Retail In Asia: Digitalization, Consumer Behavior & Emerging Technologies Powering Change

By: Rachita Sharma, Managing Editor | Tuesday, 24 September 2024

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%, 11.1% and 10.8% 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 t 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 innovative brands in various segments. The current edition of Women Entrepreneurs Review puts the spotlight on a few such women leaders.

On the cover we have Devangi Nishar Parekh, the Managing Director of Aza Fashions. A visionary leader in Indian luxury fashion, Devangi has a background in business from Cornell and Wharton. Over the years she has transformed Aza into a global brand with over 1000 designers. Her expertise in omni-channel retail and e-commerce has propelled Aza's digital success in the industry. Devangi's educational background includes a Bachelor of Science degree from Cornell University and an MBA from The Wharton School at the University of Pennsylvania. Under her leadership, Aza has transitioned from a brick-and-mortar brand to a global digital presence, expanding through new stores and private labels.

We also feature an insightful conversation with Anushree Parekh, a renowned fashion designer celebrated for her unique take on Indian textiles. Founder of Label Anushree, she has garnered acclaim for her elegant, bling-free collections worn by top Bollywood stars and featured in prestigious publications. Her passion for originality and quality drives her continued success. With a keen eye for unmet needs and a relentless drive, Anushree exemplifies how women leaders are reshaping industries and setting new benchmarks of success.

Read more about these women leaders and their inspirational journeys.

Do let us know your thoughts.