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HP study reveals optimism among SMB owners

Some 60 percent of respondents see digital transformation as key with innovation in work processes, flexible work options and customized products and services identified as future strategies. However, cost effective solutions are required given cashflow remains top of mind and SMBs are unclear where to look or what such solutions are available. This is especially key where only 4 in 10 SMBs have a department or person responsible for innovation.

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HP Inc.’s latest study on SMBs in Asia-Pacific, “Survival to Revival”, surveying 1,600 SMBs across eight countries in Asia reveals over 50 percent of small-medium business owners expect not just to survive but thrive following the pandemic and feel that digital transformation will be a key part of this revival.

In response, HP is introducing integrated services-based print solutions including an HP Roam for Business bundle to make it easy to print on the go and enhanced HP SecurePrint a flexible, cloud-native solution that releases documents only to authorized users. 

Some 60 percent of respondents see digital transformation as key with innovation in work processes, flexible work options and customized products and services identified as future strategies. However, cost effective solutions are required given cashflow remains top of mind and SMBs are unclear where to look or what such solutions are available. This is especially key where only 4 in 10 SMBs have a department or person responsible for innovation.

“SMBs are the lifeblood of every economy in Asia but the pandemic has hit SMBs hard. As the engines of growth for Asia economies, it is critical for them to move past survival to revive their businesses,” said Ng Tian Chong, Managing Director, Greater Asia at HP. “This study provides us with the insights to provide practical help for SMBs so that they have access to an ecosystem of devices, tools and technology. With these resources, we want to help SMBs unlock innovation for customer and employee-centric experiences, as well as broadly upskill talent to rebound from the pandemic and prepare for the future.”

Completed in June 2020, the study surveyed across Australia, India, Indonesia, Japan, South Korea, Singapore, Thailand, and Vietnam found:

  • Companies most confident of bouncing back place high importance on digital adoption Across the region, nearly 60% view digital adoption as very important or essential. Indonesian SMBs are particularly sensitive to this need, with a full 74% believing it is essential or very important, as is Thailand, also at 65%.
  • Growth projections are significantly adjusted post pandemic. Across the region, 46% of SMBs expecting growth prior to the pandemic but that figure has dropped dramatically to just 16%. India and Vietnam are the most confident about post pandemic growth and Singapore, Japan and South Korea are least positive. 
  • Disruption to productivity is a common experience during COVID. Only 6% of SMBs recorded higher levels of workplace productivity compared to pre-COVID period while 43% recorded lower productivity.
  • Skills was identified as an issue: The pandemic amplified the lack of digital-first mindsets and skills within existing SMBs that hamper growth, affecting nearly half (44%) of respondents.
  • SMBs are unclear on where to look for assistance: Financial institutions rank high (31%); 60% of SMBs consider government support to be insufficient and/or are unclear on what support is available; only 19% of respondents turn to IT companies for help

A need for Talent

Underpinning all of this, is a need to identify digital talents who can help SMBs to transform the business. The majority of SMBs do not dedicate resources and/or invest in innovation as a discipline; it is more common to ask customers what they want, or simply mirror what the competition is offering. Only one in five SMBs have customized offerings, looked for new sales & supply-chain channels or introduced new lines of business.

In this respect, Indonesia (59%) and Thailand (51%) stand out for having the highest percentage of SMBs dedicating resources to innovation. Unsurprisingly, SMBs in Indonesia and Thailand are also most confident about business performance post COVID.

Services and solutions for SMBs

To support SMBs in adapting to new agile working environments, HP has introduced a suite of integrated services-based print solutions to enable SMBs to stay productive and effective no matter where they work. HP is now offering a one-year license for HP Roam for Business with a compatible HP LaserJet Pro 400-series bought by 31 October 2020, making it easy to print on the go from a mobile device and to retrieve the job touchless at any HP Roam-enabled printer within the company network

In addition, HP has enhanced HP SecurePrint which now supports all network types, including traditional networks behind a firewall as well as serverless print environments, helping customers simplify IT infrastructures. To empower workers the HP Workpath ecosystem, which enables workers to connect to cloud-based platforms directly from the Multifunction Printers (MFP), has expanded rapidly since it launched in November 2019, with 100+ apps available on the platform and thousands of apps deployed.

