Saturday 04 / May / 2024
Muscat: Zubair Small Enterprises Centre (Zubair SEC) held a virtual 'Tajribati' session to discuss measures and steps the SME sector must take to prepare for post-COVID-19.
The session was attended by entrepreneurs and SMEs from Oman and GCC countries.
Participants discussed how different sectors in the economy were affected by the pandemic while illustrating a heat map to reflect the topic. Participants concurred that despite the negative effect, opportunities for innovation and excellence were available.
Expected changes in markets and consumers behaviour during and after COVID-19 were discussed. Participants also deliberated on how to respond to the situation and put forward some possible solutions.
Lina Hussein, Head of Communications and Social Impact at Zubair SEC said, “Through our daily work with our members, we witnessed first-hand how small businesses have been affected differently by COVID-19 depending on the sectors they operate in. For some, the crisis formed an immense opportunity to further develop their business and grow, while for others it, unfortunately, led to struggling and for some defaulting, especially those who work in the worst-hit sectors such as tourism. But in all cases some significant examples of resilience and perseverance have stood out, demonstrating flexibility to accommodate to the changes in the market and customers’ needs. During those challenging times, Zubair SEC has spared no effort to continue extending its services to its members remotely."
She added, “Such efforts include special virtual ‘Tajribati’ dialogue sessions, which is an initiative the Centre has been running for five years. During COVID-19 we have continued holding those sessions, albite virtually, and they were attended by several SMEs and SME support organisations from the Sultanate and GCC countries. In previous sessions to this recent one, we held a virtual session to discuss the impact of the pandemic on the economy and SMEs, while in another session we discussed the importance of online marketplaces and e-commerce in helping SMEs achieve sustainability and maintaining their business during such difficult times”.
Participants from GCC countries included some partners of Zubair SEC and representatives of SME support organisations including Cubical Services – Kuwait; Future Group– Kuwait; Corporate Hub 9 (CH9) – Bahrain; Startup Bahrain; and some active supporters of entrepreneurship in the Kingdom of Saudi Arabia amongst other, along with a number of entrepreneurs and SME owners.
Commenting on Tajribati sessions, Mohammed Qattan, EVP Business Development and Partner, Cubical Services Kuwait said, “My participation with Zubair SEC through a regional gathering to discuss preparations for post-COVID-19 has been very fruitful and valuable; it gave us the opportunity to share our insight and experience with our counterparts and SMEs from GCC in general and Oman in specific through constructive and well-moderated dialogue.”
He added, “I am very pleased with our continuous collaboration with Zubair SEC as they form a bridge between Omani and Kuwaiti markets for SMEs and entrepreneurs, and a strong partner that complements a lot of the ongoing efforts in support of SMEs in the GCC.”
Participants who took part in the recent session suggested several important factors to consider in preparation for post-COVID-19 market. Some of the suggestions included getting prepared to move customer experience from physical stores to online stores. SMEs were urged to be ready for marketplace challenges where they will have to move marketing and sales to a new platform. They were asked to look at the challenges as an opportunity for development.
Representatives at the session felt that brands who have already achieved customer brand loyalty before the crisis will have a better chance to sell electronically, but they also need to sustain that trust and loyalty and not take it for granted.
The need to create a roadmap to develop products and services, innovate, and accommodate to the new market dynamics and changes in consumers behaviour was underlined at the session.
While accentuating that newly established SMEs will face tremendous challenges, especially those who do not have an existing customer database to rely on, new entrepreneurs were advised to embark on strong marketplaces and smart marketing apps to reach new customers efficiently.
Specialists speaking at the session underscored that everyone needs to accommodate and adjust to change, maintaining physical distancing, hygienic practices, and sanitisation measures when going back to business. They also said competitiveness will be about who offers best life quality services and products while maintaining the highest public health and safety standards to gain customers’ trust.
It is particularly important in the coming stage to understand customer needs. Most people will focus more on essential goods and avoid non-essential commodities, they said.
During the session, some participants cited examples of innovative products that are likely to get a lot of market attention due to it meeting the health and safety necessities of current times.
SMEs were reminded that there will be accelerated development of FinTech solutions due to the increased demand for marketplaces and e-commerce sites, as well as facilitated digital financial solutions.
It was highlighted that speed and efficiency in adjusting will be one of the most important factors for success post-COVID 19.
The session also focused on the importance of localising the supply chain and supporting local products and businesses.
Many participants from GCC countries praised the efforts of Oman Technology Fund (OTF) for allocating significant funds to support tech start-ups who offer applications that contribute to an effective response to COVID-19.
Participants also shared insights on how their companies responded to COVID-19, each according to the sector they work in, and how innovation and flexibility to adjust played a vital role in their sustainability.
