Issue No. 05
Four shifts transforming Southeast Asia’s retail Now’s the time for luxury brands to enter SEA Habits drive APAC e-commerce growth Indonesia limits local traders’ social commerce Localism rises amongst Indian consumers Display to May 31, 2024 | retailasia.com
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AWARDS ISSUE
THE MOST OUTSTANDING RETAIL COMPANIES AND INNOVATIONS LAUDED IN THE RETAIL ASIA AWARDS 2023
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FROM THE EDITOR
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utstanding retailers across various sectors that demonstrated successful innovations, programmes, and initiatives were recognised at the Retail Asia Awards 2023. Take a look at page 20 to learn more about their latest exceptional projects and performance.
About Us
Retail Asia is the industry magazine serving Asia’s dynamic retail landscape. Each issue carries a balanced mix of articles that appeal to the C-level executives of large retail companies in Asia. Now a part of the award-winning Charlton Media Group, the brand attracts a combined print and online audience of more than 199,000. Do reach out to us if you would like us to tell your story to our readers via print and online advertising or events. PUBLISHER & EDITOR-IN-CHIEF EDITORIAL MANAGER
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EDITORIAL
This issue explores Indonesia's new policies: a ban on social media sales and a minimum e-commerce price to boost regional MSMEs. Find out more about the regulation on page 16 as experts weighed its impact to the retail industry. Localism mindset is growing amongst Indian consumers. Learn how this trend drives the growth of local brands and how imported brands can penetrate the market on page 18. Amidst these developments in various markets, e-commerce continues to gain traction as players in the sector dominated Euromonitor International's Top 10 Fastest-Growing in the region. Learn more about the top retailers on page 12. Read on and enjoy!
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CONTENTS
EVENT COVERAGE
RETAILERS, RETAIL INITIATIVES 18 EXCEPTIONAL LAUDED AT RETAIL ASIA AWARDS 2023
FIRST
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INTERVIEW CONSUMER HABITS DRIVE CONTINUOUS E-COMMERCE GROWTH IN APAC
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COUNTRY REPORT INDONESIA RESTRICTS SOCIAL COMMERCE FOR LOCAL TRADERS
COUNTRY REPORT
06 Four shifts transforming Southeast Asia’s retail landscape
16 Indonesia restricts social commerce for local traders
07 Fashion firms in China spur growth with direct-toconsumer model
18 Localism rises amongst Indian consumers
07 Why now is the time for luxury brands to break into Southeast Asia and India
INTERVIEW 12 Consumer habits drive continuous e-commerce growth in APAC
EVENT COVERAGE 20 Exceptional retailers, retail initiatives lauded at Retail Asia Awards 2023
OPINION 48 A new reality bites as retail grapples with consumer recessionary mindset
14 Philippines yet to feel the impact of lower capitalisation for foreign retailers
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News from retailasia.com Daily news from Asia
E-COMMERCE
How Ox Street makes secondhand items more attractive than new Buying secondhand items may not be as frowned upon as before but the fear of purchasing fake products hinders consumers from entering the used market. Singapore-based recommerce platform Ox Street is campaigning the consumption of secondhand items through its website and app. It has put in place an authentication process.
STORES
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E-COMMERCE
Indonesia, Ph struggle to keep up with Southeast Asia’s cashless drive Southeast Asian shoppers increasingly rely on cashless transactions with their digital payments made in ZALORA growing to 81.20% in 2022. Digital payments are expected to power e-commerce spending, but as Southeast Asia’s payment landscape is fragmented, integration may be held back by Indonesia and the Philippines.
STORES
FASHION
Gen Zs are becoming China’s biggest spenders Gen Zs are not shy to spend their money on themselves, particularly in China where more than 20% of Gen Zs are willing to shell out over 16% of their income for luxury products. This puts the Gen Zs well in place to become the luxury market’s largest consumer base, overtaking other age groups.
STORES
Here are three ways retailers can serve ‘budgeteers’
Augmented Reality creates space for Gen Zs’ ‘personal brand’
Eatology cooks up a ‘halfway diet’ for Hong Kongers
With inflationary pressures as a top concern, retailers are faced with a new challenge to adjust price strategies for customers who insist on value for money without sacrificing sustainability and quality. These consumers are called budgeteers, according to marketing firm Euromonitor International.
Gen Zs are a new breed of shoppers, having been born and bred in the digital age, and retailers have developed ways to tap into this demographic. With over three of five Gen Zs saying augmented reality will make their lives easier, retailers are now pressed to look at AR as another venue to meet shoppers’ needs.
Eatology started offering Hong Kongers science-backed meal plans in 2015, seeing the need for a more practical and sustainable diet that works well with customers’ lifestyles. However, it saw that not everyone can make the full move to becoming a vegetarian; hence, it curated a new meal plan.
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FIRST Thailand’s CP ALL also saw online channels accounting for 10% of its total retail sales, whilst Indonesia’s Mitra Adiperkasa reported a 9% contribution. Cua said this is also due to retailers having leveraged digital platforms to build awareness and discovery across multiple methods including short-form videos, heavy use of influencer marketing and the use of social media marketplaces such as TikTok shops. In the Philippines, a BCG survey showed over half of Filipinos go online to search for information on price comparison and about the product/service. “[Consumers go to the] stores, they go to the malls, but they also complement that shopping with discovering things online and shopping things online,” Cua said. "Moving forward, we expect retailers to strengthen their data capabilities, with personalization and retail media as key drivers," he said. Julian Cua, Partner, Boston Consulting Group, at the Retail Asia Forum in Manila
Four shifts transforming Southeast Asia’s retail landscape
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he fast-rising presence of small-format stores in Southeast Asia's retail scene is grabbing the attention of experts today. For instance, the local convenience store chain 99 Speedmart in Malaysia took 10 years to open its 1,000th store in 2017 but then doubled this number in just four years, reaching its 2,000th outlet in 2021. This means launching five stores every week. This rapid expansion is just one of the four key trends identified at the Retail Asia Forum in Manila. The other three are the resurgence of omnichannel retailing, the strategic benefits of ecosystems and alliances, and the transformative impact of artificial intelligence (AI) on retail. Local minimarts According to Julian Cua, partner at Boston Consulting Group, small format stores are not only growing in the region but “are also here to stay.” In Indonesia, minimarket and convenience stores accounted for 73% of the modern trade retail market size by format, increasing from 57% in 2018. In the Philippines, supermarkets still account for the lion's share, but consumers are starting to go to minimarts more with 31% saying they are already seeing it as a source of main groceries. The share of minimarkets and convenience stores in modern trade grocery retail market size is still at 9%, but are expected “to follow pathways of its regional peers.” 6
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“We're seeing Alfamart and Dali coming in already disrupting the space. We're seeing conglomerates and supermarket brands starting to improve their offering. We're seeing sari-sari stores (local convenience stores) today actually becoming more digitised, either directly through Facebook Messenger and other digital channels or using platform players,” Cua said. “We're going to see a shift where Filipinos will continue to be demanding about how they want to receive their goods. They will continue to want the items to be close to where they live,” he said. Cua cited three developments that are disrupting small formats. First is the rise of the challengers or newer players. Second is incumbent players facing challenges by continued expansion, strengthened digital proposition, re-orientation of value propositions, and rethinking of format propositions. Lastly, the traditional trade is evolving to digitalise its operations. Omnichannel Post-pandemic, Cua said the shift to online is even more evident. Large retailers such as Thailand’s Central Retail is seeing significant contribution from its online channel to its total retail sales at 18%.
Creating ecosystem Retail operations are no longer operating to win on their own. Rather they now view digital ecosystem and alliances “as a source of competitive advantage.” In the region, Cua said nearly half of the largest retailers are part of local conglomerates that are involved in other businesses, making them well-positioned to drive a digital ecosystem and offer more products and services to their customers. For example, Thailand’s Central has grown from a department store to become one of the leading multi-format, omnichannel retailers in Southeast Asia. Central began its digital ecosystem in 2019 by launching an omnichannel platform. In 2022, omnichannel holds over 18% share in its total sales and it now has more than 27 million loyalty member customers worldwide. Central merged and streamlined the experience between the Central and Robinson brands, creating their own online storefront with a consistent experience. They have Cua also said they have synergised its 14 business units to capture all their data and feed it to an algorithm to provide a personalised experience. Cua said this resulted in a six-fold increase in the total member base and a five times increase in overall gross merchandise value compared to other consumers shopping in just one single brand. “You don't have to have a diversified conglomerate to be able to unlock [an ecosystem],” Cua said. To read the full story, go to https://retailasia.com/
We expect retailers to strengthen their data capabilities, with personalisation and retail media as key drivers
FIRST like-minded designer toy lovers, forming a foundation for customer acquisition and retention. Therefore, the brand’s number of members has increased by tens of millions since 2020,” Hua said, noting the brand only had about 300,000 members in 2017. “By 2021, members contributed 92% of its total sales, with a repurchase rate of 56%,” he said.
PWC company logo in Shanghai, China
Fashion firms in China spur growth with direct-to-consumer model FASHION
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clothing brand in China created a fashionable lifestyle by combining coffee, customisation, and clothing retail in one “experience store,” leading it to generate double-digit sales growth from online sales within just a month. Management consulting firm PwC cited this as an example of the direct-to-consumer (DTC) model that allows brands to boost online performance through offline stores. Jerry Hua, partner for consumer markets at PwC Strategy & China, noted that the brand’s “experience store” was featured in over 300 posts, liked on social platforms more than 10,000 times, and even received inquiries from shoppers outside Beijing. “Sales data showed a double-digit growth of the online store in the
first month, and it continued to grow in the following months,” Hua told Retail Asia. “The store’s success demonstrates how an offline store is valuable in the surrounding area, as well as how offline stores boost online exposure and e-commerce conversion as the young generation prefers online shopping,” he added. A designer toy brand, meanwhile, adopted the DTC model by redesigning its membership system to drive repurchases. Hua said the brand started with a WeChat official account, mini programme, storefront, and social media to pursue exposure and establish online communities. It later set up a community operation department in 2021. “With more than 800 online groups, it gathered more than 100,000
The traditional model exposes drawbacks such as lagging response to market competition and inflated terminal prices
The DTC model The model, which leverages digital technology, benefited from the clickand-mortar retail model in which offline stores served as warehouses and delivery centres whilst online stores are for taking orders. The DTC model allows brands to develop a deeper relationship with consumers, through which it can gather insights to create more personalised products, services, and experiences, amongst other offers. This, in turn, increases consumer acquisition, conversion, retention, and advocacy yields for brands efficiently. “Whilst [the traditional model] reduces inventory and investment needed for expanding sales network, it exposes drawbacks such as lagging response to market competition and changes in consumption, long process to launch new products, brand damage by hunting short-term yield, inflated terminal prices and imbalance in consumer value perception,” Hua explained to Retail Asia. To read the full story, go to https:// retailasia.com/
WHY NOW IS THE TIME FOR LUXURY BRANDS TO BREAK INTO SOUTHEAST ASIA AND INDIA
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nternational luxury beauty brands should urgently extend their focus beyond established markets like China, Japan, and South Korea to include Southeast Asia and India. Delaying this expansion could mean missing the critical window before these markets hit an inflection point where local brands could capture a larger market share. The fast-emerging Southeast Asian and Indian luxury beauty markets could potentially increase three-fold by 2031, according to Kearney, a global management consulting firm. In its report, Kearney said the luxury beauty markets in Southeast Asia and India could rise at a compound annual growth rate of 11% from $4.5b in 2021 to reach $7.6b by 2026 or an average of around $1b additional luxury beauty spend every two years.
“Compared to the estimated global luxury beauty industry growth rate of between 4% and 6%, the region is clearly the place to invest in and the place to be,” Kearney said. “Brands that add this geographic diversification to their footprint are likely to get a higher return on capital and develop a substantial business segment—benefitting from an earlier-mover advantage as well as from the structural growth of these markets. There is no more time to delay. Brands that hope to capitalise on and dominate the region need to enter now,” it added. As local beauty brands usually belong to the masstige category, Kearney said this allows international brands to penetrate and dominate the luxury beauty segment in Southeast Asia and India.