To meet the demands of the SMB worker’s multi-task, multi-place workday, HP PCs are designed to enable them to work anywhere when inspiration comes, giving them the performance that matches up to their creativity, and allowing them to collaborate seamlessly and effortlessly to bring their ideas to life

Security is a top priority in agile working environments. To ensure SMBs get ease of mind when working anywhere, HP is offering Sure Click Pro for free to all HP and non-HP Windows customers till September 30, 2020. HP Sure Click technology guards against malware, ransomware, and viruses embedded in email attachments or malicious websites.

HP is making it easy for SMBs to get their hands on the latest technology. Through initiatives like HP For Business in Thailand, HP has tailored a monthly subscription program with powerful devices with trusted security, and 24/7 technical support. The program helps relieve financial pressures on entrepreneurs in the short term and takes care of their IT management needs.

Continuous upskilling is critical for SMBs to revive and grow. The HP LIFE program offers free online self-paced training courses designed to help entrepreneurs and SMBs acquire new skills to grow their business, such as business communications, having a success mindset, social media marketing, and design thinking.

Methodology

In total, 1,600 SMBs completed the survey between 26th May 2020 to 7th June 2020, which comprised of 200 interviews in each of the markets: Australia, India, Indonesia, Japan, South Korea, Singapore, Thailand, and Vietnam. Only an Owner, Partner, Managing Director, CEO, COO, CFO, or a Director of a business with less than 200 employees qualified for the survey. Interviews were split evenly between Micro Business (<10 employees), Small Business (10-49 employees), and Medium Business (50-199 employees). Multiple industries were represented including Retail/Wholesale, Manufacturing, Professional Services, Healthcare, Education and Financial Services.

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Toxic workplaces increase risk of depression by 300%

Love thy employees; as evidence shows that companies who fail to reward or acknowledge their employees for hard work, impose unreasonable demands on workers, and do not give them autonomy, are placing their staff at a much greater risk of depression.

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A year-long Australian population study has found that full time workers employed by organisations that fail to prioritise their employees’ mental health have a threefold increased risk of being diagnosed with depression.

And while working long hours is a risk factor for dying from cardiovascular disease or having a stroke, poor management practices pose a greater risk for depression, the researchers found.

The University of South Australia study, published in the British Medical Journal today, is led by UniSA’s Psychosocial Safety Climate Observatory, the world’s first research platform exploring workplace psychological health and safety.

Psychosocial safety climate (PSC) is the term used to describe management practices and communication and participation systems that protect workers’ mental health and safety.

Lead author, Dr Amy Zadow, says that poor workplace mental health can be traced back to poor management practices, priorities and values, which then flows through to high job demands and low resources.

“Evidence shows that companies who fail to reward or acknowledge their employees for hard work, impose unreasonable demands on workers, and do not give them autonomy, are placing their staff at a much greater risk of depression,” says Dr Zadow.

Internationally renowned expert on workplace mental health, ARC Laureate Professor Maureen Dollard, says the study found that while enthusiastic and committed workers are valued, working long hours can lead to depression. Men are also more likely to become depressed if their workplace pays scant attention to their psychological health.

Due to the global burden of depression, which affects an estimated 300 million people worldwide and shows no sign of abating despite available treatments, more attention is now being paid to poorly functioning work environments which could contribute to the problem.

High levels of burnout and workplace bullying are also linked to corporations’ failure to support workers’ mental health.

A second paper co-authored by Professor Dollard and published in the European Journal of Work and Organizational Psychology earlier this month, found that low PSC was an important predictor of bullying and emotional exhaustion.

