A Digital Marketplace meeting the evolving needs of every Singaporean
NTUC FairPrice Marketplace wins at Retail Asia Awards 2022.
As part of NTUC FairPrice’s digital business, FairPrice Marketplace was the co-operative’s first foray into bringing an increased assortment of products at competitive prices to customers of FairPrice Online by working with independent third-party sellers. Such adaptation to the evolving needs of customers, especially during the lockdowns induced by the COVID-19 pandemic, earned them the Specialty Store of the Year - Singapore Award at the Retail Asia Awards 2022.
The awards programme recognises major breakthroughs, innovations, and key players in the retail industry of Asia. By bringing additional value to customers through a wide selection of groceries to best meet their needs, FairPrice Marketplace has distinguished itself from the competition.
Having grown from just 20 sellers in 2019 to now having over 800 sellers in 2022 with more than 120,000 products in total, FairPrice Marketplace also offers additional items from categories such as pet supplies, international selections, and premium meats & vegetables that its customers can order together with their other groceries. The continued expansion of the online marketplace has led to sales growing threefold since its inception, with the majority of shopping baskets on FairPrice Online now including items from marketplace sellers.
In addition to delighting customers with more choices of speciality goods, FairPrice Marketplace also played a role in achieving supply chain resilience for essential goods in Singapore. This was especially true during times of uncertainty during COVID-19. Third-party sellers on the marketplace provided alternative sources of goods to ensure a steady supply even during major disruptions, such as during the Jurong Fishery Port closure in Singapore last year, as local fish farms provided a stable stock of fish & other seafood for FairPrice Online customers.
Beyond bringing an increased assortment of groceries and household products to customers, operational efficiency has been key in ensuring a good experience for both customers and sellers, as it was one of the biggest challenges that the marketplace had to address. Through the provision of an all-inclusive service for its sellers, FairPrice Marketplace streamlined the first-mile logistics, consolidation, and last-mile logistics flow of goods to enable customers to receive all their online grocery needs in a single order, which significantly improved their convenience.
Working towards achieving a seamless omnichannel experience, FairPrice Marketplace also expanded its range of products to selected FairPrice hypermarkets and supermarkets that make hyperlocal deliveries for customers to receive their online groceries quicker. Complementing the central warehouse model, this operational model of fulfilling online orders from nearby stores has let customers receive their groceries in a fast and fresh manner.
FairPrice Marketplace also continues to uphold the co-operative’s social mission by providing Singapore food manufacturers with an additional platform to diversify their revenue streams through the #YummySG! programme, made possible by a partnership with Enterprise Singapore. The platform provides increased visibility for products, where participating companies can work with FairPrice Marketplace to list their new food & beverage products and potentially reach out to 1.5 million shoppers monthly. This helped to cushion the food manufacturers’ businesses during the pandemic when there was reduced foot traffic to restaurants and hospitality venues. Additionally, FairPrice Marketplace also continues to partner with government agencies such as the Infocomm Media Development Authority (IMDA) by facilitating the IMDA Digital Resilience Bonus which enabled marketplace sellers to benefit from grants that assisted them financially during COVID-19 difficulties.
The 17th Retail Asia Awards is presented by Retail Asia. To view the full list of winners, click here. If you want to join the 2023 awards programme and be acclaimed for your company's outstanding retail initiatives, please contact Jane Patiag at [email protected].