The luxury beauty in Southeast Asia and India is slated to triple in size in a decade with a CAGR of 11% Luxury beauty market ($ billion)
Sources: Euromonitor; Kearney-LUXASIA analysis
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THOUGHT LEADERSHIP ARTICLE
Asia Pacific Businesses face challenges in B2B e-commerce payments
Fintechs offer automated payment solutions that consolidate payment methods and reduce costs.
B2B buyers prefer to make purchases via digital platforms
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he shift of B2B buyers and sellers towards digitalised platforms has had an impact on the B2B payments market. This shift within the B2B e-commerce sector has affected payment revenues, according to the Global B2B Payment Trends 2022 report, published in September 2022 by yStats.com, a global market research provider focusing on Ecommerce and Payments. This has led experts to forecast growth in global wholesale payments to $2.6t by 2025, the report cited McKinsey, following a -5% decline in 2020. According to BCG, also cited in the report by yStats.com report, the wholesale segment of payment revenues is forecast to grow at a CAGR of +6.6% from 2020 to 2025. The global wholesale payment revenues are likewise forecast to reach a value of $0.7t (€0.6t) by 2030.
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With this global expansion of the B2B or wholesale payment segment, fintechs are offering innovative solutions so that in 2021, 83% of B2B buyers worldwide will prefer to make purchases via digital platforms. Great Expectations, Great Challenges Progress is not without its obstacles. In the Asia Pacific, businesses in the four major markets of China, Japan, India, and Australia seek new ways to complete B2B transactions, the Global B2B Payment Trends 2022 report revealed. In China, B2B sales made via credit accounted for about 51% of total B2B sales in 2022, down from 55% in 2021. About 38% of China businesses offered existing clients trade credit to encourage repeat orders, whilst 27% did so to give their
customers more time to pay. The other 20% of businesses provided trade credit to win new customers, as reported by Atradius, also cited in the yStats.com report. In Japan, only 13% of small and mediumsized enterprises (SMEs) introduced cashless B2B payments in 2021. Meanwhile, 42% of SMEs admitted to being wary of using cards due to limited B2B payment options. Additionally, only 10% of B2B SMEs in the country introduced credit card payment as of Q1 2021, compared to 61% of B2C SMEs, according to the Ministry of Economy, Trade and Industry, cited by yStats.com. Meanwhile, in India, payments via credit accounted for about 49% of total B2B sales in 2022, 42% of which were offered to continue business with existing customers
THOUGHT LEADERSHIP ARTICLE
BNPL is gaining traction, attracting new customers
as reported by Atradius, cited in the yStats. com report. In Australia, Buy Now, Pay Later is gaining traction as a B2B payment method, with 56% of B2B sellers revealing that they attracted new customers after introducing this payment form, according to ACA Research cited by the yStats.com report “Global B2B Payment Trends 2022.” B2B Solutions for Omni-commerce Business Models In response to these challenges, companies such as NTT DATA Hong Kong Limited, part of the NTT DATA Corporation, are addressing these issues by developing solutions that integrate finance and software-as-a-service (SaaS) offerings. Fintech firms today can offer businesses a range of payment acceptance and processing solutions to give B2B businesses options that include credit or some emerging alternative payment methods. For its part, NTT DATA has built a solid track record, expertise, and a reputable brand and today supports transactions in over 150 transaction currencies and 25 settlement currencies across a range of payment platforms. Its solutions also accept all major international cards whilst also supporting local payment options and alternative payment methods such as e-wallets and bank
transfers. “Our automated solutions empower organisations and enterprises with a consolidated platform that gives them the ability to add to supplier payment needs on top of our buyer acceptance solutions in their businesses,” said Shinichiro Nishikawa, Head of Global Payments and Services Division at NTT DATA Corporation. “We help buyers and sellers streamline and automate their payment process, providing value to upstream and downstream transactions.” Designed to serve omni-commerce business models, these customisable B2B payment options conveniently consolidate
forex exchange expenditure and manage regional business transactions on one automated platform. The integrated payment experience across multiple sales and supplier channels efficiently manages payments from multiple payment providers and channels and controls the associated costs, all whilst reducing fraud and risk. Teppei Yamamura, Deputy CEO of NTT DATA Hong Kong Limited, said, “The solutions give you management control of your payment configuration across upstream and downstream processes so that you can be in charge of your business strategy and leave the payment considerations to us.” He added that NTT DATA’s solutions help buyers and sellers harness the power of automation and bring the next generation of collaborative experiences through trusted innovation and security, whilst adding agility and more resilience to the business. Businesses and suppliers can futureproof their partnerships by identifying opportunities to manage commissions for the supplier’s partnership and accommodating newly emerging payment methods or functions. Create value in upstream and downstream transactions with solutions that help ensure timely payments on vendor invoices, avoid late fees, and capture early payment discounts when possible. Most importantly, they must work with a globally trusted payment partner who understands that suppliers, payments, business, and system need to work hand-inhand for their success.
NTT Data helps conveniently consolidate and manage transactions on one automated platform
We help buyers and sellers streamline and automate their payment process, providing value to upstream and downstream transactions RETAIL ASIA
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CEO OF THE YEAR
Putting Customers at the Heart of Business – How Elaine Heng Drives Purpose-led Change Elaine Heng drives innovation for good at FairPrice Group.
and her team championed several initiatives to provide for seniors and the vulnerable in the community. FairPrice On Wheels was introduced in 2020 to serve seniors who did not have easy access to a nearby supermarket, by bringing groceries directly to their doorsteps with specially retrofitted vans. In 2022, FPG helped customers save over S$200m, through efforts including price freezes and special discounts on daily essentials.
Elaine Heng, Chief Executive Officer for Retail Business and Deputy Group Chief Executive Officer at FairPrice Group (FPG)
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s CEO of FairPrice Group’s (FPG) Retail Business, Elaine Heng leads all of its grocery retail business spread across more than 400 stores in Singapore, including convenience and pharmacy chains - Cheers and Unity. Besides the grocery retail business, FPG comprises cooked food brands Foodfare and Kopitiam - Singapore’s largest food court chain, market-leading rewards programme Link, supply chain and logistics services - GLS, and cleaning services - Cleaning Concept. FPG was established in 1973 during a period of record inflation as Singapore’s first consumer co-operative, to disrupt profiteering and stabilise prices for the common man. Today, it has evolved to become a multiformat, omni-channel retailer, with more than 13,000 employees working in close to 570 retail touchpoints across the Group’s brands. FPG celebrates its 50th anniversary this year, marking a decades-long history of delivering on its founding mission to moderate the cost of living for all in Singapore. This mission goes hand-in-hand with Elaine’s belief that businesses need to serve society’s needs through what they do, and the initiatives that she spearheads at FPG are driven by this purpose. Driven by a Mission to Do Good Against a challenging economic and business backdrop, under Elaine’s leadership, FPG’s Retail Business has remained steadfast in its social mission of moderating the cost of living for Singaporeans whilst building a sustainable business. Throughout the COVID-19 pandemic, Elaine
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Innovating with a Purpose Throughout recent years of global challenges, Elaine has steered FPG to go above and beyond in meeting the community’s needs. She has pushed its retail innovation to new heights, maintaining affordability and accessibility whilst reinventing customer experiences. Elaine oversaw initiatives to transform and elevate the grocery shopping experience by introducing unique retail concepts in stores, including the opening of blended lifestyle retail FairPrice outlets in locations such as VivoCity, Parkway Parade, Artra, CenterPoint, and Woodleigh Mall. These stores boast unique integrated experiences such as multi-zone concepts featuring vegetables grown and harvested in-store, curated offerings such as ready-to-cook meals, artisanal bakes, and ‘Pick, Cook, and Enjoy’ concepts where shoppers can enjoy freshly cooked meals instore paired with cocktails or wine. Through her leadership, technology has also become deeply integrated with how FPG serves its customers. Today, omnichannel initiatives across the business connect everything from payment, and loyalty programmes, to in-store and online shopping – all to provide a seamless experience for customers. In 2019, FPG launched Scan & Go, a first-inSingapore initiative with the aim of creating a fuss-free, seamless, and convenient payment experience for customers. Now in 16 FairPrice stores, it provides shoppers the option of scanning and paying for products directly through the FairPrice Group app on their phones, empowering customers to skip queues at checkout. Through these digital touchpoints, FPG has steadily grown its base of digitally
connected customers to over one million. Building a Roadmap to the Future Amidst responding to crises, delivering on social missions, and reinventing to stay relevant, it would be easy for any leader to get lost in the ‘now’. As an organisation that believes in laying the groundwork for the future when the business is prospering, FPG has planned out its future-ready roadmap and invested in the technology foundations it needs to remain agile - now more important than ever, in a post-COVID world. As Singapore’s largest retailer, FPG is committed to leaving a positive impact on the environment. FPG introduced charges for disposable plastic bags in 2019, the first supermarket in Singapore to do so. This initiative has since been expanded across all Cheers, FairPrice Xpress, and Unity outlets, and helped to save over 57 million plastic bags in 2022. By committing to finding greener solutions throughout its business, FPG hopes to drive measurable sustainable change for its customers and the world. Elaine also serves as Deputy Group CEO of FairPrice Group. As an ex-banker, she leveraged her decades-long experience in financial services to spearhead FPG’s disruptive launch of Trust Bank, Singapore’s first digital bank and a joint venture with Standard Chartered Bank. Integrated with FPG’s market-leading rewards programme Link Rewards, Trust has quickly become one of the fastest-growing digital banks in the world, having banked more than 12% of Singapore’s population within its first 12 months. Trust is another example of how FPG is transforming its services and offerings to chart the future with confidence and serve its customers better, by moderating the cost of living through a connected ecosystem. FPG has made great strides in delivering on its social mission, innovating on behalf of its customers, and strengthening its future, but FPG has no intention of letting the organisation rest on its laurels. Together with her team, Elaine believes that no stone should be left unturned to provide greater value and delightful shopping experiences for customers.
Throughout recent years of global challenges, Elaine has steered FPG to go above and beyond in meeting the needs of the community
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INTERVIEW
Consumer habits drive continuous e-commerce growth in APAC
This was observed by Euromonitor as it curates its Top 10 Fastest Growing Retailers list in the region.
