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Tag: Retail

  • Vietnam eyes stronger cooperation with US

    Vietnam eyes stronger cooperation with US

    Vietnam and the U.S. should further promote the Comprehensive Strategic Partnership more effectively and substantively, focusing on economic cooperation, said Prime Minister Pham Minh Chinh.

    The PM made the statement at a reception in Hanoi on Wednesday for Chief Economist at the U.S. Department of State Emily Blanchard, who is on a working visit to Vietnam.

    The two sides reviewed outstanding achievements in the bilateral ties, agreeing that the Vietnam – U.S. relationship has witnessed comprehensive, stable and substantive developments, bringing practical benefits to both countries and contributing to peace, stability, cooperation and development in the region and the world.

    They emphasized the significance of the upgrading of the Vietnam – U.S. relationship to a comprehensive strategic partnership in September, saying that this will bring opportunities and practical benefits to both countries.

    PM Chinh suggested the U.S. side continue cooperation with Vietnam in energy transition, climate change response, tourism and people-to-people exchange, handling of post-war consequences, and enhancement of national governance capacity, and increase scholarships to Vietnamese students.

    He highly valued the U.S. government’s decision to consider recognizing Vietnam’s market economy status, urging the U.S. side to complete this process soon.

    The two sides need to continue efforts to promote connection between their economies, promote harmonious and sustainable trade exchange, and facilitate investment cooperation between the two sides’ businesses, he said.

    The PM proposed the U.S. continue to open the market to Vietnamese goods such as textiles, footwear, and electronics, and limit anti-dumping and anti-subsidy tax measures and other unnecessary measures on Vietnamese exports, especially farm produce, wooden products and items that directly impact jobs and livelihoods of people.

    He affirmed that the Vietnamese Government will always accompany, support, and create an open, transparent, safe, and healthy business and investment climate for U.S. businesses to operate effectively in the country.

    Blanchard agreed with the PM’s proposal on the need to concretize and effectively implement the new relationship framework between the two countries, especially promoting the above-mentioned key areas.

    She highly valued of Vietnam’s outstanding achievements in economic growth, macroeconomic management, and inflation control, expressing her belief that with the increasingly improved investment and business environment in Vietnam, the country will attract more U.S. investors in the time to come.

    There remains room for the two sides to expand cooperation further, she said, promising to continue to contribute to promoting and deepening the Vietnam-U.S. relations.

    The U.S. is willing to share its experience in economic policy as well as how to coordinate to respond to fluctuations in the global economy effectively, she stated.

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  • Automation in Retail: A New Era of Continuous Improvement

    Automation in Retail: A New Era of Continuous Improvement

    In the ever-evolving landscape of the retail industry, one constant remains: the relentless pursuit of continuous improvement to exceed customer demands. This journey, which aims to enhance operational efficiency, reduce waste, and elevate customer satisfaction, has historically been fraught with challenges. However, an impactful collaboration, stemming from automation, is positioned to transform the continuous improvement narrative, introducing a new era of efficiency and optimisation in the retail sector.

    The concept of continuous improvement is what guides retailers toward achieving operational excellence. It hinges on the belief that processes can always be refined, and that even the most efficient systems can be further evolved.

    Beneath the surface of seemingly well-oiled processes, inefficiencies often lurk, casting shadows over operational intelligence. These inefficiencies have the potential to manifest as bottlenecks, excessive handoffs, or redundant steps. The challenge, however, lies in uncovering these hidden obstacles. Traditionally, this task has been a difficult undertaking, reliant on manual observations, interviews, and painstaking data collection – all of which requiring additional time that retailers don’t have. Despite even the best efforts, critical insights can remain obscured, and process enhancement opportunities may go unnoticed.

    A Paradigm Shift

    Enter process mining – a paradigm-shifting technique that sheds light on inefficiency. This innovative approach harnesses the power of data analytics to unveil the complexities of processes. By analysing event logs and transaction data, process mining constructs visual representations of processes in action. These process models vividly depict the journey from start to finish, enabling retailers to visualise and optimise the throughput time, cancellations, and return rates in real time, while also providing a holistic view to identify drawbacks and potential problems.

