14 Dec Digital transformation helps retail industry live up to expectations
Over 60 retailers from all fields have participated in the seminar titled “Transformation of retail sector in the digital era” taking place in Hanoi recently.
The seminar was held by the Association of Vietnam Retailers (AVR) in collaboration with Microsoft and Votiva Vietnam Ltd, a Microsoft Dynamics Partner.
Addressing the event, Dinh Thi My Loan, honourary president of the AVR, said the retail market can help feed the development of the economy, trade, culture, and lifestyle. “In the digital era, if retailers still do business in the old way, they will die because consumers’ requirements are becoming higher and increasingly diversified,” she said.
According to Loan, in Vietnam, only a few big retailers have applied technology in their services, and with the strong development of e-commerce, retailers need to find ways to compete. “Actually, virtual reality technology or big data have been giving consumers interesting experiences with quick and convenient choice. You can just stand in front of a mirror and technology will help you choose the best clothes that suit you the most,” Loan said.
Talking with VIR, Nguyen Chi Duc, Regional Director, Business Development (Vietnam, Thailand and Cambodia), Votiva Vietnam Ltd., said that the digital shopping landscape has increased consumers’ expectations for interaction and product suggestions based on their habits, interests, and shopping behaviour. However, traditional retailers have been struggling to meet these expectations. Culture and technology need to change at all levels of a retail organisation to provide the experience that customers expect.
“Competition in the retail industry is fierce, the owner needs to make fast and accurate decisions. For example, pairing advertising and promotions with technology, they will be able to analyse customer behaviour, thereby crafting more appropriate business strategies,” Duc said.
According to Duc, software can brig retailers comprehensive solutions that help deliver a multichannel and unified retail experience on a single technology platform. “All operations can be linked in a close chain which helps trace and answer difficult standards.”
By Phuong Hao – VIR