JAMAICA RECORDS THE 12TH CONSECUTIVE QUARTER OF GROWTH.
UBER AND OTHER RIDE-SHARING APPS BANNED IN JAMAICA
BUILD TRUST TO BOOST CUSTOMER TECHNOLOGY ENGAGEMENT
JAMAICANS & CARIBBEAN NATIONALS DON'T NEED TO MIGRATE TO BE SUCCESSFUL
SMES EMBRACE THE DIGITAL EVOLUTION
EMBRACE AI
Welcome to the June edition of The Millennial Marketer. This month, we delve into a myriad of enticing articles that will pique your interest and provide insights into the ever-evolving world of consumerism.
One of our highlights is the ongoing hotel boom in Jamaica. Our coverage offers a detailed look at how our Caribbean paradise is transforming into a hotbed for hospitality industry growth and what this could mean for marketers worldwide.
Additionally, we explore how SMEs are embracing digital evolution. Amidst a sea of technological advancements, small and mediumsized enterprises are not just keeping up with the times but are becoming forerunners in the digital race.
Fostering trust with customer technology is another theme we're delving into. Building and maintaining customer trust is paramount in an era where technology reigns supreme. We have expert views on strategies and approaches to achieving this.
Finally, this month's featured article discusses the benefits of using a Customer Relationship Management (CRM) system in small businesses. It's an insightful piece that elucidates how a CRM system can revolutionize businesses' operations and why it is more than just a helpful tool but a necessity.
We hope you find this edition enlightening and beneficial. As always, we are eager to hear your thoughts and feedback.
Enjoy your read!
Warm Regards, Paul Bauer EDITOR, THE MILLENNIAL MARKETER
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The Planning Institute of Jamaica (PIOJ) reports that the economy grew by an estimated 1.9% from January to March 2024.
If confirmed by the Statistical Institute of Jamaica (STATIN), this will be the 12th consecutive quarter of economic growth.
The PIOJ releases the preliminary growth estimate approximately six weeks following the end of the quarter being reviewed. STATIN releases the official GDP figures at the end of the third month following the end of the quarter. Speaking during the PIOJ’s quarterly briefing on Tuesday (May 28), Senior Director of the Economic Planning and Research Division, James Stewart, said the performance for the January to March period primarily reflected the impact of increased external demand, higher levels of business and consumer confidence, increased agricultural output and continued expansion in capacity utilization at alumina refineries.
Stewart indicated that a contraction in the construction industry tempered further growth in the economy.
The performance from January to March largely reflected the impact of increased external demand, higher levels of business and consumer confidence, increased agricultural output, and continued expansion in capacity utilization at alumina refineries.
Stewart indicated that a contraction in the construction industry tempered further growth in the economy.
Regarding real-sector developments, the goods-producing industry grew by an estimated 3%, driven by improved performances in three of the four sectors: Agriculture, Forestry and Fishing, Mining and Quarrying, and Manufacturing.
“Output of the Agriculture, Forestry, and Fishing industry was estimated to have increased by 7.7%. The industry’s performance reflected favorable weather conditions, facilitated by higher production levels, relative to the corresponding quarter of 2023 when drought conditions negatively impacted the industry,” Stewart said.
He noted that the quarter's performance was spurred by greater productivity, as reflected in a 4.7% expansion in output per hectare.
“The group ‘Other Agricultural Crops’ was estimated to have grown by 10.5%, reflecting increased production in all nine crop groups,” the Senior Director indicated.
Stewart informed that the Mining and Quarrying sector was estimated to have grown by 24.8% due to increased alumina and crude bauxite output. He said increased demand resulted in 27.8% higher alumina production, while crude bauxite production rose by 4.6%.
Regarding manufacturing, Stewart advised that the industry grew by 2% due to estimated growth in the ‘Food, Beverages and Tobacco’ and ‘Other Manufacturing’ sub-industries.
“Higher output was recorded for the ‘Food Processing’ component, largely due to bakery products, up 8%; dairy products, up 1.9%; and poultry meat, up 2.3%. Further expansion of the ‘Food, Beverages and Tobacco’ sub-industry was tempered by lower production of sugar, down 15.1%, and beer, down 16.7%,” he detailed.
Meanwhile, real value added for the construction industry fell by 4.5%, reflecting a downturn in the ‘Building Construction’ component, which outweighed an estimated growth in the ‘Other Construction’ component. Stewart explained that the performance of the ‘Building Construction’ component was constrained by the National Housing Trust's (NHT) 56.5% contraction in housing starts.
