According to VMware Digital Frontiers 3.0 Study – it’s revealed that 41% of Southeast Asian respondents are not missing regular shopping in-store as much as they thought they would. With more consumers increasingly entrusting their personal data with retailers to create a hyper-personalized shopping experience, privacy-focused and retail innovations such as artificial intelligence and virtual reality will be pivotal in shaping the future of retail in Southeast Asia.
“The pandemic has led to a digital sprint for the retail sector as it has permanently changed the way consumers shop. In Southeast Asia, businesses are now facing their ‘sink or swim’ moment of leveraging cutting-edge innovations such as cloud and modern apps to redefine how they connect with customers digitally or risk losing them to a competitor,” said Devan Parinpanayagam, Country Manager, Malaysia, VMware.
“Apart from making sure that they are delivering hyper-personalized, seamless digital services, retail organizations now also have to focus on bridging the gaps in their offline and online operations and delivering a superior omnichannel experience to stay competitive in the digital economy ahead. At VMware, we are committed to helping retail organizations modernize and strengthen their digital infrastructure so they can unlock new, revolutionary shopping experiences for consumers.”
Southeast Asia is also pivoting towards sustainable development as consumers become increasingly eco-conscious and are making efforts to tap on digital technologies to become carbon-neutral
As Malaysia sets to establish itself as the Heart of Digital ASEAN, the government is committed to implementing significant change across all industries to grow the nation’s digital economy, especially in the retail industry where Malaysian consumers are demanding personalized and sustainable digital experiences with innovative technologies.
- 60% of Malaysian respondents welcome the use of virtual technology in a consumer experience – for example, to simulate what an item looks like on them, or how an item will fit in the desired space.
- 38% are happy to pay a premium on goods and services from retailers that demonstrate their commitment to being carbon-neutral.
- 60% want to use more digital services to reduce their carbon footprint – for instance, by driving less to shops.
Gain consumer trust first, before securing consumer loyalty
As Southeast Asia’s retail battleground goes virtual, consumers are placing higher trust in retail organizations and the digital offerings they are providing to tailor their shopping experiences
That said, only 36% of Southeast Asian respondents believe that retail organizations have given them assurance that their data and information are secure. This highlights an urgent need for retail organizations in the region to build greater consumer trust by establishing transparency with consumers and building up a zero-trust approach to security to better safeguard end-users data from bad actors.
A Trusted Digital Foundation will be key to uncover the next wave of growth for retail
As we move full steam ahead towards the digital future, VMware outlines key priorities that will further strengthen the transformation of Southeast Asia’s retail ecosystem:
- Empowering retail organizations to build a multi-cloud and app future: Unlocking a multi-cloud future with app-driven innovations in a consistent and more secure environment that enables continuous innovation
- Enabling innovation and productivity for the region’s anywhere workforces: Future ready workforce solutions will enable a seamless and more secure digital employee experience, driving greater outcomes in the new world of work
- Intrinsic security for uninterrupted innovation: An intrinsic approach to enterprise security will provide an additional layer of robust protection for retail operations and shoppers’ personal data to fast-track business innovation and resilience
(This content is surmised from a press release)