    Process mining offers a holistic view of operational reality, enabling retailers to see the ‘as-is’ state of their processes. It surpasses the limitations of traditional methods, delivering insights that are not skewed by human perception or biases, laying the foundation for effective continuous improvement.

    From Data to Insight: The Role of Automation

    That said, the raw data extracted through process mining barely scratches the surface. This is when automation steps in, assuming the role of the facilitator in the process of optimisation. Automation acts as the bridge between data and actionable insights, translating analytical findings into tangible process enhancements.

    In this coordination, automation is not confined to mundane tasks. It serves as the catalyst for change, driving improvements in processes with precision and speed. It identifies bottlenecks, suggests alternative workflows, and ensures that processes remain aligned with business goals.

    As an example, consider a customer-centric scenario. A retail organisation utilises process mining to analyse their order fulfillment process. The analysis uncovers a recurrent delay at a specific stage of the process, leading to prolonged delivery times. Automation takes the reins, triggering real-time notifications to relevant stakeholders whenever delays occur. This proactive intervention prevents bottlenecks from snowballing, resulting in improved delivery times and enhanced customer experiences.

    With the integration of process mining and automation a retailer’s decision-making evolves into a data-driven process. Traditionally, decisions were often influenced by subjective opinions or intuition. However, the combination of process mining and automation emphasises the importance of objective insights based on data, resulting in decisions that are now supported by factual evidence, reshaping the decision-making landscape. For example, with the integration of process mining and automation, a retailer can modernise its inventory management, relying on data-driven insights to optimise stock levels, streamline restocking processes, and enhance operational efficiency.

    This shift is pivotal, as it fosters a culture of continuous learning and adaptation. Rather than relying on conjecture, retailers can rely on data-backed decisions, enhancing the precision and impact of their improvements.

    A Future of Autonomy

    As technology progresses, the mutually beneficial partnership between process mining and automation creates the foundation for a transformative future. We stand on the verge of entering an era where processes can not only be optimised but can also adapt and evolve autonomously. The concept of self-learning processes, capable of analysing their own inefficiencies and iteratively enhancing themselves are becoming a reality.

    This trajectory promises an operational excellence, where retailers possess not only the tools to identify issues but also the capacity to proactively address them. The synergy of process mining and automation lays the groundwork for a self-optimising ecosystem, one where efficiency is a continuous cycle, not a sporadic event.

    Embracing the Journey: The Human Element

    Amid this technological shift, the human element remains essential, especially within the context of the rapidly changing retail industry. While process mining and automation provide the framework, it’s human expertise that guides the execution, ensuring that adaptability and foresight are woven into every decision. The qualities of human intuition, creativity, and expertise in the retail sector enrich the process with the level of skill required to make meaningful change.

    The combination of process mining and automation is driving a significant transformation in continuous improvement, particularly in a landscape as dynamic as retail. From uncovering hidden inefficiencies through process mining to translating insights into tangible enhancements using automation, this collaboration fosters a new period of operational excellence that is acutely attuned to market shifts and customer preferences. As technology advances towards self-enhancing processes, the human factor guarantees that these improvements are not just functional, but also transformative, as human insights refine automated actions and strategies. Throughout this journey, the integration of data-driven insights and human ingenuity remains the key driver of continuous improvement, allowing retailers to anticipate and respond to foreseeable changes with agility and innovation.

    For more information, please visit: https://appian.com/

    Author: Gordon Maddock, Regional Vice President, Broad Markets, Appian APAC

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  • Central Retail posts growth in revenue, profit

    Central Retail posts growth in revenue, profit

    Its net profit stood at THB2.31b during the quarter.

    Central Retail Corporation (CRC) reported its net profit grew by more than 75% year-on-year to THB2.31b in the first quarter.

    Over the same period, the company’s total revenue went up by 12% to THB63.2b.

    “The company achieved a 30% sales growth in the fashion category, 9% growth in the food category. Sales in the hardline category in the Thai market also continue to grow at 9% despite the downward trend in the industry,” Yol Phokasub, CEO, Central Retail Corporation (CRC), said.

