A well-known market intelligence solutions provider, Infiniti Research, has announced the completion of their recent free downloadable resource on what retailers in the UK can learn from the Asian retail market. Download the free resource for comprehensive insights into what makes the retailers in the Asian market different and how retail brands in the UK can take inspiration from them and revamp their strategies to overcome the retail challenges in their market.
Retail executives seeking to understand the future of retail should take a close look at Asia.
Retailers in the United Kingdom have been facing several challenges over the last year due to discounter and online competition, more expensive energy, and rising business rates. As a result, some of the key brands in the U.K. have been forced to shut down a consistent number of stores across the country. Retail executives seeking to understand the future of retail should take a close look at Asia. It has the world’s highest rate of Internet shopping and the fastest growth in overall sales. Experts at Infiniti Research expect that around half of the global retail growth will continue to come from Asia in the next five years.
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How is Asia’s retail industry evolving?
Mini marts are succeeding while large formats are struggling
Asian consumers are known to quickly adapt, as a result, some modern retail formats have struggled in hyper/supermarkets in the Asia Pacific. The reason is that getting around Asia’s cities can be difficult especially due to factors including pollution and congestion, so customers have started to favor shopping at the nearest facilities available to them. Although destination shopping malls were successful up to a point, now physical retail space needs to be where shoppers are, not where retailers want consumers to visit. Furthermore, the rapid penetration of smartphones has played a significant role in eliminating all those hours previously wasted commuting through heavy traffic each day.
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Physical stores are evolving to stay relevant
Many traditional retail formats have re-imagined themselves in order to stay relevant. Supermarkets have transformed to more like wet markets and spaces with various niche food stalls, sometimes making it hard to tell where the supermarket ends, and the outdoor market begins. Here, consumers don’t feel the need to be loyal to one big brand; they are drawn to niche brands and exotic offerings, tucked-away for them to discover. What consumers want is an experience, environment, and ambiance. This is where retail in the Asia Pacific has really begun to get much more creative.
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Bringing social media to the forefront
Today, nearly everyone in Asia has a smartphone; nearly every smartphone owner is on social media; and social media apps (such as WeChat in China) combine nearly every service one needs to get by, including social messaging, online banking, payments, car-hailing, food ordering and delivery, travel planning, and retail shopping.