“Lack of consultation with employees and unions over workplace health and safety issues, and little support for stress prevention, is linked to low PSC in companies.

“We also found that bullying in a work unit can not only negatively affect the victim, but also the perpetrator and team members who witness that behaviour. It is not uncommon for everyone in the same unit to experience burnout as a result.

“In this study we investigated bullying in a group context and why it occurs. Sometimes stress is a trigger for bullying and in the worst cases it can set an ‘acceptable’ level of behaviour for other members of the team. But above all bullying can be predicted from a company’s commitment to mental health, so it can be prevented,” Prof Dollard says.

The global costs of workplace bullying and worker burnout are significant, manifested in absenteeism, poor work engagement, stress leave and low productivity.

The extent of the problem was recognised in 2019 with the International Labour Organization (ILO) implementing a Global Commission on the Future of Work and calling for “a human-centred approach, putting people and the work they do at the centre of economic and social policy and business practice”.

“The practical implications of this research are far reaching. High levels of worker burnout are extremely costly to organisations and it’s clear that top-level organisational change is needed to address the issue,” Prof Dollard says.

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Is there a good reason online retailers should invest in physical stores?

By directing new customers to purchase a “deep product in-store” as their first purchase from a new retailer, they are more likely to: 1) buy deep products in the future online, indicating that they generalize trust across channels; and 2) buy adjacent categories online, indicating that they generalize trust across categories.

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Photo by Clay Banks from Unsplash.com

Researchers from Colorado State University, Amazon, and Dartmouth College published a paper that examines the role of physical stores for selling “deep” products.

The study, forthcoming in the Journal of Marketing, is titled “How Physical Stores Enhance Customer Value: The Importance of Product Inspection Depth” and is authored by Jonathan Zhang, Chunwei Chang, and Scott Neslin.

While some traditional offline retailers are struggling and are closing stores (e.g., Macy’s, Walgreens), online retailers are opening them (e.g. Amazon, Warby Parker). This conflicting trend raises the question, what is the physical store’s role in today’s multichannel environment?

The research team posits that products differ in the inspection depth – “deep” or “shallow” – customers require to purchase them. Deep products require ample inspection in order for the customer to make an informed decision. We propose that physical stores provide the physical engagement opportunity customers need to purchase deep products.

To test this thesis, the researchers conducted three studies. The first used transaction data from a national multichannel outdoor-product retailer. Two lab experiments demonstrated the same effect.

The large-scale transactional data involving 50,000 customers show that by using a “deep products in-store” promotional strategy to migrate new customers from a “low-value state” to a “high-value state,” average spending per trip increases by 40%, long-term sales increases by 20%, and profitability increases by 22%.

The lab experiments show that:

  • By onboarding new customers to purchase a “deep product in-store” as their first purchase from a new retailer, their re-patronage intention for this retailer increases by 12% compared to all other product/channel combinations.
  • By directing new customers to purchase a “deep product in-store” as their first purchase from a new retailer, they are more likely to: 1) buy deep products in the future online, indicating that they generalize trust across channels; and 2) buy adjacent categories online, indicating that they generalize trust across categories.

The last decade has witnessed a marked increase in the opening of physical stores by online retailers, despite myriad changes in the retailing environment. This attests that these findings are not ephemeral. Zhang says “The general lesson of our research is for retailers to create a concrete, tangible, and multi-sensory experience for customers buying products that require this physical engagement. This sets the stage for favorable experiential learning and increased customer value.” Retailers can do this in numerous ways:

First, when retailers find that a customer is buying deep products online but their spending is decreasing in value, they can provide a promotion for deep products in-store. This can increase customer value.

Second, retailers need to enhance physical engagement for deep products through merchandising and training sales personnel to walk customers through the engagement – e.g., by helping customers try and use deep products in-store.