    “These results are positive signals, which are indicative of Central Retail’s further growth prospect in 2023, reaching its growth targets and driving up revenue by 12-15%.”

    The company noted Central and Robinson Department Stores continued to grow and develop as a result of its mission to deliver next-level shopping experiences to its customers.

    Moreover, Central and Robinson Department Stores continue to grow and develop as a result of its mission.

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  • Singapore records minor retail sales growth in June

    Singapore records minor retail sales growth in June

    Singapore retail sales (excluding motor vehicles) grew by 2.5 per cent to SG$3.4 billion (US$2.5 billion) in June, following May’s 1.7 per cent increase.

    The country’s seasonally adjusted retail sales were up 0.2 per cent month over month, data from the Department of Statistics Singapore shows.

    Online retail sales accounted for 14.3 per cent of the total sales, it added.

    The food and alcohol sector reported a 30.7 per cent jump in sales year over year, attributed to higher demand for alcoholic beverages, including those in duty-free shops.

    While most of the remaining sectors posted a year-on-year increase in sales, petrol service stations saw a 24.2 per cent dip. Sales of motor vehicles also declined by 8.4 per cent in June.

    The sales increase of food and beverages services continued to slow down for the month, up 7.2 per cent compared to the 8.7 per cent growth in May and 15.3 per cent in April.

    The sales value of food and beverages services was $956 million, with 23.4 per cent coming from online transactions.

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  • Alibaba to double investment in Vietnam

    Alibaba to double investment in Vietnam

    Alibaba.com, the global business-to-business e-commerce platform of Chinese tech giant Alibaba, will double its investment in emerging manufacturing centers in Vietnam and additionally hire hundreds of employees.

    In the next three years, Alibaba.com will complete the establishment of specialized teams to operate in Vietnam’s emerging manufacturing hubs, including Binh Duong, Bac Ninh, Long An, Da Nang and Hai Phong, in addition to the teams already operating in Hanoi and Ho Chi Minh City, Roger Luo, director of Alibaba in Asia-Pacific, announced recently in Ho Chi Minh City.

    “Vietnam is a very important part of our e-commerce development map,” Luo said, pointing out three advantages of this market.

    First, Vietnam has favorable foreign trade policies with many free trade agreements being signs. “Compared to China, Vietnamese-made goods have an advantage. Moreover, the U.S.-China trade war has big influence on Chinese goods, while Vietnamese goods are not affected,” he said.

    Second, labor costs are still low. Third, there are many Vietnamese specialty products.

    “Vietnamese suppliers on our platform are gradually building a reputation with a large number of global buyers, especially in such areas as agricultural products, food, fashion and home garden products,” he said.

    The number of Vietnamese sellers on Alibaba’s e-commerce platform has increased to thousands.

    The number of Vietnamese products available on this platform in March surged by 24% against the same period last year.

    In the first half of this year, Vietnam’s export turnovers stood at US$164 billion, down 12% against the same period last year.

    The situation would be better in the second half of the year because inventory in the U.S. is decreasing.

    “Small and medium-sized businesses need to quickly seize this opportunity by reviving their human resources and strengthening their digital capabilities,” he recommended.

  • Uniqlo parent’s profit seen soaring to a Q3 record on China recovery

    Uniqlo parent’s profit seen soaring to a Q3 record on China recovery

    The Japanese operator of apparel retailer Uniqlo is expected by analysts to post a 25 percent jump in profit to a third-quarter record on Thursday (Jul 13), when the focus will be on whether its sales recovery in China is on track.

    Fast Retailing’s operating profit in the three months through May likely reached 102.4 billion yen (US$733.37 million), according to the average of forecasts from seven analysts surveyed by Refinitiv. That’s compared to 81.8 billion yen posted last year, a company record for the third quarter.

    The company, known for its fleece jackets and inexpensive basics, has 925 Uniqlo outlets in mainland China, more than in Japan and making it a bellwether for a retail market that was hammered by strict COVID-19 restrictions in recent years.