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nline marketplaces are the standouts on Euromonitor's Top 10 Fastest Growing Retailers ranking. The staying power of e-commerce growth in the Asia Pacific region is attributed to habitual consumer behaviours, according to Quan Yao Peh, a senior analyst at Euromonitor. "Even post-pandemic, we observe that marketplaces continue to thrive, a trend bolstered by the ongoing digital transformation of businesses and the lasting consumer habit of online shopping across diverse markets," Peh explained to Retail Asia. Topping the list with a robust 44.4% year-on-year jump in sales to $19.83 billion is Indonesia's GoTo Gojek Tokopedia. Close on its heels is Shopee's parent company, Sea Ltd., which registered a 42.5% increase in sales, reaching $42.58b. The third fastest growing retailer is Thailand's Charoen Pokephand Group with a 24.5% growth to $6.72b, followed by China's Pinduoduo Inc with 23.9% increase to $103.67b, USA's Walmart with a 20% rise to $37.62b, and South Korea's Naver Corp. which climbed by 19.8% to $22.61b. Also making it to the top 10 were Japan's Nitori Holdings Co. Ltd. which sales were up by 17.4% to $6.84b, Indonesia's Sumber Alfaria Trijaya Tbk PT with a 17.2% growth to $8.19b, Thailand's Central Retail Corp which was up by 14.1% to $5.40b, and Japan's Cosmos Pharmaceutical Corp with a 13.6% increase in sales to $6.30b. Peh shared more of the Euromonitor’s latest findings on retail and consumer trends in this interview. How has the retail landscape and performance evolved in the key markets of APAC? Generally, the retail industry has recovered well from the pandemic across key Asia Pacific markets (such as China, India, Indonesia, Japan, and South Korea) and is expected to see continued good growth over the forecast period. Retail channels such as apparel and footwear specialists, beauty specialists and vending have benefited from the resumption of pre-pandemic lifestyles and social activities. In e-commerce, marketplaces offer a convenient and accessible option for retailers in their digitalisation journey in developing markets. In developed markets, the focus has shifted towards innovation to meet increased consumer expectations in product range and delivery. What were key findings from Euromonitor International’s latest report, Top 10 fastest-growing Retailers in Asia Pacific? From our report, we have seen that the pandemic has accelerated retail digitalisation in Asia Pacific and that technology is now increasingly critical in enabling new retail experiences and then supporting how retailers continue to engage and sell to consumers. In terms of the different retail channels, we see that e-commerce has largely continued its strong growth in the region. This is driven by the digitalisation of merchants, as well as the habit and persistence of consumers to continue 12
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Quan Yao Peh, Senior Analyst, Euromonitor
In developing countries, marketplaces offer a convenient and accessible option for retailers in their digitalisation journey
shopping online post-pandemic across various markets. We see that experiential retail is taking centre stage in stores. Retailers are highlighting their stores as being more than just a place to transact but also somewhere where consumers can have fun and enjoy unique and memorable shopping experiences. What factors contributed to the performance of the fastestgrowing retailers in the region? When we look at our list, we see a large majority of companies... that own or operate e-commerce marketplaces like, for example, GoTo, which owns Tokopedia as well as SEA Limited which owns Shopee. We found that marketplaces have benefited from the fact that e-commerce growth in Asia Pacific has remained resilient even after the pandemic. When we look at the list again, we see that many retailers have a presence in markets with a large domestic consumer base. This is important because it creates a strong and consistent level of demand for their services. And here, we are talking about countries and regions, such as China, Indonesia, Southeast Asia, and India. In terms of the predominantly store-based retailers in the list, we can attribute their strong performance to being retail categories that have benefited from the resumption of pre-pandemic lifestyles as well as their strong efforts in outlet expansions. What ongoing challenges do retailers face in their operations? Generally speaking, operating challenges would differ across markets, retail categories, and the resources the retailer has available.
INTERVIEW Developing markets face a challenge due to the stillmaturing distribution and e-commerce infrastructure. For modern retail, the dominance of informal retailers that have built strong relationships with their local communities also poses a challenge. For developed markets, established market players and high degree of competition, higher business and operating costs stemming from factors such as real estate and labour are the challenges. On the consumer side, how have customer needs evolved this year and what can be expected from them next year? Earlier, in January 2023, Euromonitor published our “Top Five Digital Consumer Trends in 2023” — a briefing which explores the top digital shopper trends that will redefine commerce most in 2023. These include trends such as Re-Commerce, Community Group Buying, and E-Customisation which are seeing good traction across Asia Pacific markets. It remains to be seen how these trends will further evolve over the forecast period to continue driving the evolution of retail in Asia Pacific. Retailers should focus on providing consumers with value in what they offer. This includes price and functional aspects of the product. At the same time, non-tangible aspects such as the brand experience and community building (where relevant) are equally important as well in driving brand loyalty. Since artificial intelligence is a rising technology, what benefits do you see in integrating AI in retail operations? AI has a variety of use cases for retailers in both customer facing and internal operations. Areas include customer
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service, supporting purchase decisions, demand forecasting, etcetera. Benefits are tangible and intangible. It depends on the use cases and strategic objectives the retailer wants to achieve. These include increased sales, consumer retention and loyalty, and the reduction of production, manpower and coordination costs, etc. One of the use cases is Love, Bonito (women’s fashion) which uses AI to inform about its product range and deliver customised recommendations to consumers. This can help fine-tune manufacturing processes and better meet consumers’ preferences. Another example is Pond’s (skincare brand) Skin Advisor Live chatbot from Unilever, which uses AI to conduct free online skin analysis and recommend the most effective skincare products to the consumer. This has resulted in over 15 times higher purchase intent, with consumers spending up to three times more time in engaging with the chatbot. What trends should retailers watch out for this year and in 2024? What we are seeing is that consumer preferences in this region are shifting towards brands that provide unique experiences that are supported by technology and are offered seamlessly across physical and digital channels. Specifically in the e-commerce category in developed markets, we see there being increased consumer expectations, both in terms of the product range and in terms of the time it takes to fulfil delivery orders.
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INTERVIEW
Philippines yet to feel the impact of lower capitalisation for foreign retailers
Legislation mandating a minimum investment could attract not only large retailers but also small and medium-scale foreign businesses, the Philippine Retailers Association said.
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early two years since the Philippine government enacted the law to lower the minimum investment for foreign retailers to enter the local market, the domestic retail sector has experienced minimal transformation. Rather than witnessing an influx of new players, it is the established foreign retailers already present in the country that continue to pursue expansion, albeit after facing delays caused by the pandemic. Under the amendment, foreign retailers now only need around $446,000 (P25m) of investments, down from the previous $2.5m requirement. If the foreign retailer has more than one physical store, each store must have a minimum investment of $178,000 (P10m). They are also required to maintain a paid-up capital of $446,000 (P25m). Interestingly, Philippine Retailers Association (PRA) Chairman Paul Santos said this current floor amount for investing in the retail market “will invite not the big foreign retailers that the law presumably wanted to invite into the country.” Interviewed by Retail Asia, Santos explained that foreign retailers are not too concerned about capitalisation requirements as they are with incentives and the economic environment that would allow their business to grow. So, what is there to expect with the minimal capitalisation in force? “It would make the Philippines now attractive to small and medium-scale foreign retailers who may want to do business in the Philippines competing with Philippine small and medium-scale enterprises,” Santos said. More insights from the PRA chairman on the trends for retail operations in the Philippines and the challenges of the sector were shared in this interview: How has the Philippine retail sector performed in 2022? Reports would suggest that 2022 retail sales performance was definitely a lot better than 2021 and 2020, mainly because movement restrictions were progressively lifted and people suddenly had the opportunity to go out again to their favourite shopping malls. But anecdotal evidence would suggest that the 2022 business is still lower than the pre-pandemic 2019 figures. But there seems to be some more reason to be hopeful because household spending was recorded to increase anywhere from 5.1% to 5.5% over the previous year. Moving on to 2023, they have reasons to be optimistic for better sales performance, and in the years ahead. Can you name the significant changes in consumer behaviour in the country that shaped retailers’ operations? The greatest shift in 2022 and earlier is that consumers are far more relaxed and far more accepting of e-commerce. Beginning in 2020, people had no other means to go out and shop except try e-commerce. As the years went on, consumers wanted to find ways or were looking for ways or looking for retailers who combine the ease of e-commerce 14
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Paul Santos, Chairman, Philippine Retailers Association (PRA)
The greatest shift is that consumers are far more relaxed and far more accepting of e-commerce.
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with in-store shopping. In-store retailers should adopt e-commerce practices in their physical store businesses as well. It’s a cliche when people say omnichannel, but this is the direction that Philippine retailers are being dragged into. What are the emerging trends among strategies employed by retailers in their businesses? A lot of the changes occurred among retailers. A lot of it occurred in the back office. Prior to 2020, many retailers have been adopting more technological solutions to make their back-office operations more efficient. Now, with the pandemic and the lockdown occurring immediately thereafter, there was a need to make these processes available everywhere outside of their offices. The greatest change amongst retailers, apart from the increasing pace of automation in the back office, is the adoption of cloud solutions to transfer as many of these processes to the cloud as possible. Of course, there are some processes that can’t be moved to the cloud like warehousing logistics, stocking the stores, displaying stores, displaying in the stores themselves dealing with customers. But whatever could be moved to the cloud, our retailers did so. In 2021, the Philippine Government passed a law that amended the Retail Trade Liberalisation Act of 2000 to ease the requirements for foreign retailers to enter the domestic market.
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COUNTRY REPORT: INDONESIA
Indonesia restricts social commerce for local traders
New regulation will impact more than 6 million sellers on TikTok Shop, according to TikTok Indonesia.
Regulation No. 31/2023 separates social commerce from e-commerce
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ffline traders in Indonesia are seeing a significant decrease in revenue, partly due to being unable to compete with imported products sold at extremely low prices on social media platforms. In response, the government has enacted a ban on goods transactions via these platforms, aiming to shield and support the nation's micro, small, and medium-sized enterprises (MSMEs). Trade Ministry regulation (Permendag) No. 31/2023 concerning Business Licensing, Advertising, Development and Supervision of Business Operators in Electronic Commerce issued on 26 September 2023, mandates the separation of social commerce platforms from e-commerce. The regulation defines social commerce as referring to social media operators that offer specific features, menus and facilities that enable merchants to post the offering of goods and services. Strictly, social media operators are prohibited from facilitating payment transactions in its electronic systems. “Social commerce can place ads like TV, but it mustn’t be transactional, they can’t directly sell,” said Indonesia’s Trade Minister
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Social commerce can place ads, but it must not be transactional
Zulkifli Hasan. The regulation also requires e-commerce platforms in Indonesia to set a minimum price of $100 for certain goods that are directly purchased from abroad. It also establishes obligations for traders and e-commerce platforms to display trade evidence of standardisation compliance for goods. These include certifications for SNI, halal, safety, health, and environmental registration of products. Marketplaces and social commerce companies are prohibited from being manufacturers of goods. This regulation is driven by the aim to create a fair, healthy, and beneficial e-commerce ecosystem, avoiding opportunities for predatory pricing manifested through extremely low prices in social media platforms. Minister of Cooperatives and Small and Medium Enterprises Teten Masduki mentioned a significant decrease in average revenue of over 50 percent for the sales of offline traders in Tanah Abang, the largest textile market in Southeast Asia located in Jakarta. He attributed this revenue drop to the fact that traders cannot compete with imported products that are sold at very low prices. The ban on transactions is also said to prevent
the domination of the algorithm and prevent the use of personal data in business interests. The minister said companies had one week to comply with the regulation or face the threat of closure. Social commerce boom During the press conference, the government mentioned that these rules will apply to all e-commerce and did not name any particular player. For many observers, though, the restriction on social commerce is seen as a reference to TikTok. TikTok is the only social media company that allows direct e-commerce transactions on its platform. To clarify, the Minister stated that TikTok does not yet have a permit to operate as an e-commerce platform. According to a Populix survey, a consumer insight platform on the social commerce landscape in Indonesia in September 2022, 86% of respondents had experience shopping on social media sites. Out of 1,020 respondents, 65% considered social commerce as transactions (buying and selling) on social media. Among them, 46% mentioned using TikTok Shop as the most frequently used social media platform for shopping. Mixed reaction The Indonesian Association of Small and Medium Enterprises (Akumindo) mentioned that the new regulation provides a fresh opportunity for offline MSME operators to market their products. It eliminates the feeling of being threatened by the dominance of platforms, as seen in the growing social commerce business. They are highlighting MSME operators who have struggled to compete in terms of pricing with social commerce platforms that often offer significant discounts or price drops, whilst lower-priced imported products are widely available. On the other hand, the spokesperson for TikTok Indonesia, in a statement received by Retail Asia on 27 September, said they have received many concerns from sellers seeking clarification on the new regulation. To read the full story, go to https:// retailasia.com/
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COUNTRY REPORT: INDIA
Localism rises amongst Indian consumers Indian consumers are perceiving imported produces as less healthy and less coss-effective than local brands.
