Tapping them can help boost sales, reach more markets and increase market share, according to Christian Paro-an, president of Philippine Retailers Association-Cebu.
Paro-an identified at least three big waves in the retail sector that players need to embrace and adopt. These are artificial intelligence, augmented reality and virtual reality.
These new technologies, he said, will “allow for more personalized and efficient customer experiences.” He said these new technologies, including data analytics, can help businesses understand customers better and make more informed strategic decisions.
“As consumers increasingly move online, having a robust e-commerce platform is no longer just an option but a necessity for most retail businesses,” said Paro-an, who is also the owner of cellphone and gadget shop RC Goldline.
Outlook
The country’s robust retail industry is powered by a rising middle class and increased consumer spending. Paro-an pointed to the growth of e-commerce and the accelerated online shopping habits of consumers as a result of the pandemic.
According to Colliers Philippines, online and offline shopping will continue to complement each other, which should compel mall operators and retailers to ramp up their omnichannel strategies.
Colliers believes that the retail sector will continue to grow over the next 12 months, on the back of an optimistic macroeconomic and consumer confidence outlook.
“Colliers sees a faster-than-expected recovery for the retail sector as Filipinos’ penchant for shopping continues. Holiday spending stoked the country’s retail segment in the last quarter of 2022. An upside for the sector is that Filipinos continue to spend even after the festive season and despite elevated prices,” the property advisory firm said.