    Business in China started to turn around in January, resulting in sharp increases in sales and profit from the region in the second quarter, the company said in April.

    Fast Retailing’s shares have soared 30 percent so far this year, helping founder Tadashi Yanai cement his place as Japan’s richest person. The shares have outpaced a 23 percent advance in the benchmark Nikkei which has been one of the hottest equity markets worldwide.

    “The recovery in China has been weaker than expected, but Uniqlo is well positioned,” said Jamie Halse, who manages US$500 million in Japan strategies at Platinum Asset Management in Sydney but does not currently own Fast Retailing shares. “We have a positive view on the business, but are apprehensive of the elevated expectations represented in a premium valuation.”

    While China languished under lengthy pandemic curbs, Fast Retailing put more focus on its North American and European operations.

    Uniqlo had 61 locations in North America as of February, and is adding four stores in the US and two in Canada this summer as part of a plan to reach 200 by 2027.

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  • Alibaba aims to expand local business in Europe

    Alibaba aims to expand local business in Europe

    Alibaba Group will make Europe top priority as it focuses on building local businesses and online platforms outside China, the president of the e-commerce giant said on Thursday.

    “What we will focus more for the future is to build local businesses, so you will see something called TMall which we have in China become TMall in Europe, which means we will serve local brands and local customers in local markets,” J. Michael Evans told a technology conference in Paris.

    “We have started with a pilot project in Spain which we will expand across Europe,” he said.

    Alibaba announced in March it would split into six units and explore fundraising or listings for most of them, following a two-year regulatory crackdown on China’s tech sector.

    Its e-commerce business is to be split, with one side covering Alibaba’s domestic-facing e-commerce marketplaces and the other its overseas e-commerce marketplaces such as Lazada, which serves Southeast Asia, and AliExpress.

    Taobao and TMall are China’s dominant e-commerce marketplaces in China.

    Asked about Alibaba founder Jack Ma, China’s best known entrepreneur who withdrew from public view in late 2020 after giving a speech criticising China’s regulatory system, he said Ma remained Alibaba’s biggest shareholder and still cared very much about the company.

    Ma left mainland China in late 2021 for stints in Japan, Spain, Australia and Thailand, according to photographs, but returned in March a day before Alibaba announced its restructuring. He has not made any public comments during that period.

    “Jack is alive, he is well, he is happy. He is teaching at a university in Tokyo and spending more time in China,” Evans said.

    “He is the largest shareholder at Alibaba. This is his company, he cares as much about this company today as he did when he started it and I expect this to continue for as long as Alibaba and Jack Ma are here.”

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  • Newly registered enterprises in Laos increases sharply

    Newly registered enterprises in Laos increases sharply

    In 2022, Laos had a total of 18,076 newly registered enterprises, with a total registered capital of about US$7.5 billion, an increase of 42.94% compared to 2021, statistics of the country’s Ministry of Industry and Trade revealed.

    The positive signals from the business registration situation in 2022 have proved Laos’s determination in bringing the economy through a difficult period to recover and develop.

    According to the ministry, the country’s reopening of its door after the pandemic has created favorable conditions for international visitors to enter Laos, which has created a positive impact on the tourism industry.

    With the recovery of the economy post Covid-19 pandemic and the Lao Government’s efforts in prioritizing macroeconomic stability and controlling inflation, the confidence of the country’s businesses has gradually bounced back.

    Besides, the increase in the number of newly registered businesses in 2022 has partly shown that the macroeconomic management solutions are implemented in the right direction, creating confidence and optimism for the people and business community after two years of Covid-19 outbreak.

    Currently, the Lao Government, ministries and branches are supporting businesses to grab opportunities to grow, while improving the business investment environment, as well as issuing timely, transparent and favorable policies, creating motivation for businesses in the country.

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  • Vietnam auto sales decline drags it down to 5th place in Southeast Asia

    Vietnam auto sales decline drags it down to 5th place in Southeast Asia

    A slump in auto sales last quarter pushed Vietnam from fourth to fifth place in Southeast Asia.

