Retail News CRM

Author: Mei Ling Tan

  • Reliance Retail opens first freestanding GAP store in Mumbai

    Reliance Retail opens first freestanding GAP store in Mumbai

    In this second phase, after opening over 50 Gap shop-in-shops since last year, Reliance Retail will help open a series of freestanding Gap stores across the country in the coming months.

    New Delhi: Reliance Retail, on Friday, has opened the first freestanding Gap store in India at Mumbai’s infiniti Mall, Malad, the company announced in a media release. This launch is in line with the long-terme partnership of the two firms as Reliance Retail is the official retailer for GAP across all channels in India.

    In this second phase, after opening over 50 GAP shop-in-shops since last year, Reliance Retail will help open a series of freestanding GAP stores across the country in the coming months.

    Akhilesh Prasad, President and CEO, Fashion & Lifestyle, Reliance Retail Limited, said: “While the opening of freestanding stores is an important driver of GAP’s long-term growth plan in India, it also gives us yet another opportunity to bring world-class brands and a differentiated shopping experience to our discerning Indian consumers.

    Currently, Reliance Retail is India’s largest retailer with established competencies in operating robust omnichannel retail networks and scaling local manufacturing and driving sourcing efficiencies. Through this partnership, Reliance Retail will bring Gap’s shopping experience to customers across India through a mix of exclusive brand stores, multi-brand stores, multi-brand store expressions and digital commerce platforms. The global lifestyle retailer Gap, founded in San Francisco in 1969, said it has a strong vision of doing more than selling clothes.
    Adrienne Gernand, Managing Director of International, Global Licensing and Wholesale at Gap Inc said, “Growing Gap’s brick-and-mortar business through the launch of freestanding stores and multi-brand store expressions enables us to increase accessibility for Indian customers and meet them where they are shopping.”

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  • Coty SEA blends physical and digital space for limitless store access

    Coty SEA blends physical and digital space for limitless store access

    Coty SEA stores offer services that give the same customer experience online.

    There is no telling when one’s favourite perfume or go-to moisturizer runs out, which some shoppers can solve with a quick dash to the store. On days they are not so lucky, shoppers are left waiting for their next store-run, but this does not have to be the case as Coty Sea blends the physical and digital space.

    “If customers have already bought the product and it is running out, they can then just text our beauty advisors to get a replenishment, and the product can be sent to them,” Estella Lau, Country Manager, Singapore & Prestige Distributor, Coty said.

    She said Coty plans to launch a beauty concierge service through which customers can reach their beauty advisors in a call or chat for advice or makeup tips, even when their free-standing store has closed down for the day.

    Lau highlighted the role brick-and-mortar stores play for brands even amidst the acceleration of technological adoption of the industry. Coty SEA strived to use the physical space to complement the company’s digital channel to elevate the customer experience.

    “Brick-and-mortar is definitely not going away. It remains a key platform for us to engage the customers as we say we want to create a community space where customers can come and play with the product or enjoy a makeover or master class,” Lau said.

    Coty recently partnered with Chloé Atelier des Fleurs, which opened its first pop-up boutique in Singapore. The store replicated a Parisian florist’s boutique, where shoppers can mix and match 17 niche scents to whip their own unique fragrance, much like making a bouquet.

    In their Chloé Atelier de Fleur boutique, Coty SEA has assigned beauty advisors ready to help shoppers who prefer face-to-face interactions; whilst those who prefer to shop alone can play with a digital “Bouquet Finder,” which will likewise take customers to a fragrance layering experience.

    Lau said the company has observed a monthly increase in footfall since launching in October 2022. More than this, there is also a noticeable growth in their conversion rates amongst the shoppers coming through their doors.

    This brings to light the significance of having the right investments in place. Lau said retailers need to beef up their operations not just through investments in their digital technology infrastructure, but also by bringing the right people on board.

    “Technology is one thing, but behind all that technology needs competent people with very strong digital marketing skills, digital commercial skills, and someone who can understand consumer needs and consumer shopping behaviour,” Lau said.

    Whilst e-commerce development is critical, she said that retailers need to also invest in creating an experience that is more personal to the consumer; but businesses have to make sure that the experience is reflected in both the physical and digital space. At Coty SEA, stores have a “shop space” to take their clients through the same experience online.