Third, retailers cannot infer product inspection depth solely from predefined product categories because there is much variation in inspection depth within a particular category. Rather, management should infer inspection depth using the proposed measures, or expert, independent judges.

Fourth, retailers should use a deep/offline onboarding strategy for new customers. That is, they should use acquisition channels that encourage the first purchase to be deep/offline.

Zhang adds that “We also discuss related issues such as using stores versus showrooms; fielding full or limited staff; selling private label goods; designing loyalty and buy online, pickup in-store (BOPIS) programs; and leveraging technology to create physical engagement in online settings.”

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Xendit launches payment gateway services to individual business owners

When individual sellers integrate their business with Xendit, their customers can make direct payments via direct debit through Bank of the Philippine Islands (BPI) and UnionBank of the Philippines (UBP), e-wallets such as GCash, GrabPay, and PayMaya, or Over-the-Counter via 7-Eleven and Cebuana Lhuillier. Meanwhile, sole proprietors, corporations, and partnerships can also process credit card payments.

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The ongoing pandemic has brought out the creative side of many Filipinos, who have found ways to supplement their incomes by selling various products or services on social media. Xendit is making it easier for individual business owners to settle payments with access to a world-class platform that makes billings simple, secure, and easy.

“The pandemic has seen a rise in individual sellers who utilize social media to sell their goods and services. The digital nature of transactions means payment methods need to adapt. We want to empower these rising contributors to the Philippine economy with a platform that handles payments for them while they focus on their business,” says Alyzza Acacio, Philippine SME Task Force Lead of Xendit Philippines.

When individual sellers integrate their business with Xendit, their customers can make direct payments via direct debit through Bank of the Philippine Islands (BPI) and UnionBank of the Philippines (UBP), e-wallets such as GCash, GrabPay, and PayMaya, or Over-the-Counter via 7-Eleven and Cebuana Lhuillier. Meanwhile, sole proprietors, corporations, and partnerships can also process credit card payments.

Since Xendit handles payments on the individual seller’s behalf, entrepreneurs can focus on fulfilling orders and growing their business. They no longer need to coordinate with each customer for payments because transaction statuses are updated in real-time on the Xendit dashboard. 

Xendit’s mission is to make payments simple, so that even entrepreneurs and small and medium enterprises (SMEs) unfamiliar who are not as technically savvy can integrate with the platform easily. Xendit is available in platforms such as Wix, Shopify, or WooCommerce. Those who rely solely on social media for business can generate payment links that customers can access. Sellers also have access to their transaction history on a centralized dashboard to monitor sales and payments.

“We need to continue to support the Filipino micro-entrepreneurs and small business owners to embrace the digital age; they have experienced the ease that online selling and marketing and smartphones have brought them closer to their customers. The next step is to help them grow their business by helping them manage day-to-day tasks in their enterprise and improve their financial literacy as they experience and use fintech products and platforms more and more,” says Ana Mijares, Senior Trainer for the Go Digital ASEAN initiative.

To welcome SMEs, Xendit is offering up to P1.6 million worth of waived transaction fees for new sign-ups. The platform is also waiving P1 million in fees for individual sellers.

Opening its platform to individual sellers is just one of Xendit’s many ways to empower SMEs using technology. Its Level Up accelerator program supports entrepreneurs through masterclasses and challenges that give them the tools and know-how to scale their businesses. The program also includes giving P3.5 million in free transactions for 1,000 startups for one year through its video challenge

Xendit is the simplest and most trusted name in digital transactions in the region. It powers SMEs as well as the Philippines’ largest enterprises. Xendit is committed to building a solid payment infrastructure for the country and the rest of Southeast Asia.

“We launched an SME task force at the beginning of the year to help create solutions for Filipino businesses that may have been affected by the pandemic. We hope to continue our support for Filipino MSMEs so they can grow their business and help the Philippine economy,” says Yang Yang Zhang, Managing Director of Xendit Philippines.

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