    Vietnam has for years been the fourth largest auto market in the region after Indonesia, Thailand and Malaysia, but suffered a 25% drop in sales in the first three months this year.

    Only 86,817 units were sold, according to data from the Vietnam Automobile Manufacturers Association, VinFast and Hyundai Thanh Cong.

    Due to the global recession, inflation and gloomy real estate and securities markets, people are more hesitant to buy big-ticket items like cars, and promotions and discounts by manufacturers and dealers have failed to persuade them.

    Vietnam and Myanmar saw the biggest declines in Q1, according to the ASEAN Automotive Federation. Myanmar suffered a steep drop of 84.8% year-on-year from 3,411 vehicles in Q1 2022 to 519 this year.

    The Thai market also declined by a more modest 6.1%, with sales being 210,000 units.

    According to automotive magazine Just Auto, the Thai automobile industry has seen slow growth since April last year because of rising bank interest rates and other factors such as floods and component shortages.

    But Indonesia and Malaysia have witnessed steady growth.

    In Indonesia, quarterly sales grew at 7% to 280,000 units, which kept it the top market in the region.

    Malaysia remained in third place with 190,000 units, a 20.4% increase.

    The Philippines took over fourth place with a 30.1% increase to 97,000 cars.

    The Singapore market also declined, with sales falling by 4.3% to 10,000.

    Thailand and Indonesia exchange places in auto production, while Malaysia remains in third place.

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  • Vincom Retail profits nearly triple in Q1

    Vincom Retail profits nearly triple in Q1

    Mall operator Vincom Retail has reported after-tax profits of VND1.02 trillion (US$43.4 million) for the first quarter, a 2.7-fold rise year-on-year, amid a recovery in consumption.

    It was 23% up quarter-on-quarter, the company’s consolidated financial statements showed.

    Vincom Retail reported revenues of VND1.94 trillion in the first quarter, an increase of 42%, with its mall business accounting for VND1.9 trillion.

    The company targets profits of VND4.68 trillion on revenues of VND10.35 trillion for this year, up 69% and 41% from 2022.

    Vincom Retail, a subsidiary of conglomerate Vingroup, plans to open a mall each in Ho Chi Minh City and the northern province of Ha Giang, increasing its total number to 85 in 45 cities and provinces.

  • President calls for sustainable Vietnamese business in Laos

    President calls for sustainable Vietnamese business in Laos

    President Vo Van Thuong has asked the Vietnamese community in Laos to set its sights on long-term sustainable business growth even though weathering current short-term difficulties will be complicated.

    During Tuesday’s meeting with the Vietnamese community in Laos, Thuong praised the patriotism and contributions made by Vietnamese people and enterprises in Laos.

    For their part, Vietnamese enterprises in Laos proposed that more measures should be taken to support investment, especially capital, to improve competitiveness and expand operations.

    The President said he had asked relevant agencies to provide appropriate solutions.

    About 100,000 Vietnamese live, work, or study in Laos, with nearly 40,000 located in the capital of Vientiane, according to Vietnamese Ambassador to Laos Nguyen Ba Hung.

    After his meetings in Vientiane, Thuong wrapped up his two-day visit to Laos and returned home from his first foreign trip since taking office last month.

    Vietnam and Laos established diplomatic relations in September 1962, and raised the label of their “traditional friendship” to “great friendship” in February 2019.

    Vietnam has currently invested some $4.7 billion in 219 projects in Laos, making it Laos’ third largest foreign investor after China and Thailand.

    Bilateral trade last year increased 25% to around $1.7 billion.

  • Japanese retailers expand in Vietnam, targeting affluent

    Japanese retailers expand in Vietnam, targeting affluent

    Targeting consumers is not much affected by the difficult economic situation, Japanese retailers are opening more stores in Vietnam.

    Uniqlo, which has 15 stores in Vietnam after entering three years ago, last month announced plans to expand to the southern province of Binh Duong, with a first store to be opened this spring or summer.

    Also in Vietnam for three years, MUJI opened a 2,000-square meter store in HCMC’s Thu Duc City that sells everything from food, home appliances and clothing to furniture, stationery and accessories.

