What happened to CD-R King? 3 Business Lessons to Keep Up with the E-Commerce Boom – Business News Philippines
Years ago CD-R King was so popular that it had over 500 branches all over the Philippines. During the 2000s, it was the go-to store for buying CDs, electronics, gears, gadgets, and almost anything tech-related. Unfortunately, its popularity ended as it closed most of its physical stores.
What happened to the once beloved CD-R King? The history of the popular retail store presents many business lessons on how to keep up with ever-changing customer and market demands.
According to Daryle Ganchua, then regional manager of CD-R King on ANC, their brand wanted to promote affordable tech devices to the Filipino masses.
Their business strategy worked…but only for a while. Soon they had to face several challenges which led to the downfall of the business.
Customer service and product complaints
Many CD-R King customers have received their fair share of complaints about their people, staff, and system. A Reddit thread about the CD-R King’s downfall shared that many customers were discouraged due to poor customer service and wait times.
“Payment for my items is taking too long. I have to queue another 30 minutes just to pay so I end up abandoning my items multiple times,” one user commented. Another wrote: “Bad customer service, poor product quality.
Good customer service is one of the keys to growing your business quickly. Keeping your customers happy and satisfied will keep them coming back to your business. There are many ways to keep your customers happy, one of them is to make sure your services don’t disappoint their expectations.
Where is CD-R King?
As they say, “e-commerce is king”. In a report on Esquire, they noted how the rise of e-commerce has heavily affected many retail stores like CD-R King starting in 2010.
After many years, CD-R King now follows e-commerce by maintaining an official store on e-commerce platforms like Lazada and Shopee. It still has very few branches open but is quite far from its glory days.
It also didn’t help that in 2021, Manila’s Bureau of Internal Revenue (BIR) Revenue Region No. 6 filed a £26.47 million tax evasion case against the CD-R founder. King Nicholson Co Santos and Haleiwa International Corporation, according to Abogado.
Stay with e-commerce
Chris Cashin, a member of the Forbes Councils, has identified some important business lessons about transitioning your business to e-commerce:
1. Product quality matters
The price must be able to meet the customer’s expectations in terms of quality.
2. Use modern tools
Find and use modern tools to help your business scale quickly. Use technology, social media and other online applications to streamline your inventory and logistics.
3. Choose the right products
Don’t just sell products when they are in demand. Create a viable product that meets a specific long-term demand. Don’t just focus on trends and hypes.
Move your money between countries.
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