus on managing to maintain production in the short term. They also need to adjust their plans monthly to match reality on the basis of timely and official information from ministries, sectors and localities on directions of linkage and development.
Market link
The market of hundreds of millions of people is very large. This is a condition for enterprises to maintain the domestic market. Enterprises are also well aware of improving their qualifications to be ready to create products that meet the market and compete fairly with foreign products in terms of price and technology.
Luu Tri, Director of Nghe Nang Company Limited (NNi) shared that the company has been proactive to invest in technology to create competitive advantages in the market. In the face of difficult economic situation, the company has actively connected marketing and advertising channels, participated in trade promotion programs, expanded sales channels, increased identification of the company's brand to consumers, balanced the domestic market share to maintain production appropriately over the past time.
“NNi has always taken the lead in applying green, super energy saving and intelligent control technologies. NNi has applied the above technologies to all design projects. The results are always highly appreciated by investors, helping NNi more motivation to develop further. Noticeably, the company’s super energy-saving air conditioning system can save up to 50% of electricity compared to traditional air conditioners.
“The company’s highlighted product is a smart control application via the mobile device app...All of these solutions have received positive feedback from domestic and foreign customers”, said Mr. Luu Tri. Along with finding new markets, the trend of expanding sales channels and bringing products to many different business platforms is the way that many enterprises have chosen to overcome the difficult period. Phan Thi My Trang, owner of Dang Nguyen coffee production facility in Phu Giao district said that up to now, export revenue on the establishment's e-commerce platform has grown by 200% compared to the same period last year. This result is due to the unit’s investment on digital platforms. “We have implemented multi-methods of sales. This is because shoppers have become digital consumers at present. We have maintained traditional purchase channels while increasing the use of e-commerce platforms”, Mrs. Trang shared.
Reported by Tieu My-Translated by Kim Tin
