ts rebounding in nations like India, Indonesia, and South Korea, and a burgeoning social e-commerce scene set to surpass $300 billion by 2026, the retail industry in Asia Pacific is anything but stagnant.  Top 10 fastest-growing retailers Amid the dynamic and competitive retail landscape in 2022, ‘GoTo Gojek Tokopedia PT’ and Singapore’s ‘Sea Ltd’ emerged as standout performers, achieving retail sales growth rates of 44 per cent and 43 per cent, respectively.  Post-pandemic, consumers are returning to physical stores that offer immersive experiences. Watsons’ “The Grand Store” in the Philippines is leading this trend by leveraging Artificial Intelligence (AI) and Augmented Reality (AR) to personalise in-store shopping. Marketplaces like SSG.com and Naver Shopping in South Korea are elevating customer experiences through premium product assortments and improved delivery options, respectively. Top 10 retailers in Asia Industry giants like Alibaba Group Holding, JD.com and Pinduoduo continue to lead the rankings, driven by their substantial domestic consumer base, attractive pricing, and streamlined fulfilment capabilities. Alibaba Group Holding Ltd witnessed an impressive four per cent market growth rate from 2021 to 2022, from US$459 billion to $477 billion, while JD.com saw a substantial increase of 11 per cent from US$352 billion to US$391 billion, solidifying their positions as leading players in the dynamic e-commerce landscape. A balanced perspective According to Quan Yao Peh, senior analyst at Euromonitor International, the pandemic has accelerated retail digitalisation. It has prompted a shift in the role of the physical store and changed the way retailers and brands engage with consumers. “Technology has become increasingly critical in enabling retail experiences and supporting consumer engagement across physical and digital channels,” he told Inside Retail. On GoTo’s success, he believes the range and integration of services across GoTo’s super-application ecosystem (which spans from retail e-commerce to food delivery and mobile payments) has proven effective in encouraging continuous consumer reliance and spending on the Tokopedia platform.  This includes a large domestic consumer base, and Tokopedia’s success in increasing the number of platform users and adoption from rural areas.  Efficient logistics and fulfilment capabilities that leverage Go-Jek’s last-mile infrastructure to meet consumers’ delivery expectations for e-commerce purchases has also been key drivers. Offline rebound Interestingly, Euromonitor expects offline retail sales in China to recover to pre-pandemic levels in 2024, with a five-year forecast period of 5 per cent through 2027. “With the loosening of Covid-19 restrictions in late 2022 in China, the return of pre-Covid  lifestyles and increased economic activity will improve consumption and drive offline retail sales recovery,” he said. Similarly, India and South Korea are expected to see growth in offline retail sales across the near to medium term. Five-year forecast period CAGRs are expected to be at five per cent and 1 per cent respectively through 2027. AI and AR The integration of AI and AR, as seen with the Watsons experience in the Philippines is a growing trend in the region. “We expect more retailers to come on board the trend, should they have the resources and suitable use cases, and where it has been demonstrated to meet their strategic objectives,” he explained. He went on to say that adoption and implementation would vary across retailers, markets and product categories. Certain product categories will be more suitable than others in leveraging such technologies to improve the in-store shopping experience.  “In the case of AR, it would be more suitable for categories where the physical attributes of the product are important (e.g. beauty products or apparel), compared to functional categories such as grocery or home improvement products,” he said. Top trends in APAC Quan also said that economic uncertainty, elevated inflation and environmental concerns related to consumerism are driving second-hand buying and selling in retail in Asia Pacific. “Savvy consumers are leveraging digital platforms such as Carousell (in Singapore and Hong Kong) and Idle Fish (in China) to seek out good quality used products at affordable prices,” he noted. Another trend that is picking up is community group buying. The model has continued to see good growth across markets in Asia Pacific, such as in Indonesia and the Philippines. The model allows consumers to receive discounts on items by placing bulk-based orders as a group.  Lastly, e-customisation is also on the rise, with brands and retailers using artificial intelligence and technology to enable greater customisation across their product range.  “This will be more relevant for durables and products with a more personal or experiential element, such as apparel and footwear, appliances and electronics, and personal accessories or jewellery,” he concluded.