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ndian consumers are now placing a high priority on brands that they consider ethical and sustainable. As such, they prefer to purchase more from local brands than imported ones as they are deemed to be more aligned with their expectations. Saptarshi Banerjee, senior analyst at Mintel, said the growing “localism” mindset is driven by the younger generation. A recent poll showed that 44% of younger millennials and 40% of Gen Zs stated that imported brands that support local communities are appealing to them. Consumers are increasingly looking at foreign brands who support local businesses and also modify their products as per local needs,” Banerjee told Retail Asia. The pandemic has also heightened consumers’ inclination towards health and wellness, with Indian consumers specifically perceiving imported products as less healthy and less costeffective than local brands, he said. In food and beverage purchases, for example, four in 10 Indian consumers thought it was worth buying from Indian brands over international brands during the pandemic. A Mintel report also found that 45% of Indian consumers bought personal care products from local brands in the last six months to May 2022 compared to only 19% who brought from imported brands. Around 42% also brought clothing and/or accessories from local brands and 19% from imported brands. In the beauty and/or cosmetic products category, 36% purchased from local brands, and 23% from imported brands. Consumers in India are also more aware of the impact of their purchases on the environment and society and now choose to buy products and brands that are in line with their priorities and values. Puneet Mansukhani, partner at KPMG in India, explained that these consumers demonstrate a willingness to incur additional costs for products that align with principles of being “environmentally responsible, socially ethical, and economically sustainable.” To whet their interest, Mansukhani
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said “local brands are prioritising traceability and ethical sourcing of raw materials to provide the right information to their customers, thus building trust and loyalty.” Driving local brands’ growth The preference for locally-made products is also driven by economic factors, particularly the RussiaUkraine war, which worsens the existing supply chain problems brought about by the pandemic, Banerjee said. These factors led to an increase in the cost of imported goods making them more expensive than local products and a massive rise in the cost of living globally. “In terms of the recent financial uncertainties and the rising global geopolitical disruptions, consumers will be more drawn towards brands and products that instil a sense of belonging and community amongst them,” Banerjee said. “Those are the factors that will increase the uptake of local products.” The Government of India is also supporting local brands by launching initiatives such as Make in India and Vocal for Local which contributed to stimulating Indians’ shift towards local brands, Mansukhani said. Local brands are seen to have a better understanding of the local market as well as their needs, tastes
Products that instil a sense of belonging and community are the factors that will increase the uptake of local products
and preferences as they are more inclined to use locally-available ingredients, providing an “exclusive and authentic experience.” “Today, the availability of multiple local brands has given middle-income consumers the possibility of choice. National pride and affordability are also some of the reasons driving this shift,” he said. Imported brands lack visibility Imported brands also have low differentiation and visibility in India, Banerjee said. According to a Mintel report, around 32% of consumers cited difficulty in differentiating Indian products from imported products based on the packaging. This is largely because global brands are manufacturing their products in India, competing with local brands in the premium segment and “offering superior quality as added benefits,” which include ethical and sustainable claims. Mintel said that around the same proportion of consumers said that a dedicated section for imported products should be allotted on online shopping sites, with some consumers saying retailers should also make imported products stand out more in physical stores. To read the full story, go to https:// retailasia.com/
Four in 10 Indian consumers thought it was worth buying from Indian brands over international brand
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EVENT: RETAIL ASIA AWARDS
Exceptional retailers, retail initiatives lauded at Retail Asia Awards 2023
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sia’s retail industry is experiencing a dynamic and rapidly evolving landscape. With changing consumer preferences and advancements in technology, the sector is undergoing a significant transformation. E-commerce also continues to gain traction, with online marketplaces and digital platforms offering convenience and accessibility, whilst brick-and-mortar stores are adapting by enhancing customer experiences. Sustainability is likewise gaining prominence as consumers become more conscious of their purchasing decisions. Since Asia remains a key market for global retail players, the industry's future lies in embracing digitalisation, tailoring experiences, and aligning with sustainable practices to meet the evolving needs of today's consumers.
In recognition of companies that have not only overcome hurdles in the past year but also thrived and grew to improve their products and services, the Retail Asia Awards honoured these organisations in a prestigious awards programme held on 15 June 2023. Winners were able to share their thoughts on winning, as well as the present retail landscape through interviews. Nominees were evaluated by an esteemed panel of judges, including David Eu (Partner, F&B, Retail and Consumer Products at RSM Singapore); Anson Bailey (Head of Consumer & Retail, ASPAC at KPMG China); Michael Cheng (Asia Pacific, Mainland China and Hong Kong Consumer Markets Leader at PwC); Olivier Gergele (EY Asean Consumer Leader at EY); and Hiromi Yamaguchi (Research Manager at Euromonitor International).
Retail Asia congratulates the following winners:
Daraz Digital Initiative of the Year - Pakistan ESG Initiative of the Year - Bangladesh
A.S. Watson Group Health & Beauty Retailer of the Year - Asia Omnichannel Strategy of the Year - Hong Kong ESG Initiative of the Year - Hong Kong
DELHI DUTY FREE Travel Retailer of the Year - India
A. S. Watson Retail (HK) Limited Digital Initiative of the Year - Hong Kong Sustainability Initiative of the Year - Hong Kong Ace Hardware Philippines Hardware Retailer of the Year - Philippines ESG Initiative of the Year - Philippines Agnès b. HK Limited Apparel Retailer of the Year - Hong Kong Alpro Alliance Sdn Bhd Drugstore of the Year - Malaysia
DETERMINANT (Hong Kong) Limited Pop-up Retail Project of the Year - Hong Kong Ek-Chai Distribution Hypermarket of the Year - Thailand Far East Organization ESG Initiative of the Year - Singapore Retail App of the Year - Singapore Fila China Brand Store of the Year - China
Azad Properties Marketing Initiative of the Year - Saudi Arabia
Forward Fashion (International) Holdings Company Limited Luxury Retailer of the Year - Hong Kong
Bata Thailand Brand Transformation of the Year - Thailand
Guerlain In-store Customer Experience of the Year - China
Berjaya Starbucks Coffee Company Sdn Bhd Sustainability Initiative of the Year - Malaysia CapitaLand Investment Digital Initiative of the Year - Singapore Central Retail Corporation Public Company Limited Sustainability Initiative of the Year - Thailand Retail App of the Year - Thailand Chemist Warehouse International E-tailer of the Year - China
Isso Prawn Crazy Restaurant Marketing Initiative of the Year - Sri Lanka Jaykay Marketing Services Pvt Ltd Supermarket of the Year - Sri Lanka Sustainability Initiative of the Year - Sri Lanka Jim Thompson Store Retail Initiative of the Year - Thailand
Chow Tai Fook Jewellery Group Limited Jewellery Retailer of the Year - China
Kmart Australia Ltd Digital Initiative of the Year - Australia International Retailer of the Year - Australia
Clarins Cosmetics Retailer of the Year - Singapore
Koala Sleep Japan KK Retail Product of the Year - Japan
Crocs Singapore Pte Ltd Footwear Retailer of the Year - Singapore Visual Merchandising of the Year - Singapore
Kopitiam Investment Pte. Ltd. Food & Beverage Retailer of the Year - Singapore
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Lotus’s (Ek-Chai Distribution System Co., Ltd.) Supermarket of the Year - Thailand Digital Initiative of the Year - Thailand LUXASIA Brand Store of the Year - Indonesia Luxury Beauty Retailer of the Year - Philippines Luxury Beauty Retailer of the Year - Singapore Luxury Ventures Pte Ltd - Valiram Group In-store Customer Experience of the Year - Singapore Magnum Retail Product of the Year - Kazakhstan Maison 21G Brand Store of the Year - Singapore Majid Al Futtaim Lifestyle Brand Store of the Year - United Arab Emirates Mandai Pets Sanctuary Brand Transformation of the Year - Singapore Mannings Hong Kong Retail Product of the Year - Hong Kong Megaworld Lifestyle Malls Mall of the Year - Philippines Marketing Initiative of the Year - Philippines Metro (Private) Limited Department Store of the Year - Singapore MINISO International Retailer of the Year - China Store Design of the Year (Small) - China NTUC Fairprice Co-operative Ltd Specialty Store of the Year - Singapore Convenience Store of the Year - Singapore Retail Product of the Year - Singapore OBA Market LLC Convenience Store of the Year - Azerbaijan Orchard Turn Developments Pte Ltd Mall of the Year - Singapore Pop-up Retail Project of the Year - Singapore Sustainability Initiative of the Year - Singapore Panda Retail Company Store Design of the Year (Large) - Saudi Arabia PNJ - Phu Nhuan Jewelry Joint Stock Company Marketing Initiative of the Year - Vietnam PT Home Center Indonesia Furniture Retailer of the Year - Indonesia PT Kurnia Ciptamoda Gemilang Footwear Retailer of the Year - Indonesia Customer Service Initiative of the Year - Indonesia Puma South East Asia Pte Ltd International E-Tailer of the Year - Malaysia Marketing Initiative of the Year - Singapore
Re.juve Food & Beverage Retailer of the Year - Indonesia Shin Kong Mitsukoshi Department Store Co., Ltd. ESG Initiative of the Year - Taiwan O2O Customer Experience of the Year - Taiwan Siam Piwat Mall of the Year - Thailand Marketing Initiative of the Year - Thailand Customer Service Initiative of the Year - Thailand Suyen Corporation (Bench) Apparel Retailer of the Year - Philippines Store Design of the Year (Large) - Philippines Swarovski Omnichannel Strategy of the Year - Malaysia Omnichannel Strategy of the Year - Thailand Store Design of the Year (Small) - Singapore The Hong Kong Jockey Club In-store Customer Experience of the Year - Hong Kong UNIQLO VIETNAM Apparel Retailer of the Year - Vietnam Vincom JSC Mall of the Year - Vietnam Store Retail Initiative of the Year - Vietnam Vogue Jewellers (PVT) LTD Brand Store of the Year - Sri Lanka Watsons China Health & Beauty Retailer of the Year - China Watsons Personal Care Stores (Philippines), Inc. Health & Beauty Retailer of the Year - Philippines Sustainability Initiative of the Year - Philippines Watson’s Personal Care Stores Pte Ltd Health & Beauty Retailer of the Year - Singapore Omnichannel Strategy of the Year - Singapore Watsons Personal Care Stores Sdn Bhd Health & Beauty Retailer of the Year - Malaysia Digital Initiative of the Year - Malaysia Watsons Taiwan Sustainability Initiative of the Year - Taiwan WCT Malls Management Sdn Bhd Marketing Initiative of the Year - Malaysia Wilcon Depot Digital Initiative of the Year - Philippines ZALORA Pop-up Retail Project of the Year - Malaysia Elaine Heng, FairPrice Group CEO of the Year RETAIL ASIA
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EVENT: RETAIL ASIA AWARDS
Elaine Heng, CEO of the Year, FairPrice Group
Berjaya Starbucks Coffee Company Sdn Bhd
Clarins
NTUC Fairprice Co-operative Ltd
Kopitiam Investment Pte. Ltd.
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Ace Hardware Philippines
Chemist Warehouse
Ek-Chai Distribution
Agnès b. HK Limited
CapitaLand Investment
Fila China
Guerlain
Lotus’s (Ek-Chai Distribution System Co., Ltd.)
Bata Thailand
Chow Tai Fook Jewellery Group Limited
Forward Fashion (International) Holdings Company Limited
Jim Thompson
Kmart Australia Ltd
Megaworld Lifestyle Malls
Far East Organization
NTUC Fairprice Co-operative Ltd (Own Brands)
Puma South East Asia Pte Ltd
Shin Kong Mitsukoshi Department Store Co., Ltd.