    The Gucci Beauty Flagship store at ION Orchard, for instance, uses augmented reality to bring shoppers to the Gucci Beauty universe, where they can learn and play with beauty products. They also have the option to virtually try-on makeup using in-store gadgets.

    This will need a better understanding of consumers, which retailers can achieve with improved data analytics capabilities that could track the frequency of shoppers’ store visits, or determine the key promotion drivers that shape their behaviour.

    “For customers who want a more bespoke experience, we offer the art of fragrance layering with our ultra-luxe range, the Alchemist Garden, where customers can learn about how they layer fragrance oil with perfume water, and with the fragrance of their choice and really have a wonderful premium experience,” Lau said.

    Investing in people may also be internal as seen in how Coty SEA puts effort into training their beauty advisors. Lau said their people are not just skilled in making transactions, but also in personally engaging with customers through storytelling or even by making them feel more pampered.

    On top of these, Lau said retailers can no longer exist on their own, hence, they need to start looking at partnerships with other brands to offer a different, layered, and more interesting experience to customers. Through partnerships, they can develop limited edition products, or even create ones that shoppers can exclusively get online.

    “If we don’t keep up, we risk losing market share. Now it is not even a choice because this is what the shoppers want. They want to be shopping 24/7. They want to be shopping at their convenience, at their own time,” Lau said.

    “It is really imperative now for retailers to continue to connect and engage with all our multi-generational consumers and new audiences to stay relevant.”

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  • Hong Kong and Shenzhen sign 25 agreements to strengthen cooperation in tech and commerce, as Greater Bay Area cities boost economic collaboration

    Hong Kong and Shenzhen sign 25 agreements to strengthen cooperation in tech and commerce, as Greater Bay Area cities boost economic collaboration

    Hong Kong and Shenzhen plan to strengthen economic cooperation, as cities in the Greater Bay Area accelerate partnerships to rejuvenate growth following China’s easing of Covid-19 restrictions.

    A delegation from Shenzhen’s Futian district signed 25 agreements with the Hong Kong government on Friday to enhance cooperation in a number of fields, including technology, business and commerce.

    “Hong Kong is transitioning to the stage of systematic regulation towards prosperity, while the mainland is also trying to revive every sector,” Huang Wei, the Communist Party head of Futian district, said at a briefing in Hong Kong on Friday. “Across the nation [people and cities] are striving for economic growth.”

    He added that Futian would provide comprehensive support to “our friends in Hong Kong” as the district seeks to attract investment and talent to drive growth.

    Local Chinese governments are encouraging in-person meetings and business trips as they vie for investment and talent to boost economic growth, after the country’s gross domestic product grew by 3 per cent last year, missing the annual target of around 5.5 per cent.

    Hong Kong has also launched a major drive to regain its economic position after three years of stagnation caused by strict Covid-19 curbs, focusing on luring international investment and talent and boosting business with the mainland.

    Futian, an important business and commercial centre and home to large multinational companies such as Walmart and Ping An Insurance Group, aims to innovate its economy with three growth engines – technology and innovation, finance and fashion.

    Officials from Shenzhen-based companies including artificial intelligence drug discovery firm XtalPi and Hong Kong-listed eye clinic C-MER Eye Care present at the briefing said they plan to expand cross-border cooperation and investments.

    The partnership underscores the mutual need to speed up the integration of the 11 cities in the Greater Bay Area, as economic recovery tops the agenda set by Beijing for this year.

    The two cities will undertake joint initiatives to attract foreign investment and companies, said Bernard Chan Pak-li, undersecretary for commerce and economic development.

    “Hong Kong serves as a two-way platform, bringing foreign companies and funds to the Greater Bay Area for on-site tours and connecting them with different companies,” Chan said. “We are also trying to help firms in the Greater Bay Area go abroad and find business opportunities together.”
    Cities in the Greater Bay Area also increasingly engaging with each other following the resumption of quarantine-free travel on February 6.

    On Thursday, Hong Kong Chief Executive John Lee Ka-chiu wrapped up his first official trip to cities in the region.

    Ronald Tam, the chief financial officer of XtalPi, said that his company plans to speed up its expansion in Hong Kong, thanks partly to the government’s policies announced in the budget to attract talent.

    “We are actively planning [to open] our AI dry lab into Hong Kong, and we hope to have 10-30 colleagues relocate to Hong Kong,” said Tam.

