Finding Solutions to the Distinct Challenges in the Singaporean FMCG Industry

The Fast-Moving Consumer Goods (FMCG) sector in Singapore’s bustling retail industry makes its way through various issues and some of these are special only to them. The auspicious growth of the island nation in becoming a major business hub in the region has made the question of how FMCG firms deal with these issues a decisive factor in their progress and stability. Even though certain problems are widespread in all sectors, the FMCG industry in Singapore faces specific obstacles not found anywhere else that require very specific solutions.

Specific and General Challenges in FMCG

The FMCG sector in Singapore is confronted with challenges that are truly different from those in other industries. A typical example is the fast pace of product turnover which requires a careful inventory management strategy to prevent stockouts and excess. Furthermore, the continuously shifting customer behavior forces firms to rapidly modify their range of goods. Besides, particular stringent regulatory compliances like food and safety standards create another drawback. In addition to that, the strong competition in the retail trade obliges FMCG to be constantly inventive.

On the other hand, some issues are general and found in all businesses. For example, the wave of digital transformation which seems to permeate all industries including FMCG to introduce new technologies is a common goal. A further shared problem is the threats of cybersecurity, where firms are to keep the customers’ data uncompromised, aggressively. No wonder that the addressing of such issues needs the applications of new strategic initiatives that must be grounded on the specific characteristics of retail and FMCG sectors.

Using POS Systems as a Tool for Counteracting Problems

Indeed, the addition of a Point-of-Sales (POS) system has become difficult if the intention is our point and accomplish these challenges. In the FMCG sector, a POS system is not only the tool that gives real inventory insights but also the one that aids in efficient supply chain management, thus, preventing stock discrepancies. Thanks to the integrations, retailers can quickly alter their products like the trendy ones when made available.

Additionally, POS systems not only serve to make the digital transformation easy, they also align the firms to what the new age demands. They perform omni-channel sales management, integrating both offline and online sales transactions in a single format. This unification results in the aggregation of data from different retail outlets leading to a fuller perspective which in turn makes for a more informed decision. A reinforced cybersecurity system in POS systems ensures the safeguard of customer data which means potential breaches are cut, trust is created amongst consumers, and the sales get buoyed up.

Strategies for Introducing a Winning POS System

Implementation of POS system in Singapore’s FMCG sector requires careful planning as well as its execution. First of all, the most important thing is to carry out a comprehensive needs assessment that grounds the prioritization of the specific functionalities that are a necessity. The firms are to ensure that the chosen POS solution is in line with their operational objectives as well as retail strategies. Apart from that, training and support come in handy in this quest, which makes the users to be empowered to explore the full potential of the system. Customization options are to be taken into account, accordingly making the adaptations that enable the specific firm to address its own needs thus, increase productivity and user satisfaction.

Multiable POS System: A Game Changer

aiM18 POS system Multiable has come up with is the latest technological breakthrough for the FMCG industry facing issues like:

• Real-time Integration of Product Database: All data across the e-Commerce, ERP, and POS systems must be consistent, and thereby, avoid discrepancies.

• Chain Store Management: Facilitates better operations among various retail locations, thus, gaining efficiency.

• Automatic Logistics Service Provider Selection by A.I.: Delivers an optimized flow of deliveries, which eventually improves customer satisfaction.

• Cross Brand/Shop VIP Management: This tool gives the chance to engage with customers in a personalized way hence, increasing the level of loyalty.

• Pre-scheduled Rule-Based EDM Campaign: This use case helps the marketing team’s job and makes campaigns more effective.

Tactically Using E-commerce Integrations with Multiable ERP

Multiable ERP by its real-time interfacing with the major e-commerce platforms like Shopify, Amazon, eBay, and Lazada shows its effectiveness. This feature executes a necessary task to integrate the traditional retail with the new online channels that are booming. The IRAS certified Multiable ERP as an ASR+ software vendor thus, ensuring compliance and at the same time operational excellence, it will be a trustworthy assistant for the retailers in Singapore giving smooth shopping.

What is Multiable POS ?

Multiable POS is a cloud-native POS targeting retail groups with sizable chain stores in Singapore, Malaysia, Hong Kong and China. With over 6,000 customers in the region, Multiable POS gains positive feedbacks from public companies and multinationals across different sectiros, from cosmetics, furniture, fashion, healthcare, pharmaceutics, sportswear and toys etc. The renowned no-code approach saves customer a big sum of customization costs and countless hours of implementation man-days.

What is LAIDFU (Let AI Do for You)?

LAIDFU is an AI tool for enterprise to build their own AI agents to perform various business AI tasks.

Proprietary EKP (Enterprise Knowledge Partitioning) technology eases CEO’s concern about trade secret leakage which often occurs in most AI agents / chatbots in the market.

EKP removes the hurdle of business AI adoption by most companies in using sensitive corporate data.

Powered by no-code approach, deployment of LAIDFU incurs far less developers (and development costs) in comparison with other AI tools.

LAIDFU empowers business, with or without an ERP system in place.