Preliminary sales data further revealed a 10.8% decline in the actual sales of Construction inputs, primarily hardware, paint, and glass, which fell by 12%.
“The estimated growth in the ‘Other Construction’ component was due to increased capital expenditure on civil engineering activities by the National Road Operating and Constructing Company (NROCC), up 609.2% to $5.1 billion, due largely to expenditure on the Montego Bay Perimeter Road, and the Jamaica Public Service Company, up 38.7% to $1.6 billion, due to construction and installation activities related to the transmission and distribution of electricity,” Stewart stated.
Looking ahead to April–June 2024, the economy's growth prospects are generally positive. The economy is projected to grow between 1.5% and 2.5% relative to April–June 2023.
Meanwhile, real GDP is estimated to have grown by 2% for FY2023/24. The fiscal year's outturn was supported by improved performances in all industries except Agriculture, Construction, and Producers of Government Services.
With global digital payment transactions projected to hit US$11.53 trillion this year, one tech expert urges businesses to foster market trust to increase customer participation.
The digital economy, driven by information and communication technology (ICT), covers myriad transactions among people, businesses, devices, and data. Notably, e-commerce and mobile payments drive its growth.
Speaking at the recent Caribbean Travel Forum in Montego Bay, St James, Senior Director at C&W Business Delroy McLean, highlighted Jamaica’s 110 percent mobile penetration but noted that only 40 percent use smart features and fewer engage in e-commerce.
According to McLean, Caribbean nationals tend to be skeptical about mobile payments because they lack faith in institutions and supporting technology.
“Business moves at the speed of trust. Across the Caribbean, we have a culture of ‘seeing is believing’ and an insistence on conducting business in person,” he said.
He added that changing this culture to one that embraces transacting business remotely will begin with sensitizing the younger generation/
“Are we engaging the next generation and equipping them with trust in the digital economy? Are we giving them the tools to navigate the online space safely? When we look at the economies that have made this work, that’s exactly what they did,” he added.
Javed Samuel, Vice President of NCC Group Cryptography Services, also participated in the conversation. Samuel agreed with McLean and shared that most Caribbean nationals prefer using cash for perceived control.
“To get to the point where we are seeing more widespread use of digital payments is going to take user education and collaboration with our partners and financial institutions,” Samuel said.
He also outlined that risks associated with fraud and the compromise of one’s account by bad actors also deter citizens from participating in the digital economy.
Frank Wolfe, CEO of Hospitality & Technology Professionals, was also on the panel. He agreed that sensitization would be critical to a paradigm shift.
In looking at the future of the hospitality industry, Wolfe stressed the importance of training that matches the learners’ styles to foster technological adoption.
“We have to adapt to how the next generation wants to learn. Instead of someone presenting in the front of the room, the next time you have to do a training, get your department head or CEO to do a reel or a TikTok and use that instead,” Wolfe said.
In closing, McLean highlighted the importance of embracing technology in the sector, particularly to harness feedback and improve the customer experience.
“With social media, every individual can have a voice with global reach. We can use AI [artificial intelligence] and analytics to harness those views, identify barriers, and most importantly, get the output of information needed to make the right decisions promptly,” he said.
Researcher and Chief Executive Officer (CEO) of Bluedot Insights, Larren Peart, encourages Jamaicans to stay curious in an Artificial Intelligence (AI) driven economy.
“To the Jamaican workforce and wider public, I recommend they embrace AI to augment your abilities and enhance your work. Stay curious, up-skill, and re-skill to remain relevant in an AI-driven economy,” Peart told Observer Online in a recent interview. Artificial Intelligence refers to developing computer systems that can perform tasks that typically require human intelligence, such as learning, problem-solving, decision-making, perception, and language understanding.
AI systems use algorithms and data to make decisions and take actions, often to automate tasks, improve efficiency, and enhance productivity. Some popular AI systems include GPT4 from OpenAI, Meta AI, and Gemini from Google DeepMind.
Noting that AI will significantly impact the future work industry, augmenting human capabilities and transforming many jobs, the Bluedot CEO suggested that while some jobs may become obsolete, new ones are certain to emerge that will require human skills like creativity, empathy, and problem-solving.
“Job displacement is a valid concern but can be mitigated by up-skilling and re-skilling programs and investing in education and retraining initiatives. Clear communication and transparency are essential to reassure the workforce and help them prepare for the changing landscape,” he explained.
He noted other risks and challenges with AI, including bias and discrimination, privacy concerns, and the potential for AI systems to be used maliciously. However, he said these concerns can be addressed through responsible AI development, ethical considerations, and up-skilling programs.
