Illustrative image (Source: VNA) HCM City (VNA) –Vietnam’s retail market is one of the top five competitive compared to othersin the world, heard a seminar held in Ho Chi Minh City on November 7.
Over the past decade, most shopping activitieshave been conducted on smartphone and mobile platforms, rather than on moretraditional laptops. Tapping into this trend, a number of retailers have comeup with new business models to adapt to virtual shopping experiences andinformation searches online.
Jason Moy from the Boston Consulting Grouphighlighted the need to build proper models that forecast consumption trends,using advanced technologies and artificial intelligence.
In order to survive the rapid waters of moderntechnology, he suggested improving traditional models with online shopping apps.
He advised them to stay well connected withloyal consumers, and increase interaction and brand recognition.
Le Thi Thuy Trang, director of Niesel Vietnam’sconsumer behavior research unit, said that consumers today spend more on goods ratherthan fast consumption ones such as electronics and pharmaceuticals.
According to experts, retailers could do withlearning about consumers’ tastes to better meet their demand via big dataanalysis.
Nguyen Anh Duc, permanent Deputy GeneralDirector of the Saigon Union of Trading Cooperatives (Saigon Co.op), said theunion will adopt technology to lead the market in food and organicproducts.
It will also develop new retail models to reach2 million consumers across more than 2,000 points of sale in Vietnam and nearbyregions by 2020. –VNA
Over the past decade, most shopping activitieshave been conducted on smartphone and mobile platforms, rather than on moretraditional laptops. Tapping into this trend, a number of retailers have comeup with new business models to adapt to virtual shopping experiences andinformation searches online.
Jason Moy from the Boston Consulting Grouphighlighted the need to build proper models that forecast consumption trends,using advanced technologies and artificial intelligence.
In order to survive the rapid waters of moderntechnology, he suggested improving traditional models with online shopping apps.
He advised them to stay well connected withloyal consumers, and increase interaction and brand recognition.
Le Thi Thuy Trang, director of Niesel Vietnam’sconsumer behavior research unit, said that consumers today spend more on goods ratherthan fast consumption ones such as electronics and pharmaceuticals.
According to experts, retailers could do withlearning about consumers’ tastes to better meet their demand via big dataanalysis.
Nguyen Anh Duc, permanent Deputy GeneralDirector of the Saigon Union of Trading Cooperatives (Saigon Co.op), said theunion will adopt technology to lead the market in food and organicproducts.
It will also develop new retail models to reach2 million consumers across more than 2,000 points of sale in Vietnam and nearbyregions by 2020. –VNA
VNA
