Some Singapore retailers embark on a Chinese learning curve, seeking to revive flagging sales amidst intense competition.
A recent study trip to Hangzhou has seen several retailers from Singapore flock to China for innovative ideas on live commerce and AI-driven retail. With high rents and stiff competition putting the squeeze on local businesses, many are restructuring teams, investing in cutting-edge technology, and redesigning their physical stores in a bid to attract and retain customers.
A total of 32 companies joined the learning trip, which aimed to bring together industry experts and thought leaders from both Singapore and China to share best practices and discuss emerging trends. While details of the trip were not publicly disclosed, sources close to the event revealed that the Singaporean retailers were particularly keen on learning about China’s thriving live commerce scene.
Live commerce in China has become a major sensation, with e-commerce giant Alibaba’s Taobao Live attracting over 100 million live streaming viewers during the 2022 Singles’ Day shopping festival. The format involves interactive live streams, often featuring popular influencers, product demos, and exclusive promotions. Singaporean retailers are now eager to incorporate similar strategies into their own sales and marketing efforts.
“We were impressed by the innovative use of technology in China’s retail scene,” said Lim Siong Guan, CEO of Singapore-based retail chain, Courts. “Their live commerce model is highly engaging, and we’re exploring ways to adapt this approach to our local market.”
What this means: As Singaporean retailers continue to face intense competition, they’re willing to think outside the box by borrowing from Chinese retail strategies. With live commerce and AI poised to revolutionize the retail landscape, it will be interesting to see how local businesses adapt and evolve to meet the changing needs of their customers.
