With support from the Singapore Tourism Board, the Asia Pacific edition of the celebrated Retail’s Big Show from New York City launched this morning in Singapore.
This morning, Poh Chi Chuan, Executive Director – Exhibitions & Conferences offered a welcome to attendees.
It was noted that the Asia Pacific (APAC) region is the world’s largest retail market and yet the most underserved. This dynamic and diverse marketplace is at the cusp of a transformative era where traditional retail paradigms are no longer adequate to meet fast-evolving consumer demands.
Innovating the retail model is not merely an option but imperative for capturing the hearts and minds of consumers today and steering the industry towards sustainable growth and relevance.
Home to 60% of the world’s population, the Asia Pacific region is an immense market for retail that has been experiencing unprecedented growth, fuelled by the region’s vast population, increasing urbanisation and the rapid rise of megacities, as well as consumers’ savviness in using advanced technology to access products and services.
These sweeping trends have called for a new retail concept that is poised to revolutionise consumer experiences in APAC both online and in-store.
Chuan acknowledged he and his team were excited to host the inaugural 2024 ‘Big Show’ Asian Pacific and that there were great opportunities for retailers in Asia.
“Pleasingly, Singapore’s events and exhibitions have return profitability post-pandemic and we are excited to see growth returning to our market”, said Chuan.
“We have had 5.35 million visitors to Singapore last year alone and retail continues to be a vital driver of tourism, contributing over US $5 billion to the tourism sector.
“We host 80 of the Top 100 tech companies in the world here – so technology and innovation are central to Singapore.”
While Chuan predicted AI would help generate over US $400 billion globally for retailers in the coming decade, we reminded us that consumers still seek experiences and emotional connections with retailers and brands. Sustainability still remains a vital attribute consumers seek, and retailers must respond to.
“Against a backdrop of changing regulations, new payment methods, new technologies, new competitors, and new business models, retailers in Singapore face the challenge of maintaining differentiation while ensuring efficiency”, warned Chaun.
Expectations are high but budgets are tight. But these difficult times often provide the richest growth opportunities.
