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Bangkok Bank holds 2020’s 12th Bualuang SME Fair with both offline & online channels to provide advice for SME to adapt, survive and thrive in the Next Normal era
December 18, 2020
Bangkok Bank will hold its 12th Bualuang SME Fair this year featuring special prices and high-quality products from more than 100 Bualuang SME Club members. Customers can shop via both offline and online channels. The fair emphasizes the Bank’s “Trusted Partner” position to help businesses get through the crisis and grow in the Next Normal era.
Bangkok Bank Senior Executive Vice President Virasak Sutanthavibul said Bangkok Bank held the “Bualuang SME Fair 2020” featuring specially-priced products from more than 100 Bualuang SME Club members to help expand the distribution channels for products from SME entrepreneurs. At the same time, it also helps customers to access high-quality products at a special price. The fair will offer hundreds of products including electric appliances, cosmetics, mobile phone gadgets, bedding sets, travel luggage, top-branded shoes, frozen food and seafood, health-related products, gifts and souvenirs, and much more. The fair this year will be held on December 18, 2020 in front of the Bangkok Bank Head Office on Silom Road.
The Bank has added a new channel to facilitate customers by creating the Bualuang SME Fair Facebook Group to reflect the current situation and better serve customer needs in the Next Normal era. Simply visit https://www.facebook.com/groups/373578103954190 to shop without having to come to the fair in person.
The “Bualuang SME Fair” was held for the first time in 2009 under the initiative of former Bangkok Bank Executive Chairman Kosit Panpiemras to expand marketing channels and revenues for entrepreneurs who are Bualuang SME Club members. At the same time, it also helps customers to access high-quality products at a special price directly from manufacturers. Since its inception the fair has been well received and very successful. The Bank has organized the fair every year, with 2020 being its 12th year.
“The Bank is highly focused on creating confidence for attendees, so the fair will be organized with strict measures to prevent the spread of COVID-19. All attendees are requested to wear masks and follow social distancing guidelines while shopping at the fair. The Bank also offers a promotion for digital payments to avoid using cash. Bangkok Bank customers making payments of at least 200 baht via Bangkok Bank Mobile Banking at participating merchants will receive 20-baht cash back per transaction (customers will get the cash deposited into their account the following day. Maximum limit for cash back is 100 baht per person and is limited to 1,000 people). The Bank also provides the BeMerchant service to enable merchants to receive QR Code payments and help reduce complexity in cash management as well as help summarize sales volumes. This is in line with the current situation where people worry about the spread of COVID-19 and like to avoid using cash.”
Virasak added that the situation throughout 2020 has been challenging for businesses, especially during the COVID-19 outbreak that has affected every country in the world, including Thailand. It has been the main challenge for entrepreneurs, especially SME, to adjust operations to get through the crisis as well as be prepared for the future. Despite the situation beginning to recover, changes in people’s behavior and lifestyle towards the Next Normal will affect how businesses operate. The ones who retain their old ways of thinking and doing things can no longer survive.
Businesses in the Next Normal era should adhere to the principle of “2L, 2D”. Firstly, “Light” – business must be light, flexible, and without complicated processes that will lower performance. Secondly, “Liquid” – businesses must have sufficient liquidity. Next “Different” – businesses must be different from competitors, so they don’t have to compete in a price war. Lastly, “Decreased”, businesses should reduce their costs in order to sell their products at a reasonable price because many people have found their income reduced and must be careful about spending. The products must be worthwhile, high quality, and at affordable prices.
"It is crucial for SME businesses to adapt themselves now. The situation is like an illness – it requires urgent surgery to fight the disease and be cured. At the same time, symptomatic treatment still needs to be done in order to get through the current situation. As a trusted partner, Bangkok Bank is ready to support SMEs with a variety of assistance measures to ensure customers’ liquidity and provide them with advice for financial planning and management, including soft loans or the DR BIZ project that helps SME customers solve their debts and provides ways for them to survive this crisis.