    Even amid the Covid pandemic and economic distress, it had five stores, three in HCMC and two in Hanoi.
    Its stores in Vietnam are the largest at around 2,000 square meters on average.

    “The size in Vietnam is almost double the average in other countries, including Japan,” Tetsuya Nagaiwa, general director of MUJI Vietnam, said.

    He added that it plans to open more stores in Hanoi in the second quarter of this year.

    Aeon started building its seventh outlet in Vietnam in February in the central city of Hue. at a cost of U$169.67 million. It will be the largest mall in the central region when it opens by April 2025.

    A recent business survey by the Japan External Trade Promotion Organization found that 100% of Japanese retail businesses in Vietnam expect profits to increase this year.

    Of them 80% said they would expand in the next one to two years.

    Japanese retailers are doing well partly because, like everywhere else, high income earners in Vietnam are recession proof.

    “We see strong demand for high-value products,” Nagaiwa said, adding that MUJI’s sales remained good because young consumers prefer its stationery, cosmetics and furniture.

    Japanese chains also sell online shopping support made-in- Vietnam products.

    In November 2021 Uniqlo started selling online through an application, and introducing Vietnamese agricultural products.

    MUJI has steadily increased the local content rate and looked for local suppliers.

    Nagaiwa said goods made in Vietnam account for 30% of its products and 97-98% in the case of products like T-shirts, backpacks and messenger bags. “We hope these numbers will increase in future.”

    After discovering that the Vietnamese stationery market only had the popular and high-end segments and not the mid-range one, MUJI started selling ballpoint pens for VND19,000 ($0.8), attracting students, who liked Japanese goods with minimalist designs.

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  • Landmark Unified Commerce Benchmark for Specialty Retail Released

    Landmark Unified Commerce Benchmark for Specialty Retail Released

    Manhattan Associates Inc., in partnership with Google Cloud and Zebra Technologies, has released the findings of the industry’s first real-world analysis of Unified Commerce in specialty retail. The Unified Commerce Benchmark for Specialty Retail, conducted by Incisiv, assessed 124 retailers across 11 specialty retail segments on the implementation of 286 key attributes of Unified Commerce.

    Based on insight from real purchases, returns, and customer journeys across digital and physical channels, the benchmark reveals the common attributes of successful retailers and the opportunities for others to improve their customer value and modernize operations. Of the 124 retailers benchmarked, 15 emerged as leaders. These brands are Academy Sports + Outdoors, American Eagle Outfitters, Belk Inc., Crate & Barrel, Levi’s, Macy’s, MAC Cosmetics, Neiman Marcus, Nordstrom, Pandora, REI Co-op, Saks Fifth Avenue, Sephora, UGG and Zales.

    In today’s rapidly evolving ecosystem, retailers need complete visibility on and insight into every aspect of their business, from back-end to customer-facing. Unified Commerce solutions combine a retailer’s front- and back-end systems to establish a single view of the business. That single view informs better decision-making and enhanced customer experiences, while enabling brands to identify and respond to trends quickly, ultimately driving stronger revenue growth by up to 6X. However, consolidating systems and building a cohesive Unified Commerce solution can be quite challenging. The benchmark identified the following common challenges in retailers’ efforts to adopt this new model:

    • Personalisation – Retailers must be able to identify shopper intent and curate a personalized experience that meets their expectations. However, only 38% of the retailers studied give their store associates access to shopper purchase history and wish lists across all channels. Only 20% of the retailers studied provided personalized product recommendations and offers. As a category, digitally-native vertical brands (DNVBs) outperformed the broader retail cohort in this area, with 42% offering advanced personalisation capabilities – 16 points ahead of the overall group examined.
    • Real-Time Inventory Visibility – Visibility into allocatable and saleable inventory and rich findability are critical for retailers wanting to provide a seamless omnichannel experience. Only 29% of the retailers studied provide real-time inventory statistics on their product detail pages.
    • Convenience and Flexibility – Today, convenience is about more than just speed of delivery. Convenience encompasses providing multiple payment and delivery options and the ability to make changes to an order after the sale. Only 15% of the retailers studied provided the option to change fulfillment method post order confirmation. On an average, only 27% of the retailers provided the ability to return store purchases online.

