The challenge facing retailers in Singapore these days is whether or not they should jump on the e-commerce bandwagon. While Singapore’s Government explores e-payment platforms and retailers explore e-commerce, these measures alone may not move shoppers to spend more.
In Singapore, modern commercial hubs like Paya Lebar Quarter see technology as a means of expanding the reach of retailers. The future focused precinct is ensuring WI-FI connectivity in all its public spaces. Such a push to connect with customers seamlessly from offline to online is a look beyond the form. Not only does it give occupants in PLQ more reasons to move about the area, it presents the possibility for retail partners to stay connected with its customers in close vicinity.
Getting in Front of the Digital Crowd
Millennials like the Internet and you can use that to your advantage. However, it is an overstatement to assume that modern consumers do not like traditional shopping anymore. As a retailer, you must wield the biggest influence between the two: technology.
Through digital marketing and a social media presence, you can raise exposure for your business. Options, such as predictive retail intelligence, help the effort to put your brand in front of a younger generation of consumers. It revisits the timeless principle of selling: demographic insight.
Know Your Demographic
In due time, millennials will make up over half of our workforce and represent the largest group of shoppers—online and offline. The millennial shopper is digitally-savvy, well-travelled and discerning. They make purchase decisions based on online research, social media and peer recommendations.
Online shopping to millennials is not always about the ease of buying. It may be overly simplistic to say they prefer shopping online just because it is cheaper and convenient. Millennials place high value to self-expression and are willing to spend big on personalisation and experience.
Many e-commerce businesses in Singapore like HipVan, Love, Bonito and Zalora have expanded their business with retail spaces to let shoppers touch, feel and see the brands’ products, particularly high-value merchandise, which allows would-be buyers to gauge the quality and authenticity of the products in the flesh.
Physical stores will always be relevant if they create an experience that can exist only in a physical realm. This experience can come in the form of in-store entertainment, a cafe within a shop or simply great customer service.
Following these principles, retailers do not need to be a visionary to keep brick-and-mortar retail relevant.