Metro (Private) Limited
MINISO
NTUC Fairprice Co-operative Ltd
Orchard Turn Developments Pte Ltd
PT Kurnia Ciptamoda Gemilang
Re.juve
Suyen Corporation (Bench)
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EVENT: RETAIL ASIA AWARDS
Siam Piwat
Vincom JSC
Swarovski
Watsons Malaysia
Watsons Singapore
WCT Malls Management Sdn Bhd
DETERMINANT (Hong Kong) Limited
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Crocs Singapore Pte Ltd
LUXASIA
Mannings Hong Kong
Panda Retail Company
PT Home Center Indonesia
ZALORA
Watsons Philippines
PNJ - Phu Nhuan Jewelry Joint Stock Company
Azad Properties
A.S. Watson Group
Watsons Taiwan
Wilcon Depot
Central Retail Corporation Public Company Limited
The Hong Kong Jockey Club
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CONVENIENCE STORE OF THE YEAR - SINGAPORE
Cheers! Celebrating 25 years of greater accessibility and convenience for all
Cheers, recognised as the Convenience Store of the Year in the Retail Asia Awards 2023, is leveraging technology, expanding its product range, and reaching underserved customers to redefine the convenience
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ince its establishment in 1998, Cheers, a convenience store chain part of NTUC FairPrice Co-operative Ltd, has made remarkable strides in providing Singaporeans throughout the island with accessibility and convenience. It operates over 170 stores in Singapore today and has evolved to become the country’s go-to destination for quick top-ups. Cheers’ roadmap of harnessing technology, broadening its product range, and reaching out to underserved customers have led to it being recognised as the Convenience Store of the Year – Singapore in the prestigious Retail Asia Awards 2023. In celebration of its 25th anniversary this year, Cheers is embarking on a transformation journey to enhance the shopping experiences of its customers and become the convenience store of the future. Mr Chua Boon Keat, General Manager, Cheers said, “Our 25th anniversary is a significant milestone for the business, and we are proud that it is being commemorated with Retail Asia’s Convenience Store of the Year award. Cheers is here to stay, and we look forward to more years to come.” Harnessing Technology Cheers' dedication to harnessing technology has led to unique innovations that improve customer experiences, such as autonomous stores. In collaboration with Visa, the convenience store chain unveiled its firstever autonomous store at Our Tampines Hub, which offers customers a seamless shopping experience without queues or checkouts – they simply walk out after their purchases. This initiative was made possible through the integration of cutting-edge technologies like computer vision, shelf weight sensors, and a user-friendly app. The resounding success and excitement generated by the autonomous store prompted Cheers to further expand its reach by introducing the first-of-itskind hybrid manned-unmanned store concept, that caters to the needs of students at educational institutions. These autonomous stores have quickly achieved profitability, serving snack and drink topups to over 50,000 students monthly.
Cheers Convenience Store
Expanding Product Offerings Cheers also constantly expands its product range to meet the evolving needs of its customers. It has revamped in-store offerings to incorporate fresh produce, in-store bakeries, and healthier convenience foods, going beyond what is found in conventional convenience stores. Cheers also collaborated with renowned celebrity chef Justin Quek to introduce a delectable range of ready-to-eat meals in its stores. These initiatives cater to Singaporeans who are resuming their pre-COVID routines and returning to offices, presenting them with a diverse range of convenient grab-and-go meal choices, and contributing to sales exceeding S$1 million. Reaching Underserved Customers Cheers also prioritises catering to underserved segments by extending its store network. This strategy involves establishing new FairPrice Xpress stores in condominiums and expanding its presence in educational institutions and residential areas. The convenience store chain also embraces the
Chua Boon Keat, General Manager, Cheers
potential of app-based delivery services to bring the entire convenience store experience directly to shoppers’ smartphones, forging partnerships with GrabMart and FoodPanda. This forward-looking approach has yielded remarkable results, with sales doubling between 2020 and 2022 through the rapid growth of the quick commerce channel. Customers have responded positively to the added convenience of online delivery, leading to an impressive nearly 50% growth in basket value. In addition to this, Cheers also has a partnership with ExxonMobil to set up Cheers stores at Esso petrol stations, which started with stores in six stations two decades ago. Today, it has 59 stores across the island, combining its respective strengths to bring the ease of fuel and retail to customers. Throughout its 20-year journey, the alliance has stayed ahead of the retail and mobility curve. Cheers has celebrated many firsts through the partnership, from being the first to retail abalone in stores to the installation of self-service AXS machines at busier Esso petrol stations. In the coming years, Cheers will continue to map out the future of mobility with Exxonmobil. Building a Sustainable Business In addition to its focus on business transformation, Cheers is deeply committed to fostering sustainable business practices. As part of this commitment, all Cheers stores have implemented FairPrice Group's "No Plastic Bag" initiative, actively promoting sustainable consumption and encouraging the adoption of eco-friendly habits and lifestyles. This noteworthy initiative has been extended to all Cheers and FairPrice Xpress stores, along with 11 FairPrice supermarkets with remarkable impact. In 2022 alone, the initiative successfully saved over 57 million plastic bags, a significant contribution towards reducing plastic waste. With a focus on innovation and adaptability to meet the demands of customers, Cheers continues to explore new avenues and opportunities to revolutionise the convenience store experience.
Our 25th anniversary is a significant milestone for the business, and we are proud that it is being commemorated with Retail Asia’s Convenience Store of the Year award. Cheers is here to stay, and we look forward to more years to come 26
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MARKETING INITIATIVE OF THE YEAR - MALAYSIA
Embrace the Resilience and Innovation of WCT Malls: A Remarkable Retail Revolution
The company won the Marketing Initiative of the Year - Malaysia at the Retail Asia Awards 2023.
Paradigm Mall Johor Bahru
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n the ever-changing world of retail, where consumer preferences shift with technological advancements, there is a remarkable group of malls that truly shines with resilience and innovation. WCT Malls, comprising Paradigm Mall Petaling Jaya, Paradigm Mall Johor Bahru, gateway@klia2, and SkyPark Terminal Subang, have not just navigated through the waves of change but have harnessed this momentum to ignite a retail revolution. This revolution captures the hearts and minds of visitors, offering them an experience that goes beyond ordinary shopping. Their key objectives go beyond the conventional retail paradigm, seamlessly blending adventure, entertainment, technology, and community engagement. In this article, we delve into the remarkable journey of WCT Malls, exploring how they have transformed themselves into more than just shopping centres and have become pioneers of a new era in retail. From repurposing air space for immersive experiences to embracing digital technology transformation, let us uncover how WCT Malls are shaping the future of retail. Creating Leasing Opportunities from Air Space: Crafting an Immersive Adventure at Escape Park, Paradigm Mall Petaling Jaya Acknowledging the inherent desire for adventure within every shopper, WCT Malls ingeniously leveraged air space to introduce the Escape Park at Paradigm Mall Petaling Jaya. This meticulously designed indoor playground became a canvas for boundless exhilaration, transforming the retail landscape into an oasis of entertainment. This attraction transcended mere amusement; it curated a kaleidoscope of experiences, from mind-bending puzzles to pulse-quickening challenges. This innovative fusion of retail mix seamlessly blended with the conventional, offering an unforgettable sojourn that resonated with families and thrill-seekers alike. 28
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gateway@klia2
Elevating Retail-tainment at Paradigm Mall JB: The Ice Skating & Rock-Climbing Extravaganza Paradigm Mall JB underwent a metamorphosis into a haven of excitement and adventure, courtesy of WCT Malls' ingenious retail strategy. The introduction of an expansive indoor ice-skating rink and a soaring rock-climbing wall invoked an invitation to glide gracefully on ice or conquer new heights. This dynamic synergy of leisure and retail birthed shared experiences that lingered long after the visit concluded. WCT Malls evolved beyond being a mere shopping destination; it curated an immersive arena of exploration and exhilaration, setting a new standard for retail-tainment. Seamless Shopping with WCT E-Voucher & Loyalty Points: Navigating the Digital Era WCT Malls spearheaded the digital revolution within the retail industry through its visionary WCT E-Voucher and Loyalty Points – WCT Buddy mobile app. This revolutionary advancement not only redefined the shopping experience but harmoniously merged convenience with reward accumulation. The resonance of this dynamic strategy amongst modern consumers underscored WCT Malls' unwavering commitment to elevated shopper satisfaction. Moreover, the WCT community app functioned as a portal to navigate the latest mall happenings, redeem irresistible rewards using loyalty points, and even purchase WCT e-vouchers – all within a seamless digital ecosystem. Prioritising Well-being with Panasonic Nano Technology: Breathing Comfort into the Retail Space In an industry where comfort reigns supreme,
WCT Malls established a partnership with Panasonic to introduce revolutionary nano technology, enhancing indoor air quality. This strategic alliance ensured shoppers could breathe freely, fostering a comfortable environment within the mall. This commitment to holistic well-being underscored WCT Malls' dedication to an immersive retail journey, whilst also exemplifying its forward-thinking approach to modern retail challenges. WCT Malls' narrative transcends boundaries; it is an unyielding force that has redefined the shopping paradigm. It is a realm where retail and entertainment seamlessly coalesce, where technology elevates convenience, and where crafting indelible memories becomes an art form. As you step into the universe of WCT Malls, you embark on an odyssey that celebrates resilience, innovation, and the unwavering quest to elevate retail to unparalleled heights. Captivating Hearts through Enchanting Events: The Saga of Memorable Experiences WCT Malls transcended transactional retail by orchestrating captivating events that transformed shopping into an enchanting saga. The canvas included interactive petting zoos, mesmerising animal safaris, and exclusive artist meet and greets – each meticulously designed to resonate profoundly with shoppers. The introduction of immersive experiential museums inspired by the Star Wars universe symbolised WCT Malls' steadfast commitment to crafting enchanting memories that transcended the ordinary. The highly popular WCT Voucher Bonanza Sales, offering an extensive 20% discount, continued to entice shoppers and drive engagement with participating merchants.
AH hopes to inspire healthcare institutions to shift to a more patient-centric paradigm in care planning and delivery care
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IMEW Skincare Range (U.P.: $15.05 - $26) A customised skincare regimen for targeting specific skin concerns, imew is made of vegan-friendly products that are free of 20+ harsh ingredients and with 30% PCR plastic.
DR. BRONNER’S Bath / Sanitizer / Oral / Lip Care (U.P.: $7.90 - $38) Certified organic & fair trade, Dr. Bronner’s offers environmentally responsible products that are packaged in a 100% post-consumer recycled bottle.
2 BETTER INGREDIENTS, MATERIALS Better Ingredients, Materials refer to products formulated with ingredients or made from materials that have a reduced plastic content, use recycled plastic, and support responsibly managed forests and plantations (FSC Certified Paper / PEFC / Sustainable Palm Oil).
WATSONS Bamboo Tissue Range (U.P.: $2.50 - $5.95) Made of natural bamboo pulp, these products are not only eco-friendly but are also ultra-strong, free from lint and chlorine bleach, and dermatologically tested.
WATSONS Brush Picks / Interdental Brush / Dental Floss Picks (U.P.: $3.80 - $7) Aside from oral health, these dental essentials also care for the environment with eco-friendly products made with 50% food grade recycled plastic, FSC-certified paper, and recycled packaging.
LEADERS INSOLUTION Skin Clinic Renewal Masks (U.P.: $14 each) Leaders Skin Clinic range offers efficient yet gentle formulas for addressing skin concerns and eco-friendly mask sheets that are biodegradable.
3 BETTER PACKAGING
4 REFILL, REUSE & REPLACE
With more than 8 million tons of plastic discarded into our oceans every year, it is important to choose products with better packaging and have reduced negative impacts on the environment such as FSC Paper, Bio-based Plastics, and Post Consumers Recycled Plastic.
Choosing reusability over recycling reduces energy consumption, and these range of products come in packaging that maximise the use of refills or enable reusing them for another purpose.
NATURALS BY WATSONS (U.P.: $2 - $27.15) Naturals by Watsons’ range of sustainable products are made with certified organic ingredients and packaged with post-consumer recycled (PCR) plastic.
WAKEN MOUTHCARE (U.P.: $10.50 each) Aside from its gentle formula, Waken’s wonderfully effective range of mouthwash is certified carbon neutral and housed in sustainable packaging.
COLLAGEN BY WATSONS Skincare Range (U.P.: $3.05 - $29.15) Collagen by Watsons is made in Korea, dermatologically tested, and packed in boxes made with FSC-certified paper.
