Over the last decade, the retail industry in Asia has exhibited some major transformations and is evolving ever since. Thanks to these developments, retailers all across the globe enjoyed a high consumer demand and succeeded in increasing their global reach.
However, the retail market is continuously evolving and in order to stay ahead of their competitors, retailers must tailor their business according to consumer preferences and retail trends.
Here are some trends that are likely to shape the future of retail in Asia.
• E-Commerce Will Continue To Rule the Market
E-commerce has been ruling the retail market in Asia for a long time and will continue to do so in 2019. The retail e-commerce sales in the Asia Pacific are likely to reach 2.3 trillion by 2019, so if you haven’t invested in e-commerce sales yet, now is a good time to start!
However, operating an online store isn’t all that’s required to stay ahead of the competition. With the introduction of Amazon Prime’s two-day shipping, customers are now turning to retail stores that offer fast delivery, making reduced shipping time a critical factor for businesses seeking ways to stay afloat.
• Beacon Networks
Although the term might be unfamiliar for some retailers, beacon networks are expected to change the face of retail marketing in the coming years. These small, battery-powered devices allow retailers to identify nearby customers and send them notifications regarding products and discounts in their immediate area.
Based on the BLE technology, these beacons detect the tablets and smartphones within their range and then send one-way messages to the detected devices. With its mobile payment feature, customers no longer have to wait in billing lines, as they can pay bills via their phones.
• Augmented Reality
Thanks to the latest innovations, augmented reality is no longer limited to sci-fi novels and movies. It was after the launch of the globally famous Pokémon Go that retailers realized how virtual reality could be used to enhance the shopping experience.
One such example is the launch of 1000 virtual stores by Yihaodian in some of the most iconic destinations in China. With the use of location-based augmented reality, customers were directed to their nearest retail stores, where they had access to hundreds of products and could shop according to their heart’s content, that too without actually going to a physical store!
For retailers seeking ways to expand their global reach, following these global trends is one way to enhance their business growth in Asia. But what’s even critical is choosing the best place to start with.
This brings us to our next point. With the second-largest economy and a stable GDP rate, China is perhaps the best place to start a foreign business in China! However, with complex business laws and registration requirements, it can become quite overwhelming for foreign companies.
But this doesn’t mean you give up on the thought of operating a WFOE
or a joint venture
in China, Business China facilitates its clients in the company registration and incorporation process.