Peart stays current with the latest AI advancements by following several blogs, newsletters, and AI influencers online and participating in conferences overseas.
He said AI's most significant benefit to today’s society is its ability to automate repetitive and mundane tasks, freeing humans to focus on creative problem-solving, innovation, and high-value tasks.
“AI also enables rapid processing and analysis of vast amounts of data leading to breakthroughs in fields like healthcare, finance, and climate science,” Peart said, adding that he expects AI to continue to transform industries in Jamaica such as healthcare, finance, and customer service over the next five to 10 years.
“We can expect increased adoption in areas like agriculture, transportation, and education, leading to improved efficiency and productivity,” he said.
“I believe there is some apprehension towards AI in Jamaica, but there is a growing interest in its potential benefits. However, there may be a need for more education and awareness about AI’s capabilities and limitations to increase adoption and trust,” he added.
During the Caribbean Hotel and Tourism Association's Marketplace tourism conference in Montego Bay earlier this month, Jamaica's tourism minister Edmund Bartlett said the Country's room count will increase by 2,000 this year and by 20,000 in five to ten years, much of it due to new projects in or near Montego Bay.
He added that a significant amount of that increase will take place along a 6.5-mile stretch that's part of the so-called Rose Hall Corridor between the Iberostar Rose Hall Beach and the Holiday Inn Montego Bay, which is under new ownership and will rebrand soon (see below). "In this area alone … we will have pretty close to 10,000 rooms," Bartlett said, adding that the corridor will be "the most luxurious and prestigious in [St. James] parish."
Recent openings include November's 352-room Hideaway at Royalton Blue Waters. Not far away in adjacent Trelawny Parish, the 753-room Riu Palace Aquarelle opened this month.
In June, the Princess Grand Jamaica Resort will open 1,000 rooms of a planned 2,000 at a property between Montego Bay and Negril. The 450room Unico Hotel 1877 Hotel Montego Bay is slated for a summer 2025 opening, and adjacent to the Unico, two upscale resorts whose flags Bartlett did not identify will add a combined 1,000 rooms. The under-construction Hard Rock Hotel and Casino will add 1,000 rooms on the southeast corner of the island in St. Thomas Parish, and an upcoming Planet Hollywood Royalton planned for Trelawny will add 650 rooms, Bartlett said.
To handle the inevitable increase in traffic, a multiphase construction of a Montego Bay perimeter road, which started in 2022, is slated for completion by May 2026
Just outside the Rose Hall Corridor but still in Montego Bay, the luxury residential resort Pinnacle, which will comprise four 28-story towers—one a dedicated hotel—broke ground in January. According to Jamaican newspaper The Gleaner, it is expected to open in 2028.
In St. Ann Parish, east of Trelawny, Bahia Principe is developing a $1.5 billion project that will include two hotels, a PGA-certified golf course, and a fishing village. The Pinero Group, owners of the Spanish hotel chain Bahia Principe, also owns the existing Bahia Principe Grand Jamaica, which comprises 1,350 rooms.
The scheduled construction of the Viva Wyndham, near Negril, will add close to 1,000 rooms. New Sandals projects in Port Antonio and Negril will bring 1,000 rooms combined, and a planned Moon Palace will add 1,250 rooms.
And it's not all about new builds. The Grand Palladium Jamaica Resort and Spa is slated to add 900 rooms to its existing inventory of 1,040 and a conference center. The Holiday Inn Montego Bay, which Spanish-owned Catalonia Resorts and Hotels recently acquired, will add 250 units to its current inventory of 510 as the brand makes its debut in Jamaica. It will continue to operate as a Holiday Innbranded hotel until June 30. Barrett said Catalonia also plans to build another property in Jamaica.
Many of these projects will each add a varying number of rooms (the average number being 500) for worker use, while Bartlett said the Jamaican government will construct 4,000 houses in St. James primarily for hospitality workers.
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Aligning your business to secure investments can transform your business idea into a multimillion-dollar success story. During a recent EY Entrepreneurship Academy titled Building a Masterpiece, Maria Daniel, EY Sustainability Lead Partner of Strategy & Transactions, shared her expertise on what business valuators look for before investing in start-ups.
“The first thing that I like to understand in a business, especially entrepreneurial start-ups, is what this company is trying to solve,” she started.
In a packed room of small and medium-sized enterprises (SMEs) eager to secure investment, Daniel shared her expertise on how to win over Investors and build a thriving business. With over 50 start-up valuations under her belt each year, Daniel provided actionable insights to help SMEs craft a compelling business proposition. Her guidance covered the essential elements of a compelling business proposition, from identifying unmet needs to developing innovative solutions with regional impact.