  • FedEx to cut global management jobs by over 10% as e-commerce demand wanes

    FedEx to cut global management jobs by over 10% as e-commerce demand wanes

    FedEx is cutting global officer and director jobs by more than 10 per cent, the courier’s latest cost-saving step as economic concerns and waning e-commerce weigh on demand for package delivery.

    The company plans to consolidate some teams and functions in addition to the headcount reduction, part of an effort to become a “more efficient, agile organisation”, chief executive Raj Subramaniam said on Wednesday in a memo to employees. The changes will align the size of the network with customer demand, he said.

    “This process is critical to ensure we remain competitive in a rapidly changing environment, and it requires some difficult decisions,” Mr Subramaniam said in the memo.

    The slump in parcels is industrywide, with rival United Parcel Service reporting on Jan 31 lower volumes in the United States and a forecast for declining sales in 2023.

    Couriers are facing a market in which consumers have returned to shopping in stores, inflation is eating away at purchasing power and companies are sending fewer goods by airfreight now that maritime shipping rates have plummeted and supply chain delays have been corrected.

    The latest cuts bring FedEx’s total employee reductions to 12,000 since June, a spokesman said. As at May, the company had 345,000 full-time workers, according to a regulatory filing.

    FedEx said the job losses include “executive management”, but did not give additional details on which units would be most affected. During an analyst call in December, the company said the Express unit requires more work to improve margins.

    “At Express, the team is transforming the network to be more agile, efficient and digitally led,” Mr Subramaniam said on the call. FedEx is also making changes at its Ground unit to weed out underperforming delivery contractors.

    FedEex shares rose 4.3 per cent on Wednesday in New York, bringing the gain in 2023 to 17 per cent.

    Since taking over as CEO from founder Fred Smith in June, Mr Subramamian has unveiled US$3.7 billion (S$4.8 billion) in cost cuts for this fiscal year in response to a rapid decline in parcel demand. The steps include worker furloughs, cutting cargo flights and parking some planes.

  • Starbucks to open 400 stores in APAC in 2023

    Starbucks to open 400 stores in APAC in 2023

    Its newly-opened 5,000th store is located in Gwanyang-si, South Korea.

    Starbucks is planning to expand further in Asia Pacific by opening 400 stores this 2023 after it opened its 5,000th store in the region in South Korea.

    In a statement, Starbucks said it aims to build on its over 300-store portfolio across 40 cities in India and enter the market of at least five new cities.

    In Southeast Asia, the company plans to build more stores outside the metropolitan areas of Indonesia, Thailand, Malaysia, and the Philippines. It opened its first store in Laos in November in the capital city, Vientiane, and plans to open another this year.

    The company’s 5,000th store in the region opened in Gwanyang-si, South Korea which is located on a major road that connects the residential areas with business districts and features a drive-thru service.

    “Asia Pacific is a dynamic and diverse engine of growth for Starbucks globally. As recovery continues, the region achieved over 20% sales growth year on year, demonstrating the strength and relevance of the brand,” said Michael Conway, group president, International and Channel Development for Starbucks.

    “We are well positioned for further growth with our licensed business partners, who continue to elevate the Starbucks Experience across a range of innovative store formats,” he added.

  • Philippines’ baby food market to shrink by 4.5% annually until 2028

    Philippines’ baby food market to shrink by 4.5% annually until 2028

    The baby food market in the Philippines is expected to decline by 4.5% on average annually to reach $826.7m by 2028 as the government pushes for public access to contraceptives and family planning that resulted in childbirth rates.

    In a report, GlobalData said the rising inflation will also contribute to constraining spending on baby food products.

    “Demographic changes taking place with respect to the baby population and live birth rates, and the government’s measures to restrict the number of births coupled with an increase in the number of working women will contribute to a decline in the Philippines’ baby food market,” said Shraddha Shelke, consumer analyst at GlobalData.

    Within the sector, baby milk was the largest category in terms of value and volume in 2022, with a GlobalData survey showing 47% of 369 respondents saying they spent a very or quite high among on baby milk in the fourth quarter of the year. Around 43% also said they spent a high amount on baby food.

    Per capita expenditure on baby food in the country increased to $267.1 in 2022 from $204.1 in 2017 due to a high inclination for high-quality products, exceeding the regional level of $177.3 and $167.2 globally.

    But as the economy rebounds, following the high inflationary pressures, consumer spending is seen to recover in value sales and reach $271.2 by 2027.

