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UOB rides on Shopmatic's digital solutions to help SMEs get on e-commerce bandwagon
UNITED Overseas Bank (UOB) is integrating the digital solutions of e-commerce solutions provider Shopmatic, into its suite of cloud-based business solutions "UOB BizSmart" to help small businesses build e-commerce websites quickly and expand their sales channels.
Small businesses will be able to build e-commerce websites even if they lack technical skills such as coding, online payments and user experience design, the lender said on Wednesday.
According to Shopmatic, its solution can help small businesses build customised e-commerce sites within 15 minutes, compared to an average build-time of one month.
Small businesses can choose from more than 60 website design templates, and enable multiple payment options on their sites. Delivery services are also integrated into the solution.
Shopmatic will also help such businesses to expand their sales channels by listing their products and services on multiple marketplaces and social channels such as Amazon, Lazada, Qoo10 and Facebook. It will also showcase the products and services on its Shopmatic World platform, a discovery platform for buyers.
Orders from different marketplaces are integrated into and managed on Shopmatic’s platform, enabling businesses to manage sales and delivery through one dashboard.
UOB client Lim Pur Lin, who is the founder of GEMSINC.sg - a Swarovski branding partner, said taking her brand online allows it to be showcased internationally.
Ms Lim added that the Instagram integration feature on Shopmatic allows her to synchronise her accounts and upload new products on her website easily.
Sales data generated on Shopmatic would also help small businesses without a track record required for bank financing to apply for UOB business loans. UOB will use insights generated from the sales data alongside traditional data - such as the company’s latest financial statements - to determine the business’ creditworthiness.
"As Asean’s e-commerce market continues to grow, it is essential for small businesses to tap the revenue opportunities within the digital economy by expanding their sales channels and attracting new customers," said Lawrence Loh, UOB's head of group business banking.
Anurag Avula, Shopmatic's co-founder and CEO, added: “We recognise that in order to be relevant in today's digital economy, being online is the way forward for brick and mortar businesses. As such, we are delighted to be partnering UOB to help small businesses go digital."
UOB shares were down 1.15 per cent, or S$0.30, at S$25.70 as at 11.32am.