“What we see a lot in the Caribbean is that we hear about problems, or we hear about solutions or their technological solutions that somebody solved somewhere else in the world, and we think we can duplicate it here,” she said.
When sharing her personal valuation standards, Daniel revealed that she, like many valuators and business Investors, considers the following key factors: the business solution itself, the number of competitors offering similar solutions, and what sets the business apart. According to Daniel, many start-ups fail to adequately assess their market and evaluate who would want their product or service, relying instead on their personal preferences to decide what to sell.
Using the rise and fall of Blackberry as a cautionary tale, Daniel engaged the audience with its story. In 18 months, Blackberry went from being on top of the world to plummeting. The turning point came with the release of the iPhone. Daniel revealed that a single shareholder’s comment, “I don’t want a phone without buttons, and nobody’s going to buy that,” epitomized the company’s misguided thinking. This narrow-minded focus on personal preference, rather than understanding the target market, ultimately led to Blackberry’s downfall.
Next, valuators look for a tested hypothesis. While entrepreneurs may think they have the solution to a problem, Daniels challenged them to answer: Are you taking steps to validate that your solution addresses the real issue?
“What are you trying to achieve? Are you targeting a niche audience or offering value for money? What is your ultimate goal?” Daniel asked.
According to Daniel, a hypothesis often requires a prototype, which doesn’t always necessitate a significant upfront investment. She cited Sara Blakely, the inventor of Spanx, as a prime example of someone who spent $5,000 US on a prototype.
“She took her idea, tested it, secured a distributor, and now she’s a multimillionaire,” Daniel explained. “And it all started with a simple solution to a common problem — slimming down bulky stockings.”
According to Daniel, taking these steps makes their business more likely to gain Investors. When a business is already up and running, with established revenues and operational expenses, it’s considered to be in “full production.”
However, every step before that adds risk for potential Investors. If entrepreneurs only have an idea and no prototype for their product, they ask Investors to take a significant leap of faith. Most entrepreneurs have ideas but lack the funds to turn them into reality. As you progress, the valuation and equity value increase.
However, many start-ups skip a crucial step: developing a solid business plan. As a valuator, Daniel’s first question to entrepreneurs is about their progress toward their business plan targets. This is because start-ups lack historical data; even if they have some history, they’re still in the growth phase. As a result, the only way to assess their value is by evaluating whether they’re delivering on their promises.
When a business successfully raises capital, valuators ask, “Where are they achieving the milestones they outlined during the last funding round?” Valuators also assess how effectively the business reaches its target audience and allocates resources.
“If every time you raise capital, you only spend it on operational expenses (OPEX), I’ll tell you, you’re not going to last very long. Your capital should be used to solve problems, improve technology, and position your business to generate revenue,” Daniel emphasized.
For Daniel, the entrepreneurs themselves are crucial as she invests in their vision and potential. She looks for passion, dedication, and a clear vision. While Excel spreadsheets can make any business idea appear valuable, the substance behind the numbers truly matters. An Investor wants to see confidence in cash flow projections. Additionally, Daniel emphasized the importance of assessing the market in which the business operates. In the Caribbean, where markets are smaller, she advises entrepreneurs to think creatively about generating value while maintaining profitability, as what works in other parts of the world may not necessarily succeed in our regional environment.
“So what I would ask all of you to do as entrepreneurs at different stages of your journey is to start thinking not just domestically but regionally,” she advised. “Then think about how to expand beyond regional markets. And you need to understand that the competition will be fierce once you enter larger markets. What must I do to bring something to the table that will make me a differentiator wherever I go?”
Minister of Tourism Edmund Bartlett has reported that Jamaica recorded two million visitors within the first five months of the year. Preliminary data has highlighted that the island welcomed 1,265,830 stopover arrivals and 745,812 cruise passengers from January to May. This translates to an 8.5% increase in arrivals and US$1.9 billion in earnings.
The minister, who announced the launch of Reggae Sumfest on Thursday, May 30, said, “We are seeing the fruits of our collective labor, and I am pleased that through public and private sector partnerships, our tourism product continues to be highly sought after. Jamaica has recorded this historic figure of two million visitors within the first five months of the year for the first time. This is a testament to our partner’s and visitors' confidence in the destination,” said Minister Bartlett.
The minister also applauded the festival’s organizers while highlighting its impact on tourism’s growth over the years: “Since 2016, Reggae Sumfest has seen approximately 175 thousand patrons, with 35,000 visitors. Outside of these impressive numbers, the festival injects US$20 million annually into the local economy. This is why we continue to partner with the festival to attract more visitors to the island and increase the economic benefit for our communities,” Bartlett added.
