Retailers urged to stay updated on latest trends and innovations

The retail industry in Vietnam is undergoing a major shift, and those who want to stay ahead of the competition need to be aware of the latest trends and innovations.

The retail industry is facing seismic transformations, driven by the rise of e-commerce, social commerce, AI, and sustainability. Retailers who can adapt to these changes and embrace new technologies will be well-positioned to succeed in the years to come.

Speaking at the 2023 Retail Executive Conference held on October 17 in Ho Chi Minh City, Tuyen Ngo, country manager at True Digital Vietnam, said, "Vietnam, a burgeoning retail market, has witnessed remarkable growth. Recent market data reveals that Vietnam's retail sales in 2022 amounted to approximately $240.5 billion, with the e-commerce sector alone accounting for over $16.2 billion, marking a significant surge in online shopping. As consumer behaviour shifts towards digital platforms, embracing innovative strategies becomes paramount."

The 2023 Retail Executive Conference brings together top retail executives, experts, and innovators to share their insights on the future of the industry.

At the event, experts agreed that social media platforms have become ingrained in every daily life, so retailers should use social media platforms to reach new customers and drive sales. Another trend is generative AI. Retailers should look into how AI can be used to create personalised shopping experiences and generate new product ideas.

In addition, algorithmic demand forecasting and environmental, social, and governance are also gaining traction in the retail industry. Thus, retailers can use data and analytics to forecast demand, optimise inventory, and operate more sustainably.

"The 2023 Retail Executive Conference represents an unmissable opportunity for those determined to navigate the dynamic retail landscape successfully," Ngo said. "In an era where the retail sector is experiencing unprecedented transformation, the need for actionable insights is more pressing than ever, especially in the context of the Vietnamese market."

Article Credit to Vietnam Investment Review