RETAIL
“IF YOU DON’T DRIVE YOUR BUSINESS, YOU WILL BE DRIVEN OUT OF BUSINESS” - B C FORBES
Not long ago, most ASEAN countries were considered as “emerging” economies. Today, these nations represent a large, diverse and rapidly-growing retail consumer market with a population in excess of 600 million people; nearly twice that of the U.S. and roughly half of that of China. The growth in the retail market in recent years has been driven by greater prosperity arising from strong economic growth and rapid urbanisation, which has brought about a rise in the middle class population.
Retail channels are growing too by leaps and bounds, with an influx of international retailers joining the local players for a slice of the retail pie. This has in turn fuelled the construction of a large volumes of new retail real estate.
The traditional retail channels of supermarkets, mini markets and neighbourhood stores have been disrupted by e-commerce and online shopping as customers increasingly demand cheaper choices and faster delivery options. Customers in Southeast Asia are among the world's fastest adopters of mobile and social media, using their mobiles to check product reviews or prices, access coupons, or make purchases both online and offline.
THE FRONT LINE
There is a revolution happening to the way we shop today. Customers are exposed to a plethora of brands, that a decade ago would have been hard to attain. Today, customers can easily order anything online not available in their local malls. Coupled with that, there is the option to shop online or offline whilst comparing prices in real-time in physical stores. Retailers must therefore constantly keep abreast of changing tastes and trends.
EASI integrated customer management system will help retailers to:
- Ease customers’ navigation in-store;
- Focus on fast turnaround customer service;
- Understand their customers’ needs, spending and buying habits;
- Keep inventory of products that are in demand and introduce new ones;
- Keep pricing competitive;
- Retain loyalty via promotions or loyalty programmes to ensure continued patronage;
- Keep track of frequently used sales transactions, e.g. credit cards, cash or debit cards.
Each of these components plays a part to help retailers grow their businesses and stay in the game.
BACKBONE OF THE BUSINESS
Retailers have to maintain higher standards of due diligence, competitor benchmarking and strategic planning, as well as forecast as the retailing environment turns ever more fiercely competitive.
Sophisticated computerised solutions with integrated store management processes are needed in the supply chain to ensure customers’ needs are met.
EASI POS software will help to:
- Manage inventory and keep track of supply;
- Ensure continuous replenishment;
- Help with consumer response systems;
- Monitor distribution centres;
- Streamline checkout points in supermarkets;
- Collaborate demand-planning, forecasting and replenishment processes.