Reggae Sumfest, which began in 1993, has been dubbed the largest music festival in Jamaica and the Caribbean. It takes place each year in mid-July in Montego Bay. Thousands of local and international people flock to the country’s tourism capital each year for a weeklong set of festivities culminating in two nights of significant performances.
“The Reggae Sumfest brand has stood out as an iconic and must-see event for local and international visitors. Moreover, on a marketing note, it has had the remarkable ability to showcase the rich tapestry of Jamaica’s cultural heritage,” said Donovan White, Director of Tourism.
The island’s forecast for 2024 is 4.58 million visitors and a 9.6% increase in earnings of USD$4.38 billion.
America’s Ernst and Young (EY) Private Leader, Lee Henderson, has dismissed the notion that people from the Caribbean have to migrate to become successful or grow in their respective fields.
Speaking at the EY Caribbean’s Strategic Growth Forum in Montego Bay, St James, from May 1 to 4, Henderson stressed the need for more training to improve the region's talents.
"There is this misconception that you need to leave the islands to go and get properly educated, be successful in a career, or build and scale a business. I think we have to do more to train and retain people here so that they don't leave the country to go and do that. We have incredible talent here," Henderson told Loop News.
He particularly stressed the need for training in technical fields. "We have a lot of outstanding entrepreneurs here, and we have to do more mentoring and technical training.
"Training around digital training, technology, and entrepreneurship and business acumen to make sure that our people feel that they can stay engaged here and have the opportunities here," he said. "But we also have to make sure that we are hiring, and that business owners are not going off and looking for foreign talent, [that] they also hire and bring people up in Jamaica and across the islands in general.”
He pointed out that, among other things, 120 companies from more than 10 countries were in attendance at the Strategic Growth Forum, and "there is a lot of training and technical stuff going on in this forum.”
"It's not just that. It is the energy you get when you bring a lot of entrepreneurs together because entrepreneurship is a lonely place. They always say CEO is a lonely position because all your friends aren't CEOs, so when you bring a bunch of executives together, and you realize that, wait a minute, you are dealing with that, too, and you are dealing with that, you are learning from each other.
It re-energizes you; it gives you a sense of energy to say, 'Look, it's not me alone dealing with this issue. Since you are dealing with the same thing, let me see how you're dealing with it, and we can balance things,’" he said.
"So the networking aspect and connecting with like-minded individuals to me is an important part of it, as listening to some other thought leaders and speakers as well, so that's how I see it benefitting," he told Loop News.
Henderson also highlighted that the forum provides new business opportunities. "And the other thing is resources/connections. When you make connections, when you are in a setting like this, these people become your vendors, some of them become your customers, and some of them become aligned partners, your network.”
"You might acquire some companies here, you might find an acquisition target here, someone you wanna get an alliance with. So when you bring this energy of people and all these like-minded people around in one space, I think many things happen!" Henderson said.
Honorable Zavia Mayne, the Minister of State in the Ministry of Finance and the Public Service, recently highlighted the significant investments the Jamaica Customs Agency (JCA) is making to enhance its digital ecosystem.
These efforts aim to streamline processes and improve service quality across the board. At the forefront of this modernization is the development of the ‘JaCustoms Connect’ mobile application and a contactless clearance system, which are set to revolutionize the user experience with the agency.
Achieving efficiency and security through technology
During his speech at the 26th Regional Conference of Customs Directors General of the Americas and the Caribbean, Minister Mayne outlined various digitalization projects that have not only streamlined the JCA’s processes but also markedly increased its efficiency.
These advancements have facilitated better cooperation among businesses and border regulatory agencies, earning the JCA the prestigious ISO 9001:2015 certification.
Moreover, integrating with the International Criminal Police Organization’s (INTERPOL) information system significantly enhances national security, enabling quicker intelligence sharing and strengthening border protection.
ADVANTAGES OF STREAMLINED CUSTOMS OPERATIONS
Minister Mayne emphasized that continuous improvements in customs processes are pivotal for reducing operational costs and clearance times and boosting economic competitiveness.
Effective risk management strategies and advanced technology have also improved revenue collection and more accurate international trade statistics. These reforms contribute substantially to Jamaica’s economic resilience and recovery prospects post-COVID-19 era.
Minister Mayne pointed to the ongoing shift in Jamaica’s economic focus towards fostering growth, competitiveness, and innovation.
