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The Golden Concepts

Owners and Founders: Vanessa Keng and Chang Xi

Founded: 2011

“To me, the term 'future economy' means constant change and this excites me greatly - since graduating from NUS in 2011, I felt a great change in the way everything is done in the world. The use of smartphones, the sudden growth in e-commerce, and the constantly changing landscape both of business and our economy. The way forward is to adapt my business to ride the changes and to always be open to new ways of doing things.” – Vanessa Keng

GROWING OLD DOESN’T HAVE TO MEAN GOING SLOW

Inspired by the independent, mobile lifestyle that they saw seniors in Denmark enjoying, Vanessa and Chang Xi set up The Golden Concepts to empower seniors in Singapore. By offering affordable, high quality, and innovative eldercare products such as mobility aids and daily living essentials on their website (including some they developed themselves), they help people to maximise their mobility and enjoy a better quality of life.

READY FOR TOMORROW’S CHALLENGES

Utilising technology for every aspect of their business meant The Golden Concepts could be set up quickly and efficiently. From just 4 products in 2011, they now offer over 400 different items, and are working on developing their own brands to suit local needs better. While they’ve had challenges over the years, innovating, internationalising and becoming even more productive have all helped them to keep on growing!

MAKING THE FUTURE BETTER FOR EVERYONE

The expansion they’ve seen over the past years is just the beginning for The Golden Concepts. Vanessa hopes to see it expand even further beyond Singapore and the Asia Pacific to become a major international retailer. Beyond that, they hope to continue to bring innovative, smart brands to users and caregivers to empower them and change their lives for the better.

THEIR FUTURE ECONOMY STORY

EMBRACING INNOVATION:

  • Researching local demographics and market needs led them to create their own brands, thus appealing even more to their customers by providing exactly what they needed and wanted.
  • The Golden Concepts looked for alternative ways to reach out to their customers, and launched online instead of using a retail space. By leveraging on technology to cut down costs, they were able to offer customers more value.

RAISING PRODUCTIVITY:

  • Using online and digital systems to handle inventory, order management, shipping rates and for data analysis meant they could focus less on daily management and more on adding value to their products.
  • Integrating apps and software into their online store meant that their customers enjoyed a seamless shopping experience, with fast turn around times for enquires or after-sales issues.

PURSUING INTERNATIONALISATION:

  • Establishing an Amazon Store has meant that they could sell in countries as far away as America. By using the EasyShip platform, they can offer customers a variety of dynamically priced shipping options.
  • Getting the right certifications and registering their business as a local entity in Malaysia lets them sell the full range of their products there. They plan to expand into Indonesia and Vietnam, too.

GETTING AHEAD WITH GRANTS & SCHEMES:

  • As they expanded, The Golden Concepts leveraged on the Productivity and Innovation Credit (PIC) Scheme, the Innovation and Capability Voucher (ICV), the Productivity-Max (P-Max) Programme, and the SME Talent Programme (STP) grant.
  • The PIC Scheme and ICV guided them to adopt technology that let them be more productive and efficient, and the P-Max Programme and STP grant enabled their team to grow by helping them attract good quality candidates.
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