WATSONS Everyday Body Wash & Hand Wash Refill Packs (U.P.: $2.50 - $4.20) Upgraded with MoistureBoost Complex for nourishing your skin while being kind to the planet with refill packs that effectively reduce plastic use by 79%*. *vs the bottle packaging of respective SKU
NATURALS BY WATSONS Certified Organic Refill Packs (U.P.: $6.35 - $10.40) Naturals by Watsons range offers 100% vegan, dermatologically tested, and free from harsh ingredients personal care products that are available in refill packs and at refill stations for 78%* lesser plastic use. *comparing to packaging of corresponding 490ml Naturals by Watsons products WATSONS REFILL STATIONS Get your Naturals by Watsons and Dr. Bronner’s refills at Great World City, Jem & Nex Refill Stations.
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Jim Thompson Clinches Win at Retail Asia Awards for The Iconic Store Jim Thompson emerges victorious at the Retail Asia Awards, reinforcing their commitment to delivering an exceptional retail experience that celebrates the brand's heritage and captures the essence of its founder.
Jim Thompson, the renowned Thai silk brand, emerged victorious at the prestigious Retail Asia Awards, securing the coveted 'Store Retail Initiative of the Year – Thailand' category for their outstanding achievement with The Iconic Store. This recognition reaffirms Jim Thompson's commitment to delivering an exceptional retail experience that celebrates the brand's heritage and captures the essence of its founder. The Iconic Store, a visual masterpiece both inside and out, captivates visitors with its immersive retail environment. Within its walls, patrons can embark on a journey through the brand's extensive range of menswear, womenswear, bags, accessories, homeware, and exclusive collections found nowhere else. Spanning two levels connected by a winding staircase, the store offers customers over 6,000 products and collaborative projects. Drawing inspiration from the reddish facade of Jim Thompson's traditional Thai houses, The Iconic Store radiates in rich cinnabar hues. Every aspect of the store's design, from the warm earth-toned decor to the walls, has been meticulously crafted to showcase the rich colours of the silks, exemplifying the founder's unwavering passion for craftsmanship and Thailand's unique traditions. The Jim Thompson House Museum offers visitors an immersive journey into the world of its founder, with a collection of six teak houses sourced from different regions of Thailand. Meticulously preserved, the museum invites guests to explore Thompson's residence and discover a vast array of Southeast Asian art, expertly guided by knowledgeable hosts. Continuing the journey, guests can delve into the Museum About the Man, an exhibition titled "The Man Himself," which chronicles Jim Thompson's life and the pivotal milestones that shaped his legacy. From his early years as an architect in the United States to his reign as the "King of Thai Silk," the exhibition sheds light on Thompson's influence until his disappearance in Malaysia in 1967. Visitors can conclude the immersive experience with the Home Furnishings Exhibition, highlighting the company's growth, creative designs and production capabilities. The Jim Thompson Iconic Store provides guests with a fitting culmination to their journey, as they are welcomed into an exciting retail experience that brings together the wonders of the brand's architectural marvel, the House on the Klong, the captivating history of the "King of Thai Silk," and the innovative design of the Iconic Store itself. For more information about Jim Thompson and The Iconic RETAIL ASIA 31 Store, please visit www.jimthompsonheritagequarter.com
RETAIL PRODUCT OF THE YEAR - HONG KONG
Transforming health care development with Mannings Hong Kong’s Western Vitamins & Supplements
The company was recognised with the Retail Product of the Year - Hong Kong at the Retail Asia Awards 2023.
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annings, the leading and trusted Health & Beauty products chain store in Hong Kong, has made a significant impact in the healthcare industry with the introduction of Mannings Western Vitamins & Supplements. This range of products, launched in October 2022, has revolutionised the concept of Own Brand health care in Hong Kong, where global and well-known brands have traditionally dominated the market. Recognising the need for change, Mannings took on the challenge of transforming the perception of Own Brand and addressing the current barriers in the health supplement industry. With a customer-led strategy at the forefront, Mannings aimed to cater to the diverse needs of its customers and promote
long-term health and well-being. The development and launch of Mannings Western Vitamins & Supplements marked a significant milestone in the company's mission. With over 50 products introduced, Mannings aimed to create a comprehensive range that would cater to different customer groups, including adults, kids, and the elderly. This comprehensive approach reflected Mannings' commitment to meeting the unique health needs of its customers. Global Sourcing and Quality Assurance One of the key factors contributing to the success of Mannings Western Vitamins & Supplements was the emphasis on sourcing globally from reputable countries. Hong
Recognising the need for change, Mannings took on the challenge of transforming the perception of Own Brand and addressing the current barriers in the health supplement industry 32
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Kong customers place great importance on the country of origin of health supplements, as it influences brand image and product effectiveness. By ensuring that all products were made in Europe (Germany, United Kingdom, Spain), USA, Australia, and New Zealand, Mannings gained the trust and credibility of its customers. Furthermore, all products are GMP certified, providing additional assurance of their quality. Affordability and value for money were also key considerations in the development of Mannings Western Vitamins & Supplements. Mannings understands that customers seek great quality products at affordable prices, especially for their everyday health needs. By offering competitive pricing, Mannings aimed to make health care more accessible to a wider range of customers. Achieving Success with "Stronger Every Day" To create awareness and generate excitement around the launch, Mannings embarked on a big and bold communications campaign throughout Hong Kong. The campaign theme, "Stronger Every Day," resonated with customers, and strong bunnies illustrations were used to evoke an emotional connection. The campaign encompassed various channels including train station panels, train escalators, frontcover newspaper advertisements, media press coverage, and digital platforms. Social engagements involving 100 microinfluencers and livestreaming sessions with key opinion leaders further amplified the campaign's reach. The physical stores also played a crucial role in the launch, as they were fully dressed up with new fixtures, gondola ends, easypull banner displays and ceiling banners. These visual elements, combined with the enthusiastic involvement of the store team members, created a memorable in-store experience for customers. The transformative efforts of Mannings Western Vitamins & Supplements yielded remarkable results. The brand quickly gained traction and emerged as the numberone brand in the category, surpassing all competitors in terms of sales and volume. This achievement is a testament to the effectiveness of Mannings' customer-led strategy and its commitment to providing high-quality healthcare products.
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FOOTWEAR RETAILER OF THE YEAR - INDONESIA CUSTOMER SERVICE INITIATIVE OF THE YEAR - INDONESIA
KCG Group elevates retail excellence and customer service in Indonesia Their commitment to exceptional service and remarkable growth positions them as a leader in Indonesia's retail landscape.
Mr Sukisman as Strategic Support & Technology General Manager, R: Mr Haryanto Pratantara as Business & Operation Director
PT Kurnia Ciptamoda Gemilang (KCG) team at the Retail Asia Awards
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urnia Ciptamoda Gemilang (KCG) is an Indonesian retail company that was established in 1998. KCG Group currently leads Charles and Keith, Pedro, EA7 Emporio Armani, and Pomelo brands and has operated over 80 stores across Indonesia. The success in building a solid business foundation has led to long-term plans to expand its range of lifestyle brands. KCG prioritizes solidity and agility to become a successful premium company in the continuously growing retail market. KCG has been experiencing remarkable growth in sales over the past five years, recording more than 50% growth in Indonesia. Despite the challenges posed by the COVID-19 pandemic, KCG has managed to maintain its growth trajectory, achieving a 100% increase in sales performance compared to 2020. We are incredibly proud to share our exciting journey towards being awarded "Customer Service of the Year." We have always put our customers at the heart of everything we do at PT Kurnia Ciptamoda Gemilang. This prestigious recognition is a testament to our unwavering commitment to providing exceptional service and creating unforgettable shopping experiences for you. We believe that exceptional customer service is not just a goal but a continuous 34
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pursuit of excellence. From the moment you step into our stores or visit our website, our passionate team is dedicated to assisting you with a smile, offering expert advice, and ensuring you find the perfect style that suits your unique taste. PT KCG's International Standard Initiatives In its commitment to customer satisfaction and upholding exceptional standards, PT KCG has taken various initiatives to comply with international norms. In 2022, PT KCG achieved ISO 9001:2015 certification, signifying adherence to the international standard for a quality management system. Moreover, KCG obtained ISO 27001:2013 certification, certifying its global commitment to information security. Acknowledging the importance of holistic employee development, the KCG Retail Academy places equal emphasis on nurturing the mental, physical, and spiritual well-being of its employees in the workplace. This approach fosters a work environment that encourages work-life balance whilst promoting professional growth.
Meeting Consumer Expectations in Footwear Retail Consumer expectations of swift and seamless transactions with prompt delivery have grown amidst the surge in e-commerce and online shopping. The footwear and apparel retail industry, specifically, grapples with challenges related to stock availability, including broken sizes, limited colour choices, and assortment issues. Throughout our journey to becoming the "Footwear Retailer of the Year," innovation, creativity, and your unwavering support have all played a significant role. We are deeply grateful for the confidence you place in us as your go-to destination for stylish and comfortable footwear. With stores on five main islands and 19 major cities across Indonesia, KCG provides a wide range of footwear products, catering to the diverse needs of our valued customers. Our success story is inextricably linked to your support, trust, and loyalty. It fuels our passion to push boundaries and redefine the retail fashion experience. The future holds many milestones for us as we embrace it. We look forward to celebrating them with you, our valued customers.
We have always put our customers at the heart of everything we do at PT Kurnia Ciptamoda Gemilang
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IN-STORE CUSTOMER EXPERIENCE OF THE YEAR - HONG KONG
HKJC was honoured with the In-store Customer Experience of the Year - Hong Kong Award
Its retail network, being the Off-Course Betting Branches (OCBBs), played a critical role in serving its racing fans and entertaining Hong Kong people with the thrill and excitement of racing as a sports event. To promote the long-time loved Hong Kong Derby and "4-Year-Old Classic Series" horse racing campaign from January to March, the Experience Shops launched a series of initiatives with the aim to provide more information to customers whilst cultivating new rising stars. The "Derby Treasure Hunt" provided fun facts and racing knowledge to customers, whilst games and competitions with KOLs on horse riding simulators allowed customer participation on real racing journey tracks.
Horse Riding Simulators @HKJC Kwun Tong Experience Shop (Right) Football Party @HKJC Kwai Chung Experience Shop
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o cope with the changing customer needs for retail experiences, since 2020, HKJC has started the transformation journey to reformat its physical retail branches into Experience Shops, appealing to a wider audience for sportainment needs coupled with a holistic social and lifestyle experience. The Club’s first Off-Course Betting Branch (OCBB) was opened in 1974 to serve mass customers’ wagering demand through physical channels. For almost 50 years of establishment, OCBBs have been deep-rooted in the image of mature customers for a mere transactional purpose. Such an image, especially in the digitised world, is unable to appeal to and engage with the new generation of customers. Starting in 2020, the Club launched five Experience Shops, each with its own unique designs and innovative elements, to reposition its retail branches, focus on customer experience, and offer customercentric designs and events that can fully immerse customers in the enjoyment of the sports events. Space redesign includes an events/ activities zone, a live-broadcasting theatre, a communal zone with board games, a gaming hub with an opportunity to understand the training life of a jockey - through practising the riding skills on the horse riding simulator, and a chill-out area with a variety of magazines. Play-Dine-Watch is an important concept in Experience Shops; thus, 36
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restaurants with diverse catering options, customised party room packages with complete elements of good food, games and watching exciting events are unique options for friends’ gatherings. Creating Memorable Experiences: From Sports to Social Gatherings With the new format of Experience Shops, KOLs and Racing Specialists are now able to host a wide range of events and parties at retail shops. Since opening, there have been over 250 lifestyle events held in these Experience Shops, including KOL talk shows and fan parties, live broadcasting events, lifestyle DIY workshops with exclusive themes, and other social events utilising the shop’s space and facilities as a gathering hub. During the 2022 FIFA World Cup Tournament, customers were able to enjoy live broadcasted matches in Experience Shops all the way to the final match. Football fans flocked to these Experience Shops, enjoying the live broadcasted matches on big TV walls with a special menu of food and drinks. Over a thousand football fans have joined the live broadcasted matches and football parties in-branch, whilst the online streaming of these events has yielded over 10,000 online hit rates.
