Vietnamese retailers get hand-up for regional expansion
Vietnamese retailers have been offered a helping hand in expanding regionally by the Singapore Retail Center of Excellence (Retail CoE).
Dr Kapil R Tuli, associate professor of marketing at Lee Kong Chian School of Business, a member of Singapore Management University, told a seminar in Ho Chi Minh City that Retail CoE can help retail leaders to leverage social media, analytics and innovation to boost productivity and enhance customer value.
Tuli said Southeast Asia offers enormous potential for retail growth during the next five years. He predicted brick-and-mortar store sales in Asia-Pacific will rise 11 per cent, online sales by 300 per cent and mobile sales by 1600 per cent. Vietnam is one of the markets with the strongest growth opportunities in the region, he said.
Furthermore, Vietnamese retailers, particularly small-and-medium sized enterprises, who understand their customers better, have the greatest opportunities.
Using data analytics, Retail CoE can provide retailers with insights into potential customers, improving their marketing strategies. By better understanding consumers needs, retailers can improve their service delivery.
Another goal of Retail CoE is to develop a community of retailers, experts and students in order to identify, develop and share best practices for a customer-centric mindset.
During the next five year, Retail CoE will perform 10 case studies in Vietnam.
Retail CoE, established in Singapore in 2014, is a partnership of DFS Venture Singapore, Singapore government agency Spring Singapore and the Economic Development Board.
Retail CoE has teamed with the Business Studies and Associates in Ho Chi Minh City.