    “The Philippine baby food market’s growth is tied to the economic fortunes of the country. The rising disposable income of Filipino families with babies will stimulate sales of premium and organic baby food products,” the analyst said.

    “To build a stable consumer base in the country amid changing demographic conditions, manufacturers should focus on offering affordable premium baby food products with value-added benefits,” Shraddha added.

  • Is it already ‘game over’ in the metaverse for Bondee, Singapore’s avatar-based app?

    Is it already ‘game over’ in the metaverse for Bondee, Singapore’s avatar-based app?

    After garnering two million downloads within two weeks of its launch, Bondee’s Gen Z users have got past the novelty factor. Bondee’s is a story of social media hype punctured by a sharp truth that the loyalty of digital natives is hard-earned, experts say

    The rise of Singapore-based metaverse newcomer Bondee was impressive: two million downloads within two weeks of its launch on Apple’s App Store.

    But that initial hype was short-lived as Singapore’s social media users quickly dropped the home-grown avatar-based app, retreating from yet another attempt by makers of the metaverse to capture the long-term loyalty of Gen Z in Southeast Asia.

    Yet Bondee’s moment in the sun may reveal the challenges that the region’s metaverse developers face, experts say, with none so far hooking a crowd large enough to trouble social media giants, such as Meta which has ploughed billions of dollars into the digital future.

    Bondee’s early adopters in Singapore were initially pulled in by the “cute” avatars, personalised rooms and picnic spaces, reminiscent of games like Habbo Hotel that many millennials dabbled in as teens.

    With shades of the Nintendo game Animal Crossing, which took the online world by storm during Covid lockdowns in 2020, Bondee allows users to personalise avatars and bedrooms that friends can visit.

    Friends are capped at 50 by the app’s Singapore-based creators Metadream, in an effort to keep the community tight, relevant and connected.

    Aqil Lim, 25, said he enjoyed being able to visit his friends’ virtual homes, even more as “we don’t have our own homes in real life” in the expensive Asian city state.

    As word of mouth of what was dubbed the “new Gen Z app” spread quickly across Asia, many shared the QR code of their Bondee account on Instagram and Twitter, prompting friends to add them.
    But the novelty quickly wore off as Bondee felt “primitive, with limited customisations and chat functions”, Lim said, adding that after a few weeks he hardly uses the app.

    By Wednesday, Bondee had fallen to 19th on Singapore’s Apple Store – just a month after it topped charts across Asia.

    This also comes after reports of social media users using the term #ripbondee while recording themselves uninstalling the app.

    Bondee’s is a story of social media hype punctured by a sharp truth that the loyalty of digital natives is hard-earned, experts say, since most of their allegiances are already captured by larger platforms like TikTok and Instagram.

    “Avatars alone can’t draw people in, it’s what the entire platform allows you to do with your avatar that gives the platform its stickiness,” said Lim Sun Sun, a professor of communication and technology at the Singapore Management University (SMU).

    The cutesy aesthetics and whimsical feel of Bondee was a “nice hook” but if there isn’t anything else after that, then it is quite literally, “game over”, she said, adding that this will be a challenge for metaverse developers to meet.

    Singaporean Joey Tan, 23, saw videos on TikTok about Bondee and became “curious about what the hype was about”.
    But given the newness of the app, not many of her other friends were on it, an apparent failure to reach a “critical mass” which quickly sees new tech fizzle.
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  • Nissan to start robotaxi tests in China’s Suzhou in March

    Nissan to start robotaxi tests in China’s Suzhou in March

    Nissan (China) Investment Co., Ltd. (NCIC) today announced the establishment of Nissan Mobility Service Co., Ltd., a dedicated mobility service company, as part of its efforts to continue transforming its business in China. The announcement was made at the 5th China International Import Export (CIIE) show which opened on Nov. 5th here.

    The new company, headquartered in Suzhou, will be committed to investing in mobility services and deploying robotaxi services. By working with the Suzhou High-Speed Rail New Town, it will support intelligent transport initiatives in the country.

    “Introducing future technology, mobility solutions and products that enrich the lives of customers in China are an important part of Nissan’s long-term strategy in China,” said Shohei Yamazaki, Nissan Motor Co., Ltd. senior vice president and NCIC chairman. “The new company represents another milestone of Nissan’s nearly 50 years of development in China and a new commitment to the market.”