    “Shoppers don’t see channels the way retailers do. Unified Commerce can only provide the highly customized shopping experience expected by today’s consumers if there is true visibility of inventory availability, and flexibility during and after the sale,” said Manhattan Associates president and CEO, Eddie Capel. “Embracing a Unified Commerce model can drive strong business growth, high revenue opportunity, lead to competitive advantage and heightened customer loyalty that every retailer covets. With the right technology and solutions, they can outperform their peers by as much as 6X.”

    “Zebra Technologies is helping retailers globally optimize their inventory and engage their associates to improve productivity and deliver an elevated customer experience,” said Bill Burns, Chief Executive Officer, Zebra Technologies. “This new benchmark highlights the important role that real-time inventory visibility, front-line worker enablement, and fulfilment flexibility play in driving Unified Commerce, and we have the right solutions to deliver these benefits.”

    “In order to deliver on the promise of Unified Commerce, retailers must connect digital and in-person experiences, and all of the data and systems that enable them,” said Carrie Tharp, VP of Retail and Consumer at Google Cloud. “Manhattan Associates’ partnership with Google Cloud on this benchmark shows how retailers can make it easy for customers and store associates to find the right products online and instore by implementing a unified commerce strategy backed by data and AI.”

    Giri Agarwal, Chief Strategy Officer at Incisiv commented: “Unified Commerce is the new battleground for retailers to differentiate themselves. Our 2023 Unified Commerce Benchmark shows that leaders who have adopted unified commerce deliver highly nuanced, seamless customer experiences across channels, leveraging technology and data to drive revenue growth. The insights from this benchmark won’t just help retailers keep up, it will help them stand out.”

    Click HERE to view the complete 2023 Unified Commerce Benchmark for Specialty Retail. 

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  • Expat community flocks to Tay Ho for real estate opportunities

    Expat community flocks to Tay Ho for real estate opportunities

    Tay Ho has become an increasingly popular residential area among foreigners in Hanoi as the infrastructure and social amenities continue to flourish alongside a diverse range of convenient services.

    In Ho Chi Minh City, the areas of Phu My Hung and Thao Dien long ago emerged as cultural melting pots that attract both locals and expats from all over the world. However, in Hanoi, neighborhoods with a foreign presence are generally scattered and divided into separate communities.

    For instance, Keangnam-Me Tri is the hub of the Korean community, while Dao Tan-Kim Ma attracts many Japanese expats. Meanwhile, the Quang Ba area in Tay Ho is a gathering place for Western tourists, workers, experts and diplomats.

    In recent years, foreign residents have gradually gravitated towards the Tay Ho area. This area has received comprehensive investments in infrastructure and transportation. The neighborhood is rapidly developing with the emergence of international schools, hospitals, commercial centers, restaurants, and cafes, transforming it into a bustling hub of convenient amenities.

    In the near future, after the launch of major projects, such as the Samsung R&D office building, the Lotte Mall complex, and the 5-star Shilla Hotel, this neighborhood will become even more vibrant and dynamic.

    The growing appeal of this area among successful foreign residents and young Vietnamese will form an elite community, which will drive the potential for real estate rentals in the future. This will pave the way for developing upscale real estate products tailored to the needs of well-to-do people, such as SOHO Heritage West Lake.

    SOHO Heritage West Lake sits on Lac Long Quan Street, just a few minutes’ walk from the West Lake and the Lotte Mall, offering easy connectivity to the city center and the airport. It only takes 10 minutes to reach the Hanoi Old Quarter in Hoan Kiem District or 20 minutes to get to Noi Bai International Airport.

    The project features 202 SOHO (Small Office, Home Office) units designed for flexible use, with effortless switching between living and working spaces. This work-life blended lifestyle has gained popularity in foreign countries and has only recently made its way to Vietnam, and it is especially suitable for new-generation entrepreneurs who want to integrate their personal and professional lives.