Transforming Retail Experiences: A Journey of Delight and Engagement Good food is an integral part of the whole customer experience enhancement process. The Experience Shops, with a diversity of F&B elements, also initiated the Catering Program to further promote in-branch restaurants during the major race series and encourage customer revisits. This has been proven to be an appealing format to attract the young adult generations to come and enjoy a Play-Dine-Watch experience. Apart from Experience Shops, there were also initiatives launched in transaction branches to further enhance the experience for mass customers. The TV Enhancement Project, launched in over 50 transaction shops since September 2022, has improved the viewing experience with new and better Smart TVs. Under the Retail Transformation objective to provide a better customer experience at HKJC’s Retail networks and to serve a wider customer segment, HKJC will continue to strengthen its customer-centric approach and maintain an innovative spirit by listening to the voice of the customers and staying close to customer needs to offer a delightful experience, hopefully, to maintain racing sports as an all-time-love of Hong Kong people and continue to carry its heritage for the years to come, thus persisting to contribute to the welfare and development of Hong Kong society.
HKJC will continue to strengthen its customer-centric approach and maintain an innovative spirit by listening to the voice of the customers
Azad Properties is an asset, property management & commercial development company based in Jeddah, Kingdom of Saudi Arabia. Founded in 2017, Azad specializes in real estate activities and projects including retail, workshops and other commercial properties. Azad unlocks the potential of its real-estate portfolio by developing and operating properties around the Kingdom; creating and managing great spaces that cater to investors, retailers and tenants. We aim to form strategic partnerships with businesses to improve the nation’s quality of life.
Azad Properties has won a number of prestigious awards. This year, Azad Properties won Best Thematic Decoration at Corniche Commercial Center 2022 for its outstanding marketing, branding, social innovation, and CSR efforts. Their Outstanding Customer Service Experience during Ramadan 2022 earned us the Traditional Marketing Award.
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HYPERMARKET OF THE YEAR - THAILAND SUPERMARKET OF THE YEAR - THAILAND DIGITAL INITIATIVE OF THE YEAR - THAILAND
Lotus’s recognised at Retail Asia Awards for the third consecutive year
Winning three awards reaffirmed the company’s global leadership in retail development.
new Lotus's Privé brand helps expand Lotus’s customer base and cater to their specific needs for premium goods and services.
Exterior building rendering for Lotus’s North Ratchapruek
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otus’s reaffirmed its global leadership in retail development by triumphing in the Retail Asia Awards 2023 for the third consecutive year. Lotus’s secured three prestigious recognitions – Hypermarket of the Year from the opening of Lotus’s North Ratchapruek, Supermarket of the Year from the launch of Lotus's Privé, and Digital Initiative of the Year from My Lotus's NFT Campaign. These awards solidify Lotus's commitment as the leading Thai retailer that becomes a “SMART Community Center” - transforming its stores into a vibrant gathering spot for community residents and meeting multigenerational lifestyles in the digital era. Mr. Sompong Rungnirattisai, Chief Executive Officer, Lotus’s Thailand, said, “Lotus’s success as a prominent Thai retailer has been recognised on the world stage, as we won three prestigious endorsements at the Retail Asia Awards 2023. Hypermarket of the Year - Thailand The first award was ‘Hypermarket of the Year’ from the opening of Lotus’s North Ratchapruek - the flagship ‘SMART Community Center’ - that offers a smart living experience for all generations to enjoy. It boasts a total space of over 47,000 square meters including semi-outdoor areas for easy shopping journeys. The hypermarket offers more than 28,000 product offerings, with 13,000 fresh food items curated to suit the needs and lifestyles of customers in the Ratchapruek
area including a wide range of premium and imported products from around the world, and fresh products from the best local sources throughout Thailand. The shopping center also displayed a full variety of renowned brands, restaurants, services, and trending entertainment options that cater to all lifestyles e.g., communal activity, health and wellness, and technology. Lotus’s North Ratchapruek was the prototype for transforming existing stores and launching the new stores to enable Lotus’s to meet customers’ smart lifestyle in specific areas.”
Digital Initiative of the Year - Thailand ‘The Digital Initiative of the Year’ award was given following My Lotus's NFT campaign that helped celebrate the introduction of a new membership system. Lotus’s was the first retailer who distributed unique collectable NFT Generative Art to valuable members via Lotus's SMART App to meet customers’ lifestyle attributes in the digital age and respond to the popularity growth of cryptocurrency. My Lotus's NFT campaign was very well received and acquired 80% of new members from the younger generation in the age range of 18 to 24 and 25 to 31. Moreover, the platform drove traffic to Lotus’s Smart App by more than 225% during the campaign activities. “Receiving prestigious endorsements from Retail Asia Awards 2023 for the third year in a row reaffirms Lotus's success to continuously develop to offer customers ‘a little delight every day,’ whether when they shop in our stores or online platform. We are committed to selecting high quality products at an affordable price while prioritising customers’ shopping experience in each specific area. Each store is designed under ‘SMART Community Center’ concept to cater to different lifestyles in specific location and tailor our product and service offerings to meet multigenerational needs. Additionally, we always introduce smart technology to make customers’ lives easier with the goal to become the leading omni-channel retailer that provides seamless online and offline shopping experience,” added Sompong.
Supermarket of the Year - Thailand Lotus’s was also crowned ‘Supermarket of the Year’ for the launch of Lotus's Privé, a unique premium supermarket brand under the “Premium Inclusive” concept. The first store of Lotus's Privé is strategically located at the ICS mixed-use lifestyle town opposite ICONSIAM. The premium supermarket boasts affordable premium products sourced from the world’s most renowned origins, including imported fresh food, dry groceries, snacks and confectionery, organic products, health and beauty products, as well as extra services. This wide array of product offerings caters to customers looking for premium quality products and services whilst Lotus's Privé wins Supermarket driving personalised value that of the Year at Retail Asia Awards goes beyond affordable prices. The
We are committed to selecting high quality products at an affordable price while prioritising customers’ shopping experience in each specific area 38
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INTERNATIONAL E-TAILER OF THE YEAR - MALAYSIA MARKETING INITIATIVE OF THE YEAR - SINGAPORE
PUMA is Pounding Pavements with Passion
By supporting the running community through sponsorships and reintroducing power-packed running technology.
Empowering the community through PUMA NITRO Running Club
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unning has always been a huge part of PUMA's identity. Ever since its foundation in 1948, PUMA’s philosophy has been to provide the fastest athletes with the fastest products, an attitude summarised in the brand’s motto, “Forever Faster.” Along the running journey, PUMA brought forward a spirit of community with a heartfelt desire to enrich the lives of runners everywhere. This motivation fueled great initiatives including the birth of one of the market's leading running footwear, the PUMA NITRO. ‘Fueled by NITRO™’ is the tagline for PUMA’s line of innovative nitrogen-infused foam technology that offers superior responsiveness in an extremely lightweight package. Runners get back more than they put in. To reintroduce NITRO footwear to the public, PUMA was set on giving the community the chance to experience the technology through shoe trial programmes as well as help consumers through the process of purchasing a pair – especially if it’s their very first. COMMITMENT TO COMFORT, KNOWLEDGE, AND COMMUNITY PUMA launched a foot scanner in selected stores in Malaysia and Singapore that aims to give consumers pivotal insights about their feet for a better and more comfortable shoe fitting. Consumers will receive a 3D profile of their foot dimensions, arch type, and pressure points, which allows them to understand what type of PUMA Run or Train shoe suits or, even better, benefits them. By harnessing this new initiative, PUMA takes a significant stride towards enhancing customer satisfaction
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and optimising their exercising journey! Furthermore, the PUMA retail team is guided by product trainers to offer consumers comprehensive knowledge on PUMA's running line. From the shoe's unique features to how it works for you as a wearer, the brand is committed to ensure every consumer's journey towards PUMA's running collection is informed, tailored and geared towards unlocking their ultimate potential on the track and road. PUMA is set to democratise the NITRO experience by extending it to the public through the setting up of PUMA NITRO Run Clubs in 2023, which will not only provide an avenue for shoe trials but also connect with the running community. To show its commitment and build credibility in the running scene, PUMA has since proudly partnered with the esteemed Standard Chartered Singapore Marathon (SCSM) in December 2022 as the Official Apparel and Footwear sponsor and is continuing into its second year of sponsorship in 2023. EMPOWERING RUNNERS FOR SUCCESS “Over the recent years, we have seen a rise of casual runners challenging themselves in the region and participating in the nation’s headline running event, Standard Chartered Singapore Marathon (SCSM),” said Sanjay Roy, General Manager PUMA Southeast Asia. “Always a key focus in the running category, we want to continue growing together and
to be on the constant pulse of supporting the ever-growing running community that SCSM has built. We aim to enrich and empower runners to be the best they can [be] on their running journey. PUMA is proud to once again be the Official Apparel and Footwear sponsor for SCSM this year.” As the only World Athletics Gold Label race in Southeast Asia, the SCSM garners recognition from runners internationally as a must-attend event. In line with this commitment to excellence, PUMA's sponsorship extended to comfortable dry-fit apparel and the power-packed NITRO footwear. The event's participant base, composed primarily of avid running enthusiasts, presents a unique opportunity for PUMA to resonate with their passion and preferences. Notably, PUMA's NITRO running shoes take the spotlight as the ultimate gear, aligning seamlessly with the community's pursuit of superior running performance to complete the race! PUMA is committed to be, not just present in the running world, but actively shaping its course. The brand has made - and is still making - substantial investments globally in their running product ranges and assortments to address consumers' multifaceted requirements in the sport. Stay tuned for more exciting ventures to come! In the meantime, experience NITRO like never before at our PUMA NITRO LAB booth at the Standard Chartered Marathon Race Pack Expo from 30 Nov to 2 Dec! Make this race season a FOREVER FASTER one with our PUMA Race Day collection featuring the FAST-R NITRO and DEVIATE NITRO ELITE 2, available at PUMA.COM, PUMA stores, and selected retailers islandwide.
PUMA 3D foot scanner
We aim to enrich and empower runners to be the best they can [be] on their running journey
Koala Sofa Chillax
Express your true style with our award-winning sofa
Featuring detachable cushions and armrests, this versatile design allows you to customise to your heart's desire and complete the perfect space for work, rest and play.
jp.koala.com
ALL THINGS FASHION. ALL IN ONE PLACE. Easy Returns
ZALORA VIP
Variety of sustainable picks
Best of Brands
D O W NL O A D N O W
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FOOTWEAR RETAILER OF THE YEAR - SINGAPORE VISUAL MERCHANDISING OF THE YEAR - SINGAPORE
Crocs sets the benchmark for excellence in the footwear industry
The company was lauded with the Footwear Retailer of the Year - Singapore and Visual Merchandising of the Year - Singapore awards at the Retail Asia Awards 2023.
