COVID-19 has been a challenging, yet clarifying period for the retail industry across Hong Kong and the rest of the Greater Bay Area (GBA). Across the region, production and supply chain challenges have varied by brand and product type, but one trend that is abundantly clear is the accelerated consumer shift to digital retail channels. During the past 18 months, consumers of all ages across the GBA have become more comfortable shopping across an array of e-commerce channels and also paying digitally for purchases. But beyond that, COVID-19 has also changed patterns for the types of goods they are buying, prompting retailers to adjust their offerings and rethink the way they target buyers. The report assesses the long-term impact of the trends, how businesses need to further adapt and opportunities to make proactive investments for the future.
Unifying digital and physical brand experiences will be integral for retailers going forward, in order to meet the evolving demands of consumers. This presents an opportunity to leverage technology and available platforms to build connected ecosystems which can provide a seamless consumer experience across offline and online.
Yvonne Yiu, Head of Global Liquidity and Cash Management, Hong Kong, HSBC
Topics covered include:
- Navigating long-term changes accelerated by the COVID-19 pandemic
- Connecting online-to-offline channels to deliver improved customer experience
- Understanding the ‘generation gap’ in consumer preferences
- Prioritising authenticity throughout the customer journey
- Deploying technology to improve experience, speed up fulfilment and drive down costs
- Addressing the growing demand for talent amid digitalization
- Developing effective strategies for the GBA and the rest of Asia