The future of digital transformation in retail lies in online shopping, particularly the hybrid style. With customer behavior changing and evolving, the retail industry in Singapore is witnessing digital shopping instead of brick-and-mortar offline shopping. Retail sales have stabilized after the pandemic, but customers now prefer digital payment and online shopping. The use of omnichannel strategies in retail is rising rapidly, where web and mobile experiences are fully integrated to boost consumers’ shopping experiences.
Perry Ellis is a globally recognized American company specializing in clothing, fashion, cosmetics, and beauty products. It encompasses a diverse range of brands that are distributed through various channels across the world.
The brand is following the digital transformation in retail industry in Singapore. The brand has implemented omnichannel strategies in retail to improve its in-store experience. The reason is that the customers want the shopping experience just like to be online.
Well, offline brands that want to survive in the post-online world must provide a digital store experience. Therefore, Perry Ellis has been overhauling its store to provide the best omnichannel services to its customers. By introducing digital transformation solutions, companies are gaining real-time visibility.
With the help of a professional software product engineering company, the brand can apply several models. Moreover, Perry Ellis’s POS system streamlines the transactions and shopping experience.
Source: Future Stores
The Growth of the Retail Industry in Singapore
Shopping events like Double 11 and 12.12 recorded substantial growth of 56%. Customers have spent money during Singles Day and Black Friday sales. The Singapore retail industry statistics show that AI and Big Data are being used to serve customers with real-time ads using the personalization pattern. Moreover, omnichannel strategies have made 3 out of 4 Singapore shoppers refer a brand to someone based on a good experience.
Another report from Forrester describes the digital transformation examples where big retailers in Singapore like Decathlon, Charles & Keith, Marks & Spencer, Harvey Norman, Watsons, and Uniqlo. These retailers earned an average of 56%. They have achieved marketing capabilities on a four-point scale: online experience, in-store pick-up, channel consistency, and in-store experience.
The digital transformation consulting providers are bringing back the transition by introducing omnichannel retail strategies. KPMG Singapore is in talks with the industry players, and it has led to a 6.2% rise in sales of the local retail shops. Moreover, the Great Singapore Sale has stepped towards the omnichannel format this year.
The survey from CBRE indicates Asia-Pacific retailers will witness improved sales and extending stores in 2023. Tier-1cities like Mainland China, Singapore, and Hong Kong SAR will also see inter-regional retail expansion. 72% of retailers expect a rise in sales, and 71% intend to open new stores. 60% of retailers are expected to increase their footprint in the existing market or can enter a new destination.
Source: cbre
Digital Transformation and Omnichannel Strategies for Singapore Retail Market
The digital strategies and omnichannel strategies are going to have a deep impact on Singapore’s retail market. The retail landscape is evolving because of the technology consulting services provided to local retail businesses. Integrating digital and physical retail experiences will help domestic and international businesses work together.
Let us now get a detailed insight into digital transformation and omnichannel strategies.
- Digital Transformation Strategies
--The companies can implement digital transformation services like Big Data, Automation, AI, ML, etc., to modernize their brick-and-mortar stores. It will make your business more future-proof.
--Retailers can use AI and Machine Learning for better inventory management without creating any wastage.
--The inception of the Smart Nation initiative in Singapore has made digital payments popular, with the real-time transfer of funds made seamless.
--The digital transformation companies in Singapore are executing a strategy to include technologies for their online stores and physical stores. Many retailers use omnichannel strategies to drive traffic and let people order from their web platforms and mobile devices.
--Leveraging digital tools like AI, ML, NLP, etc., will help understand consumer patterns and provide them with a personalized experience. These insights would help retailers to derive value from their business.
- Omnichannel Strategies
--Provide customers fully integrated retail shopping experience by uniting multiple touchpoints like web platforms, brick-and-mortar stores, and mobile devices. Various brands like Pura Vida, Uber, Intelligent Blends, Nearly Natural, IKEA, etc., have provided omnichannel strategies examples. All these brands are integrating the omnichannel experience through web push notifications, emails, and mobile notifications.
--The omnichannel strategy includes discovering the product, purchasing through online or physical stores, fulfilling orders, and completing the post-purchase phase by getting customer feedback.
--Retailers must curate a full-fledged roadmap to lead the customers from brand discovery to making a purchase and providing after-sales support. While creating an omnichannel strategy, you must prioritize your customer favorites.
--Always choose the channel your customers prefer to make your omnichannel journey successful. The communication touchpoints include social media platforms, content marketing, email marketing, web push notifications, and SMS marketing.
Hire the Best Digital Transformation Service Provider in Singapore!
The majority of retailers provide online and offline shopping experiences to their customers. After the pandemic, Singaporean retailers have opted for omnichannel marketing using digital tools to make the customer experience personalized.
Nevertheless, every business is unique. Thus, it is important to choose the right tools and strategies. Moreover, having a reliable technology partner like Tntra Engineering, a digital transformation firm Singapore, plays a crucial role. Our software product engineering services empower businesses with the power of technology and innovation.
Contact Tntra Engineering today to future-proof your business with changing consumer preferences and technology advancement.
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