APAC’s Retail Industry
Asia Pacific is emerging as a retail growth hotspot, according to research from Deloitte’s Global Powers of Retailing 2021 report.
The report outlines the top 250 global retailers, companies that generated aggregated revenues of US$4.85 trillion in the fiscal year 2019. Half of the top 10 fastest-growing retailers were Asian countries, with China taking two, and Vietnam, South Korea and India taking one each. Asia Pacific further occupied nine out of the 12 new entrants to the top 250 list, with three countries based in South Korea, two in China, and Vietnam entering the top 250 for the first time due to rapid organic growth.
Retail in APAC is forecasted to bounce back with a full recovery to 2019, projected to grow by 6% in 2021. The key factors contributing to this growth are 1) economic and social developments, 2) rising incomes, 3) changing consumer preferences and 4) population growth.
The pandemic accelerated digital transformation in the retail industry. Asia-Pacific is propelling the retail industry, generating about three-quarters of global growth. Retailers are ramping up in-store technologies to create a safe, immersive and personalised shopping experience to attract customers and drive sales.
Bain & Company’s Kanaiya Parekh said, “Retailers must immediately focus on developing and implementing strategies which will future-proof their business, including reviewing the role of their stores as well pivoting their operating models to be more agile and data-driven”
The What & Why of Retail Marketing
Retail marketing refers to the range of in-store activities to promote products and generate awareness, interest and sales. This encompasses all facets of the store, from entrance displays and in-store advertisements, to shelf talkers and payment terminals.
Smart retail marketing strategies are deployed to engage customers and enhance their shopping experience.
On a high level, a retail marketing strategy should accomplish six core objectives:
- Communicate offers to customers
- Influence purchase behaviour
- Cross-sell and upsell products and services
- Elevate the shopping experience
- Strengthen brand recall
- Increase revenue
Retail Digitalisation
Digital transformation helps to create an omnichannel experience by offering personalised services, customised messages and intimate customer engagement. Omnichannel retail connects offline and online channels to deliver a holistic and seamless customer experience.
One retail giant with over 100 years of history recently reinvented its store to provide an innovative customer experience. From using avatar-based virtual mannequins to deploying product visualisation touchscreens, the brand is leading the way in retail transformation.
Retail digital signage catalyses retail transformation and helps retailers to provide speedy and personalised attention to their customers, leading to deeper brand engagement and loyalty. Retailers are utilising dynamic displays, automated checkout systems, virtual fitting rooms, smart digital displays and interactive kiosks to provide a stellar shopping experience for customers.
Let’s have a look at how retail digital signage is improving the retail space:
● Transform the In-store Experience – Retail digital signage transforms the in-store experience by creating immersive and personalised experiences with innovative solutions such as video walls, dynamic digital displays and smart tablets.
● Increase Customer Satisfaction – Interactive displays provide useful product information at the click of a few buttons and facilitates decision-making. This improves customer service and increases satisfaction.
● Drive Sales – Outdoor and indoor digital signage featuring eye-catching visuals and videos attract customer attention and increases footfall. Strategically placed displays featuring offers and discounts stimulate purchase desire and drive sales.
● Streamline Operations – Retail digital signage offers real-time updates about prices, promotions and stock availability. This helps to streamline operations and processes.
Transform Your Retail Stores with Scala Digital Signage Solutions
Scala offers user-friendly, reliable and flexible digital signage for retail stores. Scala has transformed the retail experience of many global brands with its innovative and cutting-edge technology. To know more visit Scala Industries.
Esther Chew is the Sr. Manager – Corp Comm & Marketing at STRATACACHE Asia-Pacific and is responsible for developing and implementing the internal and external communications strategy and programmes across Asia-Pacific. She drives the company’s corporate image and brand messaging through integrated and strategic communications leveraging various platforms such as executive communication, client communication, digital marketing, media relations and B2B events.