But the journey “will be quite difficult” and the government will continue to provide the necessary support to facilitate the transformation of the industry. Companies must also continue to invest in their own capabilities, especially to help their employees develop digital skills, he added.
Asked if it was reasonable for battered retailers to expect more financial support from the government, Mr Gan said the industry has been “fairly realistic” and is aware that such support “will always be limited and that it is much more important for them to (be allowed) to resume operations”.
“That’s what we do – keep Singapore safe and at the same time open up safely to the rest of the world so that visitors, business people (and) tourists return to Singapore. That’s the key driver for the growth of our retail sector,” he said.
State Minister for Commerce and Industry Low Yen Ling, who was also in attendance, noted that an industrial digital plan had been launched earlier for the retail sector, which offered players in the digital solutions industry across the value chain, from design to retail.
“For example, shopping. By going digital, it allows them to source from more suppliers, and through transparency, it will also allow them to optimize prices,” she said.
Authorities are also working with trade associations and chambers, such as the Singapore Retailers Association, to reach out to businesses to understand their digital readiness scale and future plans.
“The Digital Industry Plan offers a directory of digital solutions to help every business improve their digital capabilities,” Ms Low told reporters.
“Some of them may want to focus on the staff, and others may want to focus on the front or the back of the house. There is something for everyone in terms of digital solutions .
