The retail sales (excluding auto) in Singapore has been declining since 2014 on an average of 0.2% per year, but the yearly decline is much faster in departmental stores and apparels at 0.7% and 0.4% respectively.
Online and social shopping, plus health and freshness, are amongst the top five trends set to influence Singapore’s grocery retail market over the next five years.
The Singapore grocery market is forecast to see steady growth over the next five years when compared globally.
Technology has changed the way retail is presented to its customers, so what do brands need to do to keep their customers happy?
The changing retail landscape
The ubiquity of mobile technology has been a long time coming.
Singapore’s food and beverage market is currently estimated at US$108 million1, with major beverage companies expanding their product portfolios to cater to the growing popularity of fruit juices, ready-to-drink teas, energy drinks and beer.
As Singapore continues to embrace the mobile-centric economy, the way consumers interact with retailers is rapidly changing from traditionally shopping at storefronts, to e-commerce, and now to New Retail - retail experience brought alive by the integration of offline, online, logistics, and data across a single value chain.
With the Great Singapore Sale in full swing, and an e-commerce industry projected to reach SGD4.4 billion this year, retailers and e-tailers around town are battling it out to capture those shopping dollars.