Hong Kong and Shanghai Banking Corporation (HSBC), a global bank, has floated a data-powered platform named Serai to help businesses grow and connect globally. It has started to connect digitally the buyers and sellers in the clothing and garments industry. Based in Hong Kong, Serai has the strength of a global bank and the agility of a startup.
Ms Sandy Lau, Chief Growth Officer, Serai, has given an e-mail interview to The Financial Express recently on Serai’s role in Bangladesh. Excerpts of the interview follow:
Question (Q): As Chief Growth Officer at Serai, what are your goals for the company? In particular, what do you hope to achieve in Bangladesh?
Answer (A): As the title suggests, one of the areas I am in charge of is identifying key growth opportunities for the business globally. I believe that Serai offers a valuable platform for apparel suppliers and manufacturers to strengthen their digital presence and gain a larger share of the international market. This is especially useful for the small and medium-sized businesses who may not have the resources to grow their business ordinarily.
Q: What do you think differentiates Serai from other similar digital B2B platforms in the market?
A: Serai is an independent platform. Our modular tech architecture allows us to easily integrate products and services to be accessible by users on our platform. This also means that we are agile enough to respond and adapt to the needs of the companies we work with. Serai is truly built with the suppliers, manufacturers and buyers we work with in mind.
We aim to be an end-to-end supply chain solutions provider. Recently we have added risk assessment and supply chain traceability solutions which our customers can purchase and access all from the Serai platform.
Q: What projects are you currently working on at Serai targeted towards Bangladesh?
A: Currently, most of our work in Bangladesh is focused on developing and increasing the reach of Serai. HSBC’s Serai is a free digital profile building platform where apparel manufacturers can easily connect with domestic and international buyers. We also held a virtual event on February 2 and 3 where we provided a platform for Bangladeshi suppliers to showcase their products and facilities through virtual tours, and speak directly with international buyers attending the event.
Q: How important is technology in the RMG sector? Where does Bangladesh stand and what can be done to increase digital adoption?
A: Technology has revolutionised businesses worldwide. Now more than ever, it is crucial for businesses to have a strong online presence, especially to establish their brands and increase their reach. Not only can digitisation help Bangladeshi RMG businesses facilitate their international transactions, it can also potentially help increase the country’s share in the international apparel market. Demand is now influenced by customers who expect a straightforward and intuitive buying experience so most manufacturers around the world are shifting to online marketplaces. Serai is an example of a digital platform that connects apparel manufacturers with buyers. We also offer risk assessment solutions, in partnership with leading risk management and data analytics firms, to help companies on the platform assess and monitor the credit risk associated with their counterparties.
Q: Can you tell us a bit more about the free digital profile building service that you are providing for Bangladeshi manufacturers?
A: Serai aims to simplify global trade through our digital B2B platform where businesses can search, find and connect with each other through their profiles while maintaining control and ownership over their data and other digital assets. Companies can also showcase their range of products, facilities, and certifications which helps build their credibility and enhance their brand’s reach.
Now more than ever, many Bangladeshi apparel manufacturers want to become digitalised but do not have the necessary knowledge and platform to do so. Having access to a platform like Serai will help them in leveraging technology to do business post-pandemic, as well as move on from traditional ways of working and an over-reliance on just a small number of buyer relationships. The RMG industry accounts for the majority of the country’s exports of nearly 80 per cent and holds around 6.0 per cent share in the global apparel market. Our goal is to become a one-stop portal facilitating global trade which will eventually help Bangladesh capture a larger share of the global RMG export market.
Q: How has it been received in terms of the response?
A: Over 3,300 apparel suppliers, manufacturers and buyers have already signed up on Serai, including over 500 from Bangladesh. The numbers are gradually increasing. These include big names like Envoy Textiles, DBL Group and Viyellatex Group. The buyers on the platform come from over 30 different countries including Australia, US, UK and other European nations.
Q: You’ve built a long career in marketing across various sectors. What marketing lessons do you think Bangladeshi manufacturers can apply to further promote themselves globally?
A: With the marketing landscape changing constantly along with new technology and trends, adaptability is a key trait for success. We’ve had to learn about and implement digital tools to increase our brand presence. Similarly, it’s important for Bangladeshi manufacturers to adapt and learn how to leverage technology to their advantage. This includes having a strong digital presence where companies can communicate who they are, what they stand for and the value they can add through their products or services consistently and compellingly.
Improving and optimising the customer experience and journey can be another important differentiator for Bangladeshi manufacturers. With the pandemic hampering a lot of offline activities, manufacturers should maximise their website to make sure it offers a seamless and intuitive customer journey. Customers should be able to find products and any other relevant information easily.
Q: Lastly, you have been known to be an aspiration for women, breaking stereotypes and glass ceilings. What message would you like to send to the women of Bangladesh?
A: I think opportunities are opening up for women around the world, including Bangladesh. You have amazing women in leadership roles in the industry and the country - Rubana Huq, Sheikh Hasina and many more. It’s clear that women can be great leaders and have a lot to bring to the table. I encourage women to embrace who they are, and to bring to the table the great skills and qualities they have. Businesses benefit from a diverse representation in their leadership and management. Women can bring different perspectives and can be great team leaders. The women who have managed to break glass ceilings and have been able to build influence can also play an important role in paying it forward, supporting and uplifting other women. As a mother of a one year old, I recognise women have many roles to play in their lives and it’s definitely challenging to juggle these. I’ve found having a good support system is very helpful, whether it’s social networks amongst women in tech or your family and friends.