Business

Digital strategy needed for new business environment

The nationwide lockdown has exposed the lack of a digital strategy for many companies that are now facing difficulties today because of the sudden change in the way they now have to conduct business in this new environment, Chairman and CEO of Kanoo Keith Davies said yesterday.

In fact, Davies said Kanoo, a digital payment solution launched in December, has seen an influx of delivery businesses seeking to jump onboard with the tech company to expand their service offerings since the prime minister imposed a 24-hour lockdown.

“Since the emergency order, many companies have reached out to us,” he said.

“They have signed up on the spot to begin accepting digital payments and become a part of the Kanoo business ecosystem. Unfortunately, it took a crisis before many companies started thinking about alternative ways to engage their customers, and quite frankly, some may not survive.

“But, I am comforted that we have been able to help many companies make the pivot and adapt their business model to integrate their products and services onto the Kanoo platform, which has then resulted in positive sales for those companies.

“One noticeable example we can point to is the fact that all the delivery businesses we are seeing coming to the forefront have already approached Kanoo to accept Kanoo’s digital payments, and we are actively adding them to our platform.”

Since its launch, Kanoo has accrued close to 3,000 user downloads and has had more than 30 merchants onboard to the platform.

Davies said while there has been initial resistance among consumers to embrace e-commerce, the current state of businesses being brought to a virtual standstill, due to the COVID-19 outbreak, is causing a shift in the mindset of Bahamians.

“The first thing that I always say is that you have to meet people where they are, and not where you want them to be,” he said.

“The world has changed, and The Bahamas has changed right along with it. Therefore, all businesses need to pay attention to what they are seeing. People are desirous of cleaner, faster and simpler ways of transacting. They don’t necessarily want to have to come into your business establishment to shop. They don’t want to have to handle cash, and they are now prepared to go to another business that addresses their needs.

“Kanoo’s digital payment solution addresses all of these desires, and we add the benefit of merchants having the tools to monetize their existing customers and attract new ones as well.

“Therefore, we see the change already occurring, and we encourage other businesses not to get left behind. This will be great for the adoption of the Sand Dollar, which is the digital version of the Bahamian dollar being piloted by the Central Bank. Businesses should ready themselves and get accustomed to accepting payments via QR codes and mobile devices. This mode of payment is no longer coming. It’s here.”

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