As the country progresses, the role of customs in supporting productivity and facilitating trade becomes increasingly vital. The JCA is improving its operations and legislative framework in line with these goals. The newly tabled Customs Bill and its accompanying regulations are expected to streamline customs procedures further and support the broader delivery of services.
In his concluding remarks, Minister Mayne underscored the critical role of customs agencies in managing trade and securing borders.
As global trade dynamics and technologies evolve, he reaffirmed the necessity for Jamaica’s customs operations to remain adaptable, innovative, and competitive.
The upcoming legislative changes and the introduction of new technologies, such as a canine division, body cameras, and digital immigration processing, are poised to significantly advance Jamaica’s position in international trade and border management.
POWER OF CRM: UNVEILING ITS BENEFITS FOR SMALL
CUSTOMER RELATIONSHIP MANAGEMENT (CRM) SYSTEMS HAVE BECOME INDISPENSABLE TOOLS FOR GROWTH AND SUCCESS IN THE DYNAMIC BUSINESS WORLD. THIS IS PARTICULARLY TRUE FOR SMALL BUSINESSES IN JAMAICA, WHERE COMPETITION IS FIERCE AND CUSTOMER EXPECTATIONS ARE HIGH. THE FOLLOWING ARE FIVE KEY WAYS CRM SYSTEMS CAN BENEFIT THESE BUSINESSES.
In an era where customer experience is king, a CRM system can be a game changer for small businesses. It allows them to keep track of every customer interaction, ensuring that service is consistently personalized and high-quality. Customers' past purchase histories, preferences, and feedback are all recorded in the system, enabling businesses to anticipate their needs and exceed their expectations. Over time, this can significantly improve customer satisfaction and loyalty, creating a stable customer base for the business.
CRM systems are equipped with powerful analytical tools to help businesses understand customer behavior and preferences in greater depth. By analyzing this data, businesses can tailor their marketing efforts more effectively, reaching customers with the right products at the right time. This can significantly boost marketing ROI and increase sales, contributing to the business's top-line growth.
Efficiency is key for small businesses with limited resources. A CRM system helps businesses streamline operations by automating tasks such as data entry and report generation. This saves time and reduces the chances of human error, making operations more reliable. As a result, businesses can focus more on their core competencies and improve their overall productivity and efficiency.
One of the most significant advantages of a CRM system is that it provides a centralized customer information database. This data is invaluable for businesses, allowing them to identify trends, track performance, and forecast future sales. Based on this, they can make informed and data-driven strategic decisions. Whether deciding on a new product launch or deciding on a marketing campaign, a CRM system can provide the insights needed for better decision-making.
In the long run, the benefits of using a CRM system can translate into increased profitability for small businesses. Businesses can increase their bottom line by enhancing customer service, streamlining operations, and improving marketing efforts. Plus, the insights gained from CRM data can help businesses identify opportunities for growth and expansion, further boosting their profitability.
In conclusion, the benefits of using a CRM for small businesses in Jamaica cannot be overstated. A CRM system helps businesses compete on an equal footing with larger companies by delivering superior customer service and using data to drive strategic decisions. As the Jamaican economy continues to grow and evolve, small businesses that harness the power of CRM will be well-positioned to thrive and succeed.
Jamaican small business owners have witnessed a significant push towards embracing digital growth opportunities in just four years. This transformative journey reflects a silent revolution in local business practices, echoing the historical shifts witnessed during the preindustrial, industrial, information, and digital age.
Small and Medium-sized enterprises, SMEs, are crucial contributors to the nation’s economy. They increasingly leverage technology to drive growth and innovation across various sectors.
“There’s a lot more of that digital adoption now than ever before because you need it to be competitive,” commercial director at Phoenix International, Dmitri Dawkins, said in an interview with the Jamaica Observer. “If you’re not taking that approach and your competitors are taking that approach, that’s competitors locally and internationally, and you will be forced out.”
The outbreak of the COVID-19 pandemic has further accelerated the digital transformation of businesses in the Caribbean, prompting a widespread adoption of e-commerce and other digital technologies to adapt to changing consumer behaviors and streamline operations. This sector has experienced unprecedented growth in recent years, with the pandemic acting as a catalyst for its expansion.
“We need to realize that technology is becoming more and more indispensable to how we live, operate, function, and conduct business,” remarked Charles Douglas, director of regulatory affairs at Flow Jamaica, in a previous 2021 Jamaica Observer report. “The novel coronavirus pandemic has accelerated this direction, emphasizing the urgent need for Jamaica to improve and expand its digital capabilities continually.”