    “Leveraging our mobility services experience and expertise from the Japan market, we are transforming our business in China by tapping into the future mobility service sector,” said Hideki Kimata, president of NCIC. “Through the new company, we are aiming to provide all-new riding experiences with easier, more convenient mobility services for more consumers in China.”

    Nissan has a strong foundation in electrification for mobility services, a cornerstone of the company’s long-term strategy in China. Nissan is among the first international OEMs to establish a dedicated robotaxi company in China.

    “Suzhou High-speed Railway/Xiangcheng District was chosen for Nissan Mobility Service due to its strong support for business development, availability of collaborative opportunities, and its proximity to our existing Alliance joint innovation hub in Shanghai,” said Kimata.

    Zhiyao Liang, a senior official from Xiangcheng District, Suzhou City said: ”As one of the first global automakers that entered the Chinese market, Nissan has witnessed and participated in the growth and development of China’s auto industry. It has continuously introduced advanced technologies and products to actively contribute to market development since 1973. As an industry-leading company in the field of electrification, autonomous driving, connectivity and shared mobility services with rich technological expertise and powerful corporate presence, Nissan once again showcases exciting new products that will shape new trends for the industry.”

    WeRide, a leading, global autonomous and mobility service company that develops Level 4 autonomous driving technologies and that has a successful mobility service history in Guangzhou, will provide technology support to the Suzhou project.

    Li Zhang, COO of WeRide said: “WeRide will extensively participate and fully support the R&D, test and operation of Nissan Mobility Service’s robotaxi fleet, particularly in autonomous driving technologies. WeRide always puts safety as our top priority, and will work with Nissan to provide safer, more efficient and comfortable autonomous driving mobility experiences to Suzhou residents and improve quality of life with innovative technologies.”

    The 5th CIIE will be convened from November 5 to 10 at the National Convention & Exhibition Center, Shanghai, with Nissan’s booth at Hall 2.1. Nissan will fully demonstrate its latest achievements and practices in sustainability and showcase its innovation aimed to deliver diversified mobility solutions for customers in China seeking sustainable transportation options.

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  • Uber To Steal A March On Lyft In Resurgent Rideshare Market

    Uber To Steal A March On Lyft In Resurgent Rideshare Market

    Uber Technologies Inc’s revenue growth is set to outpace that of rival Lyft Inc as the rideshare firm’s presence in major markets around the world gives it the heft to deal with inflationary pressures.

    Ridesharing companies are starting to recover from pandemic lows as offices reopen and following a resurgence in travel on the back of reopening of closed borders and a strong U.S. dollar.

    Dara Khosrowshahi-led Uber operates in multiple regions and has over the years built a massive food and grocery delivery business, while Lyft has mainly focused on rideshare in the United States.

    Uber’s larger scale, reflected in a $67 billion market cap nearly ten times that of its rival, has also allowed it to spend more on incentives to attract drivers when the industry recovery has flooded rideshare firms with demand.

    While Lyft was the first to show glimpses of a profit since rideshare operations began, investors will now focus on adjusted core earnings outlook as the companies have set big targets for 2024 – $5 billion by Uber and $1 billion by Lyft.

    “Lyft is on the losing end of Uber’s mobility and delivery network effect … in a world of increasing focus on profitability, Lyft does not deliver,” MoffettNathanson analyst Michael Morton said.

    Analysts expect a fourth-quarter revenue increase of 19% for Lyft and 47% for Uber, according to Refinitiv data.

    Analysts at UBS pointed to data that showed the time drivers spent on the Lyft app had decreased, while share of driver app downloads increased for Uber in the fourth quarter.

    “When we look at driver time spent data on a 2-year growth basis our concerns on Lyft losing market share are magnified … we come away more concerned about Lyft’s need to invest in incentives,” UBS analyst Lloyd Walmsley said.

    Uber’s food and delivery segment, which makes up for more than a third of its revenue, has so far been resilient in the weakening economy but it faces risks from a pullback in consumer spending.

  • Xiaomi Demands Payout From Supplier After Car Designs Leaked

    Xiaomi Demands Payout From Supplier After Car Designs Leaked

    China’s Xiaomi said on Thursday it had imposed a 1 million yuan ($149,000) penalty on a supplier after it leaked early design drafts of an upcoming car model.

