Reviving Retail and Making Singapore a Vibrant Lifestyle Hub: Retail Industry Transformation (ITM) Map

Since the first Retail Industry Transformation Map (ITM) in 2016, more than 7,000 retail SMBs have undertaken productivity improvement projects and 9 out of 10 of all retail SMBs have adopted at least one solution digital.

The Retail ITM 2025 will focus on building global brands, making Singapore a hub for global retail brands, improving product research and development in Singapore, and improving the skills of the average worker for the future of commerce. detail. As Mr. Andrew Kwan Future Economy Council (FEC), Lifestyle Cluster Co-Chair, mentioned, “The 2025 Retail ITM aims to create a dynamic and globally competitive retail ecosystem that excites Singaporeans and global consumers.”

With cross-departmental support for the retail sector, the Retail ITM 2025 will focus on 4 key strategies to keep Singapore’s retail sector vibrant and vibrant.

Read also : Starting an eCommerce Side Business: How to Sell to Inexperienced International Customers

#1 Building Singapore Global Brands and Supporting Internationalization

Building on the work of the 2016 Retail ITM, which focused on bringing more local retail SMEs into the digital marketplace, the 2025 Retail ITM will use this momentum to propel SMEs from retail in global and regional B2C e-marketplaces.

The e-commerce companies will provide logistical, technical and marketing support to local retail SMEs to promote their brand and products in Southeast Asia. One example is how Lazada provides its experience and resources to help businesses integrate into its regional e-marketplaces.

For local retail SMEs, expanding overseas is usually a daunting task due to the various barriers to entry that exist, such as understanding foreign business landscapes, languages ​​and trends.

One of the ways the government intends to help promote promising local SMEs overseas is through roadshows and events. For example, a group of MWP brands participated in a showcase in Jakarta, led by the Singapore Tourism Board to showcase local brands.

Local SMEs can also take advantage of the Market Readiness Assistance (MRA) grant if there are plans to expand overseas. Secretlab connected with EnterpriseSG and through the MRA program, it gave them a huge boost in promoting Secretlab products overseas.

Read also : How much does it cost to start a retail e-commerce business in Singapore?

#2 Rejuvenate retail by catalyzing new experiential concepts and innovations

The idea of ​​captivating a greater experience for in-store shoppers drives the second strategy. Offering unique in-store experiences and accessing social commerce like Tik Tok and Facebook to create a more personal experience for customers are crucial implementations that retailers need to adapt to stay relevant.

The Retail ITM 2025 prioritizes research and development (R&D) for local products and innovation of new products and services for the global market. This is a change from the rebranding of original equipment manufacturer (OEM) products and will allow local SMEs to stay competitive and differentiate Singaporean companies from global competitors.

An example would be that EnterpriseSG will work with centers such as Singapore Polytechnic’s Consumer Chemicals Technology Center (CCTC) to support local SMEs in beauty and personal product R&D.

To stay competitive, a multi-organizational push from the Singapore Furniture Industries Council (SFIC) and the Trade Association Chambers (TAC) will help companies create sustainable products and pursue a more circular business model.

#3 Strengthen Singapore’s position as a vibrant lifestyle hub for global brands

Besides being Asia’s premier financial hub, Singapore now aims to be a hub for global retail brands. This allows for closer collaborations and partnerships with global and local businesses to work together.

Building on Singapore’s reputation for stability and competitiveness, more and more international brands like Decathlon are setting up hubs to incubate new products and solutions. Another example would be the opening of the first Uniqlo store in Singapore through a joint venture with Wing Tai Retail.

EnterpriseSG has also increased its efforts to create design licensing collaborations with international companies to launch collaborative products and solutions. For example, Cotton On has collaborated with IRVINS and co-launched merchandise with the help of EnterpriseSG.

This enables local SMEs to increase their brand recognition abroad and allow local businesses to enter the local retail system.

RAlso read: Is the progressive wage model an alternative (and better) form of minimum wage?

#4 Accelerate jobs and skills transformation and create quality roles for locals

With a broader competitive base being developed through overseas expansion and improved locally produced products, new specialist positions are being created to fill the gaps created by innovation.

Strategy 4 aims to upgrade and re-skill the current retail workforce for emerging retail roles such as digital marketers, data analysts, brand managers and designers of products.

EnterpirseSG (ESG), Workforce Singapore (WSG and Skills Future Singapore (SSG) will help more companies provide opportunities to upgrade the current workforce to be better prepared for change in the workforce landscape. retail.

The two revamped Career Transition Programs (CCPs) are part of the government’s multi-faceted approach to helping those in mid-career undertake a skills transition, offering better opportunities for progression and enabling new entrants to take on redesigned professional roles.

The Progressive Wage Model (PWM) for the retail industry further ensures better compensation and progression in the retail industry. This will make the industry more attractive and ready for future growth with new talent.

Read also: How Singapore workers can redefine the future of work

Building a sustainable future

Participate in the Singapore Green Plan 2030 and achieve your company’s sustainability goals. Fund your green initiatives today with OCBC’s Sustainable SME Finance Framework.

Join the DollarsAndSense business community

For more content that helps entrepreneurs, freelancers, and self-employed people learn how to build better businesses, join the DollarsAndSense business community on Facebook.

Comments are closed.