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World Retail Congress kicks off in Singapore

By VJ Media Bureau | Vjmedia Works | March 26, 2014

Day I of the event threw light on retail trends and how they are closely shaped by demographics.

One of the observations that emerged during the event was that while a large youthful population lends itself well to the on-going e-commerce trends, the very real issue of an aging population shapes traditional retail offerings. This translates to a long trajectory of growth for e-commerce to become an essential retail platform across the customers of all ages.

Dr Ira, Chief Economist at Deloitte, said: "Although it makes for elderly people to enjoy the convenience offered by e-commerce, their current generation is simply not ready. They lack the technological skills. However the next generation or so, will be far more savvy and fuel the growth and usage of e-commerce into their old age.”

Countries such as Japan, which have a very large aging population, are already rolling out retail offering tailored to the demands of the elderly. Shopping malls have recalibrated their facilities to fit the sensibilities and expanded retail services. For example, some malls have slowed the speed of escalators, have restaurant with specialised organic and fortified ingredients as well as pharmacies offering additional services like blood pressure and diabetics checks. Throwing further light on this phenomena, Jerry Black, Senior Executive VP & Chief Strategy Officer of Aeon said: "For retailers to remain competitive and relevant, it is vital to have the flexibility to adapt to the evolving needs of customers across age groups. For a country like Japan, while there is a large aging population, retailers cannot ignore the needs of the youth.”

The World Retail Congress, part of i2i Events Group portfolio, was launched in 2007, to be a platform for senior retail executives to meet and discuss the most important topics affecting retailers across the world. It has been held in Barcelona (2007-9), Berlin (2010-11), and London (2012), and has created four new region specific events in Asia, Africa, Latin America and China. It is attended by up to 1,200 industry leaders from more than 60 countries. The programme is developed in conjunction with the Congress Advisory Board which represents retailers such as Gap, Kingfisher, Macys, Reliance Lifestyle, Myer, Alshaya, Netto, Inditex and Tesco.
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