    On its official Weibo page, a spokesperson wrote Xiaomi had “dealt seriously” with a Beijing-based molding technology company which on Jan. 22 publicly revealed images of an upcoming car’s front and rear bumpers, violating a confidentiality agreement.

    Xiaomi did not disclose the name of the company and we could not identify it.

    As punishment, the smartphone-turned-car maker said it would impose “economic compensation” of 1 million yuan ($148,763) on the supplier.

    The spokesperson added it had instructed the supplier to strengthen its information security management, and develop plans to upgrade its confidentiality measures.

    Xiaomi CEO Lei Jun also circulated the note on his personal Weibo page.

    Over the Chinese New Year, images purportedly showing mock ups of the front and rear of Xiaomi’s upcoming electric vehicle (EV) spread on social media, as well as a full view of what appeared to be a white compact sedan, with a license plate that read “MS11”.

    The leaks would mark the first confirmed images of Xiaomi’s long-awaited automobile.

    However, News portal Sina Tech reported on Thursday that Wang Hua, general manager of Xiaomi’s public relations department, said the leaked designs were part of a bidding process and were not final renderings.

    In March 2021 Xiaomi, a hardware company best known for its smartphones, said it would enter the automotive sector, aiming to invest $10 billion in the project over ten years.

    Since then, the company has committed to opening a plant in Beijing that could produce 300,000 vehicles per year.

    The company has said it hopes to reach mass production of its cars in the first half of 2024.

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  • Whatsapp Hunters Seeking New Financial Sector Game

    Whatsapp Hunters Seeking New Financial Sector Game

    After imposing fines on large banks UBS and Credit Suisse for using unsecured communication channels, the US Securities and Exchange Commission is now aiming for another industry.

    Now, US fund behemoths Blackstone and Blackrock are in the sights of the US Securities and Exchange Commission (SEC), which announced months ago it wanted to investigate other financial firms after taking on the banks.

    The company said Blackstone was contacted by the SEC back in October to release information about its retention of electronic business communications and text messages. Blackrock reported that it would respond to a Securities and Exchange Commission request concerning an industry-wide investigation. Both companies said they would cooperate with regulators.

    Earlier, financial investors Apollo Global Management, Carlyle Group, and KKR reported a request from the agency to do so.

    Last year, after months of investigation, the SEC fined a total of 16 financial firms, including Wall Street titans Goldman Sachs, Bank of America, Citigroup, Morgan Stanley, and JP Morgan. Credit Suisse and UBS also had to pay $200 million each.

    The fines resulted in the banks imposing stricter controls on private phone use.

    JP Morgan recently took a new approach to ensure compliance rules were followed in employee communications, phasing out the company smartphone in the process.

    According to a media report, it is relying on a company smartphone app to ensure communications are compliant. Bankers and traders have been asked to hand over their company cell phones and install a monitoring app on their private devices instead that allows monitoring of work-related messages.

    Swiss banks have precise regulations on which channels and in what form professional communication is allowed and what the documentation requirements are. At UBS, there are clear guidelines of which employees are regularly reminded

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  • Vietnam eyes $1B from seaculture product exports by 2025

    Vietnam eyes $1B from seaculture product exports by 2025

    Vietnam expects to rake in between 800,000 to $1 billion worth of sea culture product exports by 2025, according to a development project of the sector towards 2030 with a vision to 2045.

    Also by the time, the total area of sea culture is set to hit 280,000 hectares with an annual yield of 850,000 tonnes.

    By 2045, the sector is expected to contribute more than 25% of the country’s total fishery productivity, with its export value expected to exceed $4 billion.

    Such goals require efforts to tackle bottlenecks and turn Vietnam’s sea culture into a large-scale production industry in a synchronous, safe, effective, environmentally friendly and sustainable manner.

    According to the Ministry of Agriculture and Rural Development, the country now has about 7,447 sea culture establishments with a total area of 85,000ha.

    The sector’s current growth is estimated at 23.3% annually.

  • Vietnamese quit high-paying jobs in quest for work-life balance

    Vietnamese quit high-paying jobs in quest for work-life balance

    At the age of 30 Thu Thuy became the head of her department with a high salary but quit two years later as there was little work-life balance.

    The 32-year-old, who lives in Ho Chi Minh City, says: “I’m the best employee in any company I work for.”

    Two years ago, when she was promoted as the head of a department in an education start-up, she got a salary of VND50 million ($2,100).

