Tag proudly sponsors New Retail Forum Singapore
Tag recently proudly sponsored the New Retail Forum in Singapore. The two-day event brought together leading edge and groundbreaking retailers from across Asia to discuss the latest trends, strategies and technologies impacting the sector.
With the extreme pace of advanced technology and overwhelming middle-class growth in Southeast Asia, the Forum focused on the changing eco-system of brick and mortar stores reflecting the geographies, economies and lifestyles of its inhabitants. With a focus on the increased sophistication of digital marketplaces, the regions’ leading brands and retailers shared their insights and best practices on critical areas in shopper marketing and retail evolution.
Here are our top 5 takeaways from the Forum:
- Luxury retail is on the up
The luxury retail industry outlook is positive with an average compound annual growth rate (CAGR) of 6%, with China accounting for 20% of this. This strong growth rate has been attributed to a new type of mass prestige – referred to as “masstige.” This portmanteau of the word’s “mass” and “prestige” is the name given to the group of brands that are “premium but attainable.”
- Customer experience is the new brand differentiator
Customers are fickle, and their expectations are changing every day. Brands that proactively seek out innovative technology and data-driven insight to inform their customer experience strategies are winning. The customer experience battleground will continue to be fought, but the brands that put the customer at the center of everything they do are on course for victory.
- There is more to research than you think
Brands spend substantial amounts of time conducting their own or engaging with a third party on research. But research is only valuable if you know what to do with it and how to leverage it. Working with experienced partners who can fully understand, breakdown and apply research to create tangible insight to drive and inform commercial decisions is key to driving future value.
- Bad customer experience costs
Given all we hear about these days is the importance of customer experience, it was interesting to hear that the business impact of poor shopping in APAC amounts to more than USD$785 billion a year! If that doesn’t make brands focus on their customer experience strategy, what will?
- The “5C” retail reinvention
Retail is always evolving and as we look to the new dawn of retail there are five key areas that will help retailers differentiate. Customization, convenience, connectivity, community and communications were highlighted as essential to future-proofing retail strategy.
At Tag it is our priority to help our clients stand out in the crowded retail space and help them sell more in the most productive way. We work on retail campaigns across channels for brands and retailers globally and as specialists in production, activation, sourcing and execution of strategy we know how to help our clients achieve their objectives to win.
Find out more about what we do to help our retail clients here.