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GLOBAL is the new buzz word for Malaysian businesses nowadays due to the internet of things. This is because internet goes beyond boundaries of geographical jurisdictions. When looking at Global retail market, in a nutshell, the following must be considered:
1. To understand the future of global retail, look at China.
2. Price is still king (even for high income earners).
3. Even though product research is mainly done online, consumers desire physical interaction with products.
4. In Malaysia, 53% respondents prefer purchasing products in-store while 37% prefer purchasing online for clothing and footwear.
5. The Malaysian attitude differs for books, music, movies and video games where 57% prefer online purchases as oppose to 30% in-store.
6. Retail talent gives positive impact towards sales.
7. The dimension of customer service is more sophisticated as personalised advice, special after sales services and deep knowledge on products are expected by consumers. Employee training is therefore crucial.
8. Mobile purchasing as online shopping tool of choice especially for Millennials (aged 18-34).
9. Goldman Sachs predicts that by 2018, almost half of all e-commerce will be accounted by mobile commerce.
10. Simplifying online checkout process motivates online purchases.
11. There is reliance on community in consumers' purchasing attitude.
12. Needless to say, social media remains as the "great influencer".
13. Reading reviews, comments and feedback scores highest to the question how social media influences shopping behaviour followed by receiving promotional offerings.
14. Malaysians are highly influenced by reading reviews, comments and feedback (this comes with no surprise at all).
15. There is room to innovate seamless integrated online shopping experience.
(Source of information is from PricewaterhouseCoopers Total Retail Report 2016).
* kopihangtuah
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