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Jibbitz™ charms representing he iconic Classic Clog has their passion points. The store proven itself to be one of the floorplan is then categorised by fastest-growing footwear product collection, displaying trends in Singapore and Asia in the products in a wide variety of past three years, with Crocs Asia colours on the store’s walls to growing 47% in 2022 compared cater to every unique individual. to the previous year, despite The Crocs Vivo City store the challenges brought by the embodies Crocs’ commitment pandemic. This is in part driven to people-purposed design, by Crocs Singapore’s dedication thereby creating an engaging and towards excellence in customer immersive environment that is service, quality products based simple and intuitive to navigate. upon comfort, and focus on personalisation through its Jibbitz™ Jibbitz™ Experience Bar at the forefront of the Crocs Global Concept Store Elevating store success and charms, allowing Crocs to create sustainability in retail a holistic and unique shopping Expressing individuality and creativity In testament to the success of the Crocs experience, earning them the Footwear through personalisation Global Store design, the Vivo City store One particular consumer insight gleaned Retailer of the Year – Singapore award and the has doubled its footfall traffic count since was that consumers tend to gravitate Visual Merchandising of the Year – Singapore its renovation, with customers spending towards the personalisation of their shoes award at the Retail Asia Awards 2023. more time in stores personalising their through Jibbitz™ charms, using that as With 17 stores strategically located purchases, and achieved over 25% of a medium to express their creativities across Singapore, Crocs ensures that sales contribution through Jibbitz™ and their unique personalities. Hence, its customers have easy access to its charms, one of the highest within Asia, personalisation takes centre stage wide range of comfortable footwear. The thereby being taken as the best practice with the introduction of the Jibbitz™ friendly retail staff embody the company's for all Crocs stores worldwide. Experience Bar at the front of the store to core values and provide excellent service In addition, Crocs is committed to draw customers in. by asking open-ended questions to sustainability, with the company declaring The Jibbitz™ Experience Bar features understand consumer needs, as well as to become a Net Zero company by 2040. an inviting, open-concept display providing styling advice through both Part of its sustainability efforts involve featuring over 500 Jibbitz™ charm options its investment in using digital screens, styling of the shoes and personalisation of categorised according to various themes which integrate seamlessly as part of the the Classic Clogs through Jibbitz™ charms. to inspire consumers to create their unique store design to allow for easy updating With its unique CHARM service model, pair of clogs. The open-concept display also of marketing materials without waste. Crocs encourages its retail staff to truly Come encourages consumers to easily touch, feel Crocs also use magnetic materials for As You Are by encouraging them to present and play with Crocs products. Since the in-store display, allowing the rotation of their true selves at work and also advocating introduction of the new Jibbitz™ Experience marketing materials regularly without for diversity and inclusion, thereby creating a Bar, Jibbitz™ charm sales have over-indexed generating excessive waste or requiring genuine, welcoming experience for customers in several APAC countries and are a key additional manpower. when they enter the store. Employees are also driver of sales of the Classic Clogs. Crocs remains committed to product encouraged to showcase their personal style Meanwhile, the Crocs Global Concept innovation, providing an engaging store and personality through the personalisation of Store is best exemplified by the Crocs Vivo experience and personable service to their own Classic Clogs, thereby building their City store, which features a large digital consumers worldwide whilst remaining self-confidence and also sharing their joy of screen that extends from the display wall to authentic to its brand ethos of Come personalisation with consumers. the floor to showcase videos of customers, As You Are. Ultimately, the brand’s Crocs has also won the Visual which embodies the Come As You Are spirit. dedication to authentic consumer Merchandising of the Year- Singapore for The Jibbitz™ Experience Bar is wrapped engagement and local representation will its new store design transformation, which around the digital screen to invite remain key to driving sustainable growth provides an elevated shopping experience. consumers to personalise their Crocs with across the APAC region. The Crocs Global Concept Store is designed to deepen the brand storytelling of its brand Croc's dedication to authentic consumer engagement and ethos of Come As You Are, which is the local representation will remain key to driving sustainable celebration of self-expression and the diverse cultures of both employees and customers. growth across the APAC region
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Australian Winner 2023 • International Retailer of the Year • Digital Initiative of the Year
kmart.com.au | kmart.co.nz
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SPECIALTY STORE OF THE YEAR - SINGAPORE
Putting Customer Experience First at FairPrice Finest at The Centrepoint FairPrice Finest is bringing the "fine life" closer to customers through its premium shopping experiences and products at down-to-earth prices.
The Grocer Bar
FairPrice Finest (Centrepoint)
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n 2007, Singapore’s leading grocery retailer FairPrice Group (FPG) launched FairPrice Finest, a new retail banner aimed at bringing the fine life closer to customers through premium shopping experiences and products at down-to-earth prices. The flagship FairPrice Finest store opened at Bukit Timah Plaza, and by the end of 2023, there will be 38 FairPrice Finest stores nationwide. A third of the products at FairPrice Finest are dedicated to a cosmopolitan selection of fine foods not found at other FairPrice stores, with the remaining two-thirds of everyday staples sold at the same prices in other stores. Committed to maintaining its uniform pricing policy for similar products across its supermarkets and hypermarkets, FairPrice shoppers can treat themselves to the best of both worlds at all FairPrice Finest outlets by enjoying a wider assortment of speciality products, services, and shopping environments, whilst also meeting day-today grocery needs. An enhanced retail experience in the heart of Orchard Road In line with Singapore’s vision of becoming a vibrant lifestyle hub through transforming the retail sector, FPG launched an enhanced Finest retail concept in the heart of Orchard Road in late 2022, at The Centrepoint. This novel retail concept provides shoppers with elevated experiences through unique partnerships, improved service levels, and 44
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exclusively curated products, and clinched the Specialty Store of the Year award at the Retail Asia Awards 2023. The store has also become a drawcard for The Centrepoint, pushing growth in transactions up to 22% from its opening in September through to December 2022. Ms Tan Huey Ling, General Manager of FairPrice Finest, shared: “By keeping abreast of customers’ changing lifestyle needs, we are able to refine the way we work and innovate to give them fresh shopping experiences every time they enter our stores.” Based on Criteo’s Shopper Story 2022: Consumer Trends & the Future of Commerce, 85% of shoppers in Singapore browse products online, followed by purchasing them in-store. To capture in-store shoppers and increase visitor-to-customer conversion, FairPrice Finest at The Centrepoint showcases a purposefully designed layout that combines a rustic gourmet market look with clearly demarcated zones based on shoppers’ desires to encourage discovery and draw them into
By keeping abreast of customers’ changing lifestyle needs, we are able to refine the way we work and innovate to give them fresh shopping experiences every time they enter our stores vibrantly coloured ‘indulgence zones’. To invoke the vibe of a traditional farmer’s market, fruits and vegetables are sold ‘loose’, allowing customers to choose the exact amount that they need. Personalised services from dedicated staff are available at the Meats, Seafood, Deli, and Cheese counters, showcasing everything from midto highend Japanese beef cuts, to a selection of fresh seafood. Boasting an extensive selection of fine cheeses and cold cuts, customers can even customise their own cheese platters and build their own charcuterie boards complete with pairings like nuts and crackers. There are also pre-fixed platters to choose from, all complemented with seasonal fruits.
The Grocer Bar: Singapore’s Premier Supermarket Speakeasy Situated within the store is Singapore’s first speakeasy-inspired bar in a supermarket, The Grocer Bar. The Grocer Bar’s expansive Spirits Library stocks the world’s finest spirits, including single malts, refined gins, and even globally sought-after wines like the Chateau Lafite Rothschild 2009, one of the most prestigious wines in the world. The bar has proven to be very popular with shoppers, its seating capacity having doubled to accommodate over 40 people since its opening. Exclusively at FairPrice Finest at The Centrepoint, customers can look forward to craft beer from local brewery Red Dot Brew House’s signature fire-hydrant dispenser tap, where customers get to sample pints of Yuzu Craze Pilsner, Monster Green Lager, and Summer Ale. To top off this elevated shopping experience, a concierge within the store provides bespoke recommendations and curates personalised gift baskets for customers to fit every budget and occasion. FairPrice Finest at The Centrepoint’s novel services and unique shopping environment, coupled with its commitment to maintaining uniform pricing policies and meeting dayto-day grocery needs, make it a perfect example of how FPG is constantly redefining experiences for consumers. Through a unique blend of quality and accessibility, FPG will continue to deliver on its core social mission of moderating the cost of living for all Singaporeans, whilst reinventing the way it serves its customers.
Tan Huey Ling, General Manager of FairPrice Finest
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OPINION
OLIVIER GERGELE
A new reality bites as retail grapples with consumer recessionary mindset Question for CEOs: How much do you agree with the need to plan for a severe, lasting economic downturn?
Source: EY
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EOs globally have been forced to adapt to a new reality of constant disruption and uncertainty. Just as economies saw growth surges when emerging from the COVID-19 pandemic, many were plunged back into a state of slower growth, driven by geopolitical tensions, inflation and higher interest rates. In Asia-Pacific, there is consensus among CEOs that a downturn is near, if not already in effect. According to the EY CEO Outlook Pulse, 99% of CEOs are actively planning for a downturn scenario, with a majority (72%) preparing for a severe downturn in the region. Consumers are likewise reacting to the downturn by reining in their spending and making dramatic, short-term lifestyle changes to cope with ongoing disruption. So how can retailers balance the ever-changing consumer preferences and macro issues impacting their business to create long-term value for consumers and themselves? Getting inside the evolving consumer mindset Retail CEOs today must unravel the consumer mindset which has lurched from pre-, during and now the post-COVID-19 reality. This reality, according to the latest EY Future Consumer Index, is that more consumers in Asia-Pacific are now highly price-sensitive, prioritizing essential goods and services over luxury and non-essential items. But price alone will not determine purchase decisions as a vast majority of consumers (72%) will focus more on value for money as they are being charged more for goods across the board. On this point, retailers must also be mindful of passing on higher production costs and prices directly to consumers. Value-driven consumers will favour brands that make efforts to limit price rises where possible. In the K-shaped post-COVID-19 recovery that we are witnessing across most countries, we also see the emergence of a distinct and niche premium consumer base that is highly motivated to spend on discretionary luxury purchases and experiences. This is reflected in the latest EY Future Consumer Index, where we see the ‘Experience First’ consumer segment being the fastest-growing one, as health and financial concerns diminish. These consumers are hungry for unique products and experiences, and value personalization and 48
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OLIVIER GERGELE Consumer Leader EY-Parthenon
brand stories that echo their outlook on life. For retailers and their CEOs, these mindset shifts are a key focal point for determining strategies and key decisions for the year ahead. The perception of value is now a key battleground as consumers reprioritize in line with broader macro trends. Value is not just what they buy, but also measured by their purchase experience, and how the goods or service supports the way they want to live. Sustainability, impact on health and wellbeing, plus ethics in the way goods and services are marketed and provided to the consumer, will all have a bearing today on brand perception and purchase decisions. Hyper-personalisation driving data and technology needs A more nuanced value perception means retailers need to understand the trends shaping consumer lifestyles today. Consumers today no longer view themselves as part of a demographic group but as individuals. Retailers must transition segmentation strategies to address the needs of every individual. This demands accurate and constant insight which has elevated the use of data and analytics to new heights. The EY CEO Outlook Pulse survey highlights the intensified need for data as more than a third (38%) plan to increase their investment in digital transformation initiatives centred around data and technology. Beyond the usual data-informed buyer insights, data insights are also critical to optimizing supply chains and adjusting pricing strategies. Timely data insight allows retailers and manufacturers to fine-tune supply chain decisions, increase operational efficiency and reduce inventory and overall costs. Data insights are also critical to the growing sustainability requirements that are being applied to supply chain management today. Retailers to double-down on customer experience This drive to optimize across the value chain extends to the way retailers engage consumers. Experiences are the focus with product just being one element of the overall customer offering. Not only do consumers want personalized and contextual offerings from the brands they buy from, but they also demand to be engaged in exactly the ways they prefer. The desire for custom experiences means the pursuit of dynamic omnichannel capabilities, along with digital ecosystems and emerging metaverse solutions, will gather pace as consumers merge new-found digital convenience with a continued need for human interaction. Continued innovation will be central to transforming retail brand experiences for consumers. Brands must explore ways to engage consumers across the whole buyer journey and beyond and, identifying points to support consumers in how they live and work is also relevant today. In response, retailers will need to evolve the products and services they offer, their business operations, and how they engage the consumer beyond the product and service. Businesses also need to identify, implement and integrate technologies that are right for today and for the future. Strategies must simultaneously embrace the reality today and the possibilities tomorrow to ensure relevance, resilience and competitive edge in this current era of volatility and beyond.
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