Since the onset of the pandemic, SMEs have swiftly embraced the e-commerce retail model, supported by initiatives such as the E-commerce Funder. This partnership between EXIM Bank and JMEA provides business loans to web-based merchants, enabling them to enhance their online presence, cover marketing expenses, and boost sales. Furthermore, the Bank of Jamaica’s annual report for 2023 indicates a notable increase in the utilization of point-of-sale (POS) machines. This shift towards electronic payment methods signifies consumers’ growing preference for cashless transactions, particularly in response to disruptions in automated banking machines (ABMs).
However, there are differing views on what a technology-inclusive business looks like. Dawkins emphasizes that every business is inherently tech-enabled in today’s digital landscape.
“Every single company, whether or not they think they are, is tech-enabled because, from using just a phone now, we are using all digital lines for a regular phone call, so everyone is just on a spectrum of how tech-enabled they are; it’s just on a day-to-day operation,” he said while speaking with the Business Observer.
While the founder and CEO of Amber Group Limited, Dushyant Savadia, believes most Jamaican businesses are embracing innovation as a natural progression in their business, not many are embracing digital transformation as a tool to enhance their business service. Innovative companies have been at the forefront of integrating technology into their operations, exemplifying a seamless blend of digital and physical experiences. Companies like QuickPlate, Jamaica Broilers, and K-Ban Hardware showcase pioneering solutions that bridge the gap between traditional and digital commerce. K-Ban is the first local business to operate a full digital store within a physical space, much like a self-help store.
Haughton’s Pharmacy, an established company with over a century of history, is a recent addition to technology. Through the adoption of state-of-the-art drone delivery technology, an innovative Haughton's Pharmacy exemplifies a progressive approach to digital transformation with a RxPak mobile app and a user-friendly RxPLUS digital wallet. While strides have been made in integrating technology, experts caution that adopting technology to enhance business remains relatively slow. Jamaica currently ranks 83 out of 135 on the global innovation index.
“Post-pandemic, I realized digitalization slowed down again because people started going out and buying goods and services in the fashion they used to pre-pandemic, and the need for businesses to accelerate their technology group then slowed down because of customer behavior,” Savadia shared with the Business Observer.
Customer behavior has been cited as the common denominator for businesses adopting technology outside of simple progression in the digital age. Dawkins underscores companies' need to embrace technology to enhance competitiveness and meet evolving consumer demands. He cites that the notion that Jamaicans resist technology is debunked by industry experts, who assert that consumers are ready for technological advancements. While challenges such as talent acquisition and capital investment persist, there is a collective call to accelerate Jamaica’s growth through technological innovation and harness the potential of emerging technologies like artificial intelligence.
“We have high mobile internet penetration, but the application of the technology is lacking significantly. We got a big bump because of the pandemic. Still, you have new technology, especially artificial intelligence, that people leverage internationally to generate value. I don’t think we are doing enough of that locally, which will give us a huge advantage over our international counterparts,” Dawkins said.
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Ultrasounds & X-Rays
For two days, May 21-22, tourism stakeholders, buyers and sellers, and others took over the hall in Building A at the Montego Bay Conference Centre in St James. Tourism businesses from all over the Caribbean set up and operated many attractive booths. It had a good look and was a great showpiece. But was it JUST THAT? A showpiece?
“Absolutely not!” said Jamaica’s Director of Tourism Donovan White as he spoke with The Gleaner in the big Jamaica Tourist Board (JTB) booth on the second day of the marketplace. With Jamaica being the host destination and JTB being the destination sponsor of the event, in partnership with the Jamaica Hotel and Tourism Association, this Caribbean affair was essential to Jamaica’s tourism development.
“It is essential to Jamaica that we could bring all the major travel buyers from around the world to the Caribbean now. It is also imperative because it allows us to bring new travel buyers who have never seen or sold Jamaica before to meet with some of our travel suppliers in the Jamaican marketplace. We’ve brought about 14 new buyers, enabling us to expand the demand portfolio for Jamaica,” White told The Gleaner, which asked about what Jamaica was leveraging.
“I am leveraging the fact that we are one of the most in-demand destinations around the world, and this is why people who have never sold Jamaica are looking to come to Jamaica to find out how they can begin to sell Jamaica,” White responded. “The advantage for us is that it’s hosted in Jamaica, so you get to see and feel Jamaica more than you can see and feel anywhere else.”
White continued, wondering whether the event was just a show, “This is a B-to-B conference, and serious people are here doing serious business. Travel and tourism is the fastest-growing business segment globally. People are here to do business with the world's most in-demand region, the Caribbean. So there’s no coming here on vacation. People are here to grow their bottom line, and while they are at it, they enjoy Jamaica in the evenings.”
