KUALA LUMPUR: Retail technology solutions provider, Radiant Globaltech Bhd (Radiant Group) said the increased digital transformation in the retail industry amidst the COVID-19 crisis has proved to be a boon for the company.
In a statement today, managing director Paul Yap Ban Foo said revenue contribution from the company’s software segment had increased from 9.5 per cent in 2015 to 19.4 per cent in 2019.
In the first quarter of this year (Q1 2020), revenue from its software segment increased 18.6 per cent year-on-year (y-o-y) to RM2.4 million from RM2 million previously, while revenue from its hardware segment rose 6.6 per cent y-o-y to RM9 million from RM8.4 million.
During the quarter, the group’s revenue rose by 2.3 per cent y-o-y to RM14.1 million from RM13.8 million previously on stronger contribution from its software segment.
“COVID-19 posed unprecedented challenges to the retail sector, including shorter operation hours in outlets, and changed consumer behaviours through social distancing and increased safety protocols.
“Retailers have to adapt to the post-Movement Control Order ‘new normal’ on top of ensuring sufficient stock and managing cash flow,“ said Yap.
He said the group’s retail management portal, AX Retail B2B can help accelerate retailers’ transition from traditional processes to digitalised solutions.
The portal facilitates back-end transactions between retail chain outlets and its suppliers seamlessly.
It captures and processes all transactions from delivery orders to invoice generation in a timely manner, hence reducing order-delivery-payment time and errors.
Meanwhile, Yap said Radiant Group has also expanded its customer base after securing a 45-outlet retail supermarket chain.
The group has registered 350 additional suppliers on AX Retail B2B, bringing its total supplier base to 3,850. -Bernama
source https://www.thesundaily.my/business/retail-sector-s-new-normal-a-boon-for-radiant-group-AC2589640
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