    “My income doubled, but the pressure was ten times more.” So much so that at the end of last year, after considering it for many months, she decided to quit her job and even forwent her Lunar New Year bonus, which would have been equal to a few months of her salary.

    In 2020, Ta Quy Ton, 35, of Bac Ninh Province decided to sell his car, give up meetings with clients in five-star restaurants in shiny suits and quit as deputy director of a bank with a salary of VND80 million to become a farmer.

    “My relatives and friends were completely against my decision, but I decided to walk away because I had not been happy with the job for a long time,” he says.

    Ta Quy Ton and his farm in 2021. Photo by Ta Quy Ton

    Ta Quy Ton and his farm in 2021. Photo by Ta Quy Ton

    Thuy and Ton were managers with salaries six to 10 times an average Vietnamese worker gets and successful in many people’s eyes.

    A job market survey in 2022 by VietnamWorks of people at management level and above found that when factors like salary and bonus are no longer a differentiator, the main reason to change jobs or quit is the working environment and company culture (34% of respondents).

    Another survey by recruitment consulting company Anphabe in September 2022 also showed similar results.

    It found middle-level managers under the most pressure, which led to a work-life imbalance, the reason why Thuy and Ton decided to quit their jobs.

    Ton was satisfied with his income but says his job was stressful and consumed all his time. He constantly had to meet clients and sign contracts at the drinking table.

    “I would return home drunk five days a week. I wondered what would happen to my life if I continued to live like this.”

    His working environment was strict and he did not have many opportunities to express himself, he says.

    ”Every day was so boring I felt like a robot. I no longer had the meaning and fulfillment in my work I desired.”

    Thuy says because of KPI she had to put pressure on her subordinates, who used to be her colleagues, which isolated her from them.

    Every day she had to work with CEOs, CFOs and other top managers on strategies, new products and sales, which was stressful.

    “I lost sleep, my stomach hurt and I cried a lot because of anxiety. I went to the hospital regularly like going to the supermarket, but I did not dare take days off.”

    She regularly returned home after 9 p.m. and by then would be so tired she did not have time to talk to her boyfriend or family.

    Sometimes she had to cancel dates with her boyfriend on weekends because of her work. Last year she broke up with him, and this caused her to lose motivation. She would wake up in the middle of the night and question the path down which her career was going.

    She had to go to a therapist who merely recommended that she should take time off to rest and seek fun in other activities. But that was almost impossible because she could not reduce her time at work.

    Truong Thanh Hung, vice chairman of the National Innovation Startup Advisory Council, says in modern society a high salary is a necessary factor for happiness, but not the only one since it depends on a balance between material and spiritual factors.

    Work-life balance was the most important factor (73%) for people looking for a job in Vietnam last year, a survey by human resource solutions company Grove HR and UK data analysis company YouGov found.

    The survey also found that nearly half (49%) intended to change jobs. Of the respondents, 71% were aged between 18 and 34 and 70% lived in urban areas.

    Bao Nguyen, director of Grove HR, says attracting talent does not depend merely on salaries since people look for more than just money in their jobs.

    SocialLife’s survey came up with similar results. It found a high income was only the seventh most important factor behind others like opportunities for professional development, job stability, compatibility with personal interests, creative space, promotion opportunities, and the company’s responsibility toward society.

    According to Assoc Prof Nguyen Duc Loc, head of SocialLife, sociologists developed the concept of human capital, which includes factors like finance, academic culture, society, and symbolic capital. Any of them can become a basis for a person to achieve happiness, he says. For example, people who are in a business environment might attach importance to finance, and could be happy if they have a lot of money, whereas people who value society prioritize building relationships over money, he says.

    Considering her family’s situation, Thuy’s original target at work was to earn a really high income. So when she received the VND50 million salary for the first time, she thought she had achieved happiness. She could buy whatever she wanted, eat things she never thought she could afford and give her parents gifts that would make them proud of her.

    But soon her excitement died down as she realized she had to sacrifice too much.

    Ton says he wanted to study construction at university, but his parents wanted him to have a banking career, and he listened to them.

    “This job did suit my personality. Even when I was working there I dreamed of starting a business and building my own career.”

    Hung of the National Innovation Startup Advisory Council says people should understand that money cannot bring happiness and greed is the leading cause of imbalance in life.