Up to the time of the interview, things were going according to plan. “So far, we have had a structured plan that went extremely well. I don’t know if you’ve had a chance to look at the conference magazine … it’s a fantastic production of selling the destination … which we were cautious about doing because that’s something that people take away with them. It gives them time to read and absorb more about Jamaica,” White shared.
In a subsequent release, the JTB says, “As the host of the 42nd Caribbean Travel Marketplace, Jamaica reports that the event was sold out with a strong growth in new buyers. The Montego Bay Convention Centre, the backdrop for the two-day event, hosted a record 1,200 delegates, of which 38 were new buyers. One of the event's main features, the Caribbean Travel Forum, was also sold out with 335 participants.”
The release quotes Minister of Tourism Edmund Bartlett as saying, “We are pleased that Jamaica has attracted this much attention for the largest trade show in the region. The team pulled out all the stops for this execution to ensure that delegates were in an environment that supported strong business-to-business efforts. This is what Caribbean Travel Marketplace is about, and Jamaica added a boost for our suppliers and buyers to partner and create business opportunities for the region.”
The event was executed under the oversight of Jamaica’s Nicola Madden-Grieg, President of the Caribbean Hotel and Tourist Association (CHTA), who will leave office later this year.
“I am proud that Jamaica, my home country, hosted this year’s Caribbean Travel Marketplace. We are known for our excellent hospitality, and the destination did not disappoint in showcasing its authentic experiences. More importantly, our delegates were able to do some serious business,” Madden-Grieg says in the JTB release. The JTB release also states that many delegates said the execution and experience were a success. One such delegate is Dexter Percil, head of marketing at St Lucia Tourism Authority.
“CHTA has always been a good platform for meeting our partners, suppliers, and buyers,” said Percil. “As one of the leading honeymoon destinations, we could not miss being here. We have a strong presence here, which signifies the importance of CHTA to the St Lucia market. Jamaica is also vital to us, and we want to elaborate on the St Lucia and Jamaica connection.”
With an uptick in criminal activity linked to ride-sharing apps in Jamaica, the island’s Minister of Transport, Daryl Vaz, announced that he is recommending a ban on ride-sharing or ride-hailing apps with immediate effect. He made the announcement Tuesday afternoon in the House of Representatives.
“My recommendation as of today, which will have to be vetted for legal purposes, is that a ban on all of those ride-sharing apps with immediate effect until we can come to the table and work out properly how these apps will be regulated in terms of making sure safety, background checks of the drivers are done not only by the ride-share apps but by the Jamaican authorities – the police or the Transport Authority,” said Vaz.
“I make no apologies; I have a responsibility as a minister and an elected representative to protect the people's lives,” he added.
This announcement follows a development in the case of a missing teacher, Danielle Anglin, whose remains police discovered in Clarendon on Monday. Anglin, who lived in St. Catherine, was believed to have chartered a ridesharing service on the morning of May 13 when she went missing. The Deputy Commissioner of Police, Fitz Bailey, said the suspect is a convicted sexual offender and a driver for InDrive. This international ridesharing company provides transportation services in Jamaica.
The senior cop lamented that the lack of regulation and communication between the police and ride-share companies seriously challenges their investigative efforts.
In a press release following the announcement in Parliament, Vaz stated that effective immediately, Cable and Wireless (Jamaica) Limited and its Jamaican affiliates are directed to restrict access to all ride-hailing applications via its network in Jamaica. These include InDrive, Uber, 876OnTheGo, Lyft, and Ride Jamaica.
“The Jamaica Constabulary Force has advised that several heinous crimes to include, including murder, rape, abduction, and robberies, have been committed by persons who have been purportedly contracted via these platforms to provide transportation services, with breaches of other laws such as the Money Laundering Act; Cybercrimes Act; and Terrorism Prevention Act, being a distinct possibility,” the press release stated.
The directive will remain in effect for twelve months in the first instance or until a regulatory regime for using ride-hailing applications and services has been established, whichever is sooner.
“The right is reserved to update this directive to advise which ride-hailing applications and services have brought its operations into compliance and conformity with local laws,” Vaz said.
The minister stated that he has sought to engage the ride-sharing providers, both locally and internationally, to streamline their operations within the regulatory regime.
“I want to publicly state that the only provider that has indicated their willingness to operate within the legal framework is UBER,” he wrote on the social media platform, X.
“The Transport Authority will be meeting with local ride-hailing entities this week. In this regard, InDrive remains outstanding. I am proposing an immediate ban on these platforms until they respond and express their willingness to meet with the authorities.”
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