EY

Chinese community and business-friendly policies draw expansion efforts.

He highlighted six interdependent disruptive forces in consumer products and retail sectors, and how to leverage technology and human-centred strategies to remain at the forefront of the industry.

By implementing a sound omnichannel strategy, prioritising the consumer experience and adapting to changing trends, retailers can differentiate their value proposition.

Analysts said they will run the risk of lagging in the market and suffering higher costs.

The human race will evolve with the AI to deliver better services for customers.

Marketing experts advise investing in omnichannel strategies and talent to diversify brands in a global space.

Olivier Gergele of EY-Parthenon unveils the dynamic trends reshaping retail — from social commerce to AI, ESG sustainability, and the emerging Metaverse.

CEOs globally have been forced to adapt to a new reality of constant disruption and uncertainty. Just as economies saw growth surges when emerging from the COVID-19 pandemic, many were plunged back into a state of slower growth, driven by geopolitical tensions, inflation and higher interest rates. In Asia-Pacific, there is consensus among CEOs that a downturn is near, if not already in effect. According to the EY CEO Outlook Pulse, 99% of CEOs are actively planning for a downturn scenario, with a majority (72%) preparing for a severe downturn in the