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As competition heats up, retailers urged to innovate

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As part of one of the most dynamic retail markets in the world where rents are high and consumers are savvy, retailers in Hong Kong are facing enormous challenges to survive and thrive.At today’s Retail Marketing 2014 Hong Kong conference hosted by Marketing at Sheraton Hong Kong, Eva Leung, managing director of Nielson Hong Kong and Macau, kicked off the conference with a sobering overview of the state of retail across the Asia and Hong Kong.Nominal sales growth in Asia FMCG retail space dropped sharply from 12.4% to 6.3%, while in Hong Kong saw 9% in 2013, a drop of 3.9% compare to a year ago."In Hong Kong, the competitive landscape is going to be even more competitive," said Leung."Convenience stores, for example, are fastest growing sector in the retail space, making the challenge bigger for retailers with their private label strategy."This sector is no longer for impulsive consumption," she said, adding that 56% of shoppers in Hong Kong go to convenience store to buy and only 9% shop there for leisure.She stressed retailers must diversify to multi-formats to consolidate their share.More than 80% of retailers in Hong Kong have diversified store layouts, with different formats that cater to different sectors, she said, most commonly including the formats of baby, cosmetics and health. (For example. Mannings, Watsons and Sasa.)"Retailers are now packaging themselves differently to cater to different customers."On top of in-store optimisation is the merger of "bricks and clicks" strategy to lure shoppers."Retailers need to adopt more innovative and flexible ways to enhance shopping experience in terms of accesibility, availability, connectivity , mobility and to be customisable.""Retailers should no longer take double digital growth for granded," said Leung."It's time to break through with new innovations with the integration with technology, brick and click strategy an through collaboration with retailers and suppliers," she concluded.The speakers before lunch included Fung Retail Group’s omni-channel and e-commerce director Argha Sen; Sanrio Global Asia’s senior VP Sandrine de Raspide; China Search’s sales director John Lo; and The Dairy Farm’s sales and marketing director Julie Chiu.Stay with us throughout the day for all the action live here and at #RetailHK.[caption id="attachment_44596" align="alignnone" width="700"] Argha Sen, director, omni-channel and e-commerce, Fung Retailing Group[/caption][caption id="attachment_44595" align="alignnone" width="700"] Eva Leung, managing director of Nielsen Hong Kong and Macau[/caption][caption id="attachment_44594" align="alignnone" width="700"] Sandrine de Raspide, senior vice president, Sanrio Asia[/caption][caption id="attachment_44593" align="alignnone" width="700"] Argha Sen, director, omni-channel and e-commerce, Fung Retailing Group[/caption][caption id="attachment_44592" align="alignnone" width="700"] Eva Leung, managing director of Nielsen Hong Kong and Macau[/caption][caption id="attachment_44716" align="alignnone" width="700"] John Lo, sales director, China Search Asia[/caption][caption id="attachment_47182" align="alignnone" width="700"] Julie Chiu, sales and marketing director, The Dairy Farm - Wellcome[/caption][caption id="attachment_44718" align="alignnone" width="700"] Elman Lee, group marketing and online business manager, The Dairy Farm - Wellcome[/caption][gallery link="file" ids="44625,44626,44627,44629,44630,44631,44632,44633,44685,44686,44687,44688,44689,44690,44691"]

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