Digitalization, Consumer-Behavior & Emerging Technologies Spurr on Retail in Asia

By: Rachita Sharma, Managing Editor | Friday, 8 September 2023

Retail is often a region-specific sector. Market dynamics change region-wise and based on the specific consumer consumption pattern.

The APAC region’s top performers are South Korea, Japan and China including Hong Kong SAR. These nations respectively clocked retail revenue growth of 3.9 percent, 11.1 percent and 10.8 percent in FY2021. Top retail players in these countries drove retail growth engine through digital channels and international expansion.

A common thread is seen across all Asian nations though; digitalization, consumer-behavior evolution and emerging technologies have been driving growth in the retail segment. A notable transformation has come abut owing to these factors over the past few years.

Top Asian nations also score high in the global race to digitization, which has driven new-age retail channels’ growth in the region. Philippines and Malaysia are the top two countries when it comes to e-Commerce retail growth.

Close to 60 percent of the world’s online retail sales are from Asia. E-commerce in APAC is slated to nearly double by 2025. Reports suggest that Asian e-commerce segment might reach the $2 trillion mark.

Increased digitization and rise of e-commerce have also enabled new-age entrepreneurs to launch niche brands in various segments.

Alfa Priliana, Founder, Rivya is one such name. The first youngest national product brand manager, Alfa has demonstrated the perfect example of excellence. At a young age, she established her own company and within a year made her products find respected space in the market.

In an interview with Women Entrepreneur magazine, she outlines her advice for aspiring women leaders, “My advice to fellow women entrepreneurs is that keep trying and never give up because it doesn’t matter how many times you fail but how many times you rise matters. Accept, love yourself, keep dreaming, and have faith in God because He has planned everything good for you in your life,” she says.

Fetty Kwartati, CEO, Sarinah is another women leader with a deep understanding of Asian retail space. With an MBA and a bachelor's degree in economics from Indonesia, Fetty's nearly 30 years of work experience have provided her with a solid foundation for developing and growing Sarinah, while passionately promoting Indonesia's local products, SMEs, and creative endeavors. Being the sole retail company owned by the government, Sarinah has a strong emphasis on promoting Indonesian culture through local products and SMEs, showcasing exceptional creativity and craftsmanship.

In an interview with the Women Entrepreneur team, she sheds light on the current state of retail in Asia. “The evolving market dynamics brought about by the COVID-19 pandemic, changing consumer preferences, intense competition, limited resources, and technological limitations are just a few examples. However, it is imperative for companies to adapt and proactively stay ahead,” she suggests.

Read through the current edition of the magazine to know what these women leaders in retail have to say about their journey in the Asian business landscape.

Do let us know your thoughts.