REINVENTING SINGAPORE’S RETAIL SCENE
Observers said tapping technology such as augmented reality and artificial intelligence has become even more important for retailers now, as customer expectations have evolved.
“E-commerce is here to dominate for convenience, but people still crave human interaction, emotional engagement, exploring the physical space (and) interacting with people,” said Dr Samer Elhajjar, a senior marketing lecturer at the National University of Singapore’s Business School.
“That’s why experiential retail gives the store a way to differentiate themselves and to remain relevant in the digital environment.”
As customers today value engagement and personalisation, retailers need to focus on transforming the in-store experience for shoppers, he added.
The Singapore Retailers Association (SRA) has also urged retailers to offer unique shopping experiences to attract customers and stave off competition from other markets like Johor Bahru.
“We encourage our members to continue on the direction of creating experiential retail in Singapore, so that consumers or even tourists come here as a go-to place,” the association’s president Ernie Koh told CNA.
This comes as industry players believe the Johor Bahru-Singapore Rapid Transit System (RTS) Link will take a slice of the consumer market away from Singapore. It is expected to begin service by the end of next year.
“We anticipate that we will see many of our consumers taking a train over to Malaysia, do their necessary shopping and come back,” said Mr Koh.
“Also, we anticipate (there will be purchases of) high-ticket items, where you go in and you order, and you don’t have to bring it back… the vendor will ship it to you.”
