70% of merchants start applying for micro-financing, micro-insurance within a yearBeing a subsidiary of a listed company, ie Axiata Group Bhd, means that Boost Business Sdn Bhd, while operating like a startup, has its revenue and customer metrics made public.
In other words, it is spending less on the costly exercise and imperfect science of user acquisition, and focusing more efforts in delivering value to its business and consumer users. Economic conditions aside, Boost has noticed consistent challenges that other research have pinpointed as well, which micro SMEs in Malaysia face when embarking on their digitalisation journeys. For instance:Lack of digital savviness especially amongst the older generationSheyantha says Boost rolled out a two-prong approach to tackle this.
The second approach Boost has taken is to work together with partners like MDEC to help mSMEs shift online at zero cost to build more sustainable and resilient businesses. Last year, Boost rolled out the Go-eCommerce Onboarding campaign that reached an uptake of 42%. According to Sheyantha, “this shows MSMEs’ greater willingness and awareness of the need to digitalise their businesses.”At the same time, Boost has also learned to adopt its message.