    Thuy is currently not looking for a new job. But she is considering applying to work as an employee to ensure life is less stressful.

    Ton has returned to his hometown to farm and plans to start a business. The Covid pandemic was challenging for him financially but at least he returned to his old self and is now gradually building a career that he wants.

  • Netflix will be blocked without local office

    Netflix will be blocked without local office

    An official said that providers of cross-border over-the-top (OTT) television services such as Netflix and iQiYi will be blocked and sanctioned if they do not establish legal entities in Vietnam.

    “If a cross-border OTT television service provider does not have a legal entity in Vietnam, the Ministry of Information and Communications will coordinate with telecommunications enterprises to block access to it,” Nguyen Ha Yen, deputy general director of the ministry’s Authority of Broadcasting and Electronic Information, said at a conference on the issue Monday.

    He noted that five cross-border OTT television service providers are operating in Vietnam, including two from the U.S. and three from China.

    According to a new policy on communications media management that came into effect at the beginning of the year, pay television service providers operating in Vietnam must have a representative office in the country that falls under the management of Vietnamese authorities.

    According to the ministry, the policy is to ensure fairness between international and domestic enterprises in the pay television service market.

    “The world’s OTT giants attract a large amount of advertising but do not comply with Vietnamese regulations. That’s not fair to domestic OTT businesses,” said Tran Van Uy, chairman of the Vietnam Pay Television Association.

    Uy said that if OTT television services are not managed, there is a risk their content could upset a variety of cultural, political and legal norms.

    Many films that are not allowed to be shown via Vietnamese OTT services due to violations of certain regulations are still broadcast by Netflix, he noted.

    “There should be sanctions on both hardware devices and applications. Many TV sets sold in Vietnam have Netflix built into their operating systems, so people can use the service simply by pressing a single button on the remote,” he said.

    Huynh Long Thuy, general director of VieON Corporation, the owner of the Vietnamese OTT app VieON, said that over the past five years, cross-border OTT service providers have directly charged users in Vietnam, and have many times shown content that distorts Vietnamese history and infringes on the country’s sovereignty.

    The streaming services did not remove the content until Vietnamese authorities asked them to do so. If Vietnamese OTT services provide such content, they will be punished immediately, Thuy said.

    According to ministry statistics, revenues from OTT television services in Vietnam stood at VND1.55 trillion (US$65.68 million) in 2022, up 27.2% over 2017.

    The number of OTT television subscribers reached 5.5 million, an increase of 26.2% compared to 2017.

    Vietnam currently has 22 local and foreign pay television service providers, including Netflix, iFlix from Malaysia, and WeTV from China.

    Netflix is expected to open an office in Vietnam late this year.

  • Spotify upgrades one important feature in the latest update

    Spotify upgrades one important feature in the latest update

    One of the biggest music streaming services, Spotify, has just announced a small yet meaningful update to its app. Typically, we don’t report on updates that involve minor changes like turning a Heart icon into a Plus, but Spotify’s update does more than add visual changes.

    Earlier today, Spotify officialized a brand-new change that benefits all its users. The app’s iconic Heart button will be replaced with a Plus button that does more than just marking the songs you want to save.

    Basically, Spotify is unifying the Heart and “Add to playlist” icons into a single symbol: the Plus (+) button. This means that when you use the Plus (+) button, you will be able to save and choose the destination of any song, playlist, or podcast with a single tap.

    Going forward, in order to save a song or podcast episode, Spotify users must tap the Plus (+) button positioned to the right of the song or episode title in the Now Playing view. After the song or podcast has been added to Liked Songs or Your Episodes, the Plus (+) button will become a green check. Moreover, you can even change the destination of your saved content by simply tapping the green check.

    Another option at your disposal makes it possible to add an entire album to Your Library. Simply click the Plus (+) button to add your favorite album, playlist, or audiobook to Your Library. Once you see the green check, it means that it’s been successfully added.

    Obviously, the reason behind the new change is a simple, more unified user experience. Having a more streamlined way to save favorite music and podcasts means a lot these days when any extra action makes us lose focus.

    Unsurprisingly, this is exactly what Spotify found in its user research. On top of that, the same research found that saving songs and podcasts makes us more likely to listen to them again, which is pretty interesting.

    According to Spotify, the new changes to the Heart icon will begin to roll out to all users globally on iOS and Android starting today and will become available to all users in the coming weeks.

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