Buying stuff used to be so easy. Customers walked into a shop, paid for whatever they wanted to buy, and left.
But now, the Internet has changed the way we engage with retailers. In turn, the advent of e-commerce has also enabled retailers to change the way they operate. The retail industry, for better or worse, is now forever changed by e-commerce and its connectivity.
For Asia, the rise of e-commerce has had a profound effect. It has the world’s highest rate of Internet shopping and the fastest growth in overall sales, according to research done by Bain & Co. Vast communities of consumers, retailers and partners are rapidly reshaping the entire retail landscape, forcing retailers to just as quickly make some fundamental decisions.
In other words, the hyper-competitive retail market in Asia forces retailers to innovate or die. Amazon may have launched the world’s first proprietary ecosystem, but the concept has so far generated its biggest momentum in China, where Alibaba and Tencent have within a few short years built open variants of the ecosystem—with features uniquely tailored to Chinese consumers.
This concept has also made its way to Southeast Asia, with channels like Lazada, Shopee, Qoo10, and a host of other regional players vying for a slice of the digital retail pie.
In this issue of SME, we take a look at what the future of digital retail holds, and how retailers can
OMNI EVERYTHING
The scale of change taking place within the retail industry is phenomenal. Things that just a couple of years ago we thought impossible are fast becoming reality. This is partly due to access to unprecedented computing power, near-limitless data, and AI to make sense of it all, plus, through visual and voice computing interfaces, the ability to absorb and process information in a way that once was purely the domain of humans.
Esta historia es de la edición May 2019 de SME Magazine Singapore.
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Esta historia es de la edición May 2019 de SME Magazine Singapore.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Cloud- Driven Recovery
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Live Werkz: Venturing Beyond Southeast Asia
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Singapore's Go Digital Well Received
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Accountants And SMEs: Creating A Sustainable World
For SME finance professionals, ‘sustainability’ is about achieving longevity. However, there is a confusion over different definitions of sustainability. They recognise the growing importance of tackling sustainability issues but lack the understanding of how doing this can be integrated into day-to-day practices within the finance function.
Rebuilding Our Mental Well-Being In Sales
Sue Barrett is a writer, training provider and entrepreneur who founded Barrett in 1995 to positively transform the culture, capability and continuous learning of leaders, teams and businesses.
Omicron: A Test Of Resilence
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Silver Lining In The Cloud
Although RAS Security Pte Ltd’s business was adversely affected by the pandemic, there’s a silver lining in the cloud. The occurrence has necessitated the company to innovate its business model to remain viable and led to the discovery of new areas of security service provision. Managing director Tejdeep Singh shares his journey.
Accelerating Artificial Intelligence
Singapore is introducing two new public artificial intelligence (AI) programmes as part of the strategy to use technology for social and economic good, involving a total allocation of S$680 million to accelerate AI research. The latest initiatives require a funding of S$180 million.
Three Tips For Hiring Top Talents
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The Economy Is Recovering, But What About People?
All signs are pointing towards a speedy recovery. Contrary to what this writer initially predicted, the economy seems to be genuinely recovering.
