Digital transformation is vital for businesses in the trading sector to stay competitive in today’s market, and they need to focus their resources and implement it methodically to derive greater efficiency, a symposium heard in HCM City last week.

The boom in digital technologies and the COVID-19 pandemic have changed consumer behaviour from visiting brick-and-mortar stores to buying online, and from paying by cash to digital payments, speeding up retail evolution, they said.

Retailers are increasing their presence on various digital platforms (e-commerce platforms, social networks, etc.) to reach consumers, and technology would continue to play an important role in helping retail businesses evolve to meet the changing needs, they said.

Nguyễn Anh Đức, chairman of the Association of Việt Nam Retailers and general director of Saigon Co.op, said retailers have accelerated digital transformation post-pandemic, but are facing difficulties due to their limited resources and don’t know how to ensure the transformation dovetails with their resources and market fluctuations and ushers in efficiency.

Foreign retailers possess advantages in terms of capital, technology and expertise, and domestic enterprises are at a disadvantage when trying to go digital, he said.

At the event, the Ministry of Planning and Investment’s business development department introduced a handbook on digital transformation for small- and medium-sized enterprises in the retail and logistics sectors.

A representative of the department said digital transformation has become a pressing issue, particularly since the pandemic drastically changed people’s habits and society, requiring organisations, individuals and businesses to adapt.

Trần Vũ Trung, senior manager, consulting, at EY Consulting Vietnam JSC, said the handbook provides up-to-date information to support businesses in their digital transformation journey.

It says identifying strategic goals and vision of digital transformation is important for businesses and shape their journey.

After defining strategic goals and visions, businesses need to develop a methodical roadmap to achieve them.

They must build a “digital culture” through communication and training in digital transformation to ensure that managers and employees have a correct understanding of digital transformation and are ready to accept changes in a positive manner.

Qualified human resources are also needed to achieve digital transformation.

Trung said people are the key to effective digital transformation and need to have innovative thinking, the ability to accept change and learning and teamwork capabilities. 

Getting the leadership on board is also important to achieve digital transformation, he said.

There is no best or universal solution, and businesses need to find the right solutions basing on their vision, goals and resources, he added.

The symposium co-organised by the Emulation Group 11 under the city People’s Committee and the Association of Việt Nam Retailers.

Viet Nam News