    With modern designs and the availability of top international-branded products, each SOHO Heritage West Lake unit is a luxurious living and working space that meets the needs of both well-heeled Vietnamese and foreign experts.

    SOHO Heritage West Lake also owns 30 top-notch facilities, including a sky gym, a rooftop four-season swimming pool, and a well-designed commercial service area. The developer of SOHO Heritage West Lake has also collaborated with Toong, the leading coworking space chain in Indochina, to create an advanced coworking space spanning over 900m2 on the 5th and 6th floors of the building.

    These facilities not only provide a comfortable and convenient life for all, but also serve as a link connecting an exclusive community of entrepreneurs to expand their relationships.

    This project is backed by CapitaLand Development – a leading real estate developer in Asia. In 2021, CapitaLand Development (Vietnam) received the Outstanding Sustainable Developer Award at the PropertyGuru Vietnam 2021 awards for its innovative residential projects and constructing environmentally sustainable green buildings.

    Find more information about the SOHO Heritage West Lake Tower of the Heritage West Lake project at:

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  • Retail sales up 3.5% in first two months, thanks to government’s pro-growth measures

    Retail sales up 3.5% in first two months, thanks to government’s pro-growth measures

    China is gradually shrugging off the negative impact of the pandemic, as official data showed that retail sales in the first two months of 2023 expanded, following China’s optimization of its COVID-19 response.

    Chinese experts predicted that retail sales will continue to increase, given concrete government measures to boost consumption.

    Retail sales totaled 7.71 trillion yuan ($1.12 trillion) in January and February, a year-on-year increase of 3.5 percent, data from the National Bureau of Statistics (NBS) showed on Wednesday. Retail sales fell 1.8 percent in December.

    The catering industry experienced a rapid recovery, with annualized growth of 9.2 percent in the first two months, compared with a decrease of 14.1 percent in December.

    “The rebound of consumption was a major bright spot of China’s economic operations in the first two months of this year,” Fu Linghui, a spokesperson of the NBS, told a press conference in Beijing.

    The fast recovery came amid the rebuilding of consumers’ confidence, and on-site consumption has rebounded since China revamped its COVID-19 management in light of the evolving situation, Zhou Maohua, an economist at Everbright Bank, said told the Global Times on Wednesday.

    The retail, catering and travel sectors have seen a surge in demand, and the boost from China’s Spring Festival holidays also helped lift consumption, Zhou said.

    The NBS also released other statistics on Wednesday, such as the total value added of industrial enterprises above the designated size, fixed-asset investment and employment, which Fu said showed that “China’s overall economic performance is showing a trend toward stabilization and recovery.”

    China has set a GDP growth target of about 5 percent in 2023, with a CPI target of about 3 percent, according to this year’s Government Work Report, which was delivered at the first session of the 14th National People’s Congress.

    China will seek to expand domestic demand in 2023, prioritizing the recovery and expansion of consumption, according to the report.

    The key to economic growth is lifting domestic demand, as the external environment remains uncertain and volatile, Fu said. Support measures have been rolled out nationwide, such as consumption promotions and vouchers for vehicle purchases.

    Vehicles occupy an important position in China’s consumption, accounting for approximately 10 percent of retail sales, according to a report released by Fitch Bohua on Wednesday.

    Some carmakers have launched subsidies this month to improve sales, and Fitch Bohua believes that automobiles will remain the primary big-ticket spending item this year, with more preferential policies to come. Promoting consumption is high on the government’s agenda this year, as the annual Central Economic Work Conference held in mid-December noted that the country would prioritize the recovery and expansion of consumption.

    A State Council executive meeting held in late January also urged prompt measures to promote an early recovery of domestic consumption to revive the economy. Boosted by this positive outlook, local governments have been moving to unveil an array of pro-consumption measures designed to fuel the growth of specific spheres.

    Cities such as Beijing, Shanghai and Zhengzhou, Central China’s Henan Province, have announced detailed plans to offer consumption coupons, which will nurture sales of vehicles and home appliances, experts said.

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