business
Janelle De Souza
TSTT has placed the artisans of TT, and ultimately the Caribbean, on the international market with its new e-commerce platform, Parlour.
Through its partnership with Export Centers Company Ltd (ECCL), Parlor will be home to the national digital craft store CraftHubTT, showcasing a variety of local crafts and making transactions within the Caribbean simpler and more efficient.
The goal is to help its sellers build and transform their businesses by providing a digital ecosystem to support its sellers in modernizing the way they promote and sell their products.
Speaking at the launch of Parlor at the Hyatt Regency, Port of Spain on Saturday night, TSTT chairman Sean Roach said he was confident the e-commerce platform would be an important milestone in realizing the government’s vision for 2030 and digital transformation operational plan.
“Parlor’s ambitious and achievable vision is, and I quote, ‘To be the number one e-commerce marketplace in the Caribbean, a brand synonymous with online and mobile shopping in its markets.’ Our long-term goal is to partner with 100,000 sellers and enable them to attract millions of consumers to their products.
Export Centers Company Ltd interim CEO Kaisha Ince said 20 “craft ambassadors” from Trinidad and Tobago, and their products, are being showcased at CraftHubTT, including Drag Brothers.
TSTT assistant general manager, emerging services and innovation, Keino Cox said in the future, Parlor would be more than a platform to sell handicrafts. It would also be about services, art, cuisine and more.
Parlor University’s online learning portal would provide vendors with the opportunity to grow their business. And TSTT expected to launch its online wallet, PAYPR, to integrate cashless payments with Parlor to provide users with a simple, secure and affordable way to complete transactions.
Also, in October, Parlor will expand its network to the regional and global market allowing millions of customers, including those from the diaspora markets in the US, Canada and the UK, to access the diverse range of Caribbean products.
In his speech, Minister of Public Services Marvin Gonzales expressed the belief that the restructuring of TSTT would benefit TSTT.
“TSTT is an important stakeholder in the communications sector in TT and they represent who we are as red, white and black – the people of TT. And, therefore, we must walk with them. Although we are going through some challenging times, I believe, and we should all believe, that TSTT will remain on the national landscape providing telecommunications services to the people of TT.”
Speaking to Parlour, he said he believed in the “bold and innovative” move to revive the salon concept and “rekindle the spirit of Caribbean entrepreneurship”.
He said many people struggled during the pandemic and many local and regional businesses were adversely affected due to not modernizing their marketing in line with the increase in online shopping.
However, many adapted and there was a huge increase in e-commerce activities.
“Online sales in TT and the wider region have strengthened year-on-year, particularly in the absence of stores being open, with online sales records expected to be broken in many parts of the region. Online retail growth has grown steadily during the pandemic years and looks set to continue unabated on this upward trajectory.”
Addressing the function, Trade and Industry Minister Paula Gopee-Scoon said a 2022 report from Morgan Stanley noted that global e-commerce grew from 15 percent of total retail sales in 2019 to 21 percent in 2021 and 22 percent in 2022 He also said the e-commerce market had a lot of room for growth and retail sales could grow from $3.3 trillion in 2022 to $5.4 trillion in 2026.
“These statistics are revealing and show the importance of initiatives such as Parlour. Marketplace platforms are invaluable and offer a great opportunity for entrepreneurs, especially MSMEs as a practical option, to take their businesses online without needing to worry about running the backend, which can be a hindrance. Online sales are no longer an option, but a necessity.”
She said the government was in the early stages of negotiations with the UN Conference on Trade and Development (UNCTAD) on an e-commerce readiness assessment and the development of an e-commerce strategy. Also, in 2020, her ministry launched the International Trade Center’s She Trades platform, which focused on empowering women to connect with trade opportunities.
The government also finalized the Electronic Funds Transfer (EFT) Policy so that online payments can be made to any government agency. And her ministry was working with the Treasury Department, under the Electronic Single Window Expansion Project, to determine the requirements for implementing electronic payment systems for TTBizLink.
“E-commerce is a critical tool that can be used by both entrepreneurs and government to grow the economy. Going forward, we need to ensure that businesses are better prepared to participate in e-commerce and embrace it and adopt it to keep pace. in this rapidly developing digital economy.”
Minister of Sports and Community Development Shamfa Cudjoe encouraged attendees to go to their communities, find artisans and register them on the platform. She also encouraged the organizers to have strict rules and guidelines to keep the products authentic.
“It’s not just about selling. It’s about training, sharing ideas, creating networks, creating partnerships and for me, that’s the real beauty of this initiative.
“It’s not just about the commercial side. It’s about preserving our culture and preserving our heritage.”
TT Import Export Bank CEO Navin Dookeran said his bank hoped to launch a Catalytic Fund by the middle of next year. The fund will allow export-oriented companies to access financial support and earn foreign exchange.
TSTT CEO Lisa Agard added that the Parlor had the potential to impact the economy and change lives.
She said bmobile had the products and services to digitally transform and support entrepreneurs and provide them with access to communications technology.
“The sheer scale, reliability and logistics that TSTT brings to Parlor’s size, strategic partnerships and brand equity will make it bigger and more high-profile and push it further and faster than any competitor This will translate into greater sales capacity.
“And then, of course, there are all the additional features built into Salon to create an entire ecosystem designed to meet the needs and support the goals of our small and young artists, artisans and entrepreneurs.”
