Singapore Retailers Look to China for New Ideas

Some retailers in Singapore are looking to China for new ideas to grow their businesses.

In March, 32 companies went on a trip to Hangzhou to learn from Chinese companies.

They learned about live commerce, artificial intelligence, and customer engagement from companies like Alibaba and ByteDance.

Some businesses have started changing how they work, like using livestreaming and creating in-store experiences.

A fashion company called Young Hungry Free changed its livestream strategy after the trip to China.

The company's founder, Winnie Ong, saw new possibilities after the trip.

Winnie Ong felt like there were no limits after the trip.

She saw how Chinese companies built a whole system around livestreaming, with design, content, and marketing working together.

After the trip, Young Hungry Free reorganized its livestream team and created a training program for new staff.

The company now has a lead producer and presenters for its livestreams.

The company analyzes customer comments and sales trends to make quick decisions during livestreams.

The company wants to make its livestreams entertaining, not just about selling things.

Winnie Ong calls this approach 'shoppertainment'.

The company has added games and interactive segments to its livestreams to make shopping more fun.

Young Hungry Free does not plan to use AI-generated presenters, because human interaction is important.

Winnie Ong thinks human interaction is key, and the team gets to know customers over time.

Not all retailers are focusing on live commerce.

A toy store called Tom & Stefanie is making its physical stores more interesting.

The store's owner, Stefanie Chua, says physical retail needs to offer something unique.

It's not just about putting products in the store and hoping they sell.

The store has added hands-on experiences, like DIY stations for kids.

The store plans to have pop-up events featuring local toy brands.

It has also started an online membership program, aiming for 10,000 members by the end of the year.

The business is responding to a challenging retail landscape.

The store is competing with other retailers and online stores.

The store tries to offer a unique experience, but there are challenges, like high rents.

The Singapore Retailers Association chose China because its retailers have adopted new technologies quickly.

Participants learned how companies use technology to improve logistics and anticipate consumer demand.

China's logistics capabilities were impressive, with delivery systems that can position goods close to consumers before orders are placed.

Such technologies allow retailers to move goods quickly in response to demand.

While Singapore retailers can't replicate China's scale, they can adapt some ideas to improve customer experience.

The association wants to create an experiential environment for retailers to capture revenue.

The association has signed a deal with TikTok to train local retailers in livestreaming.

It is also planning to bring trainers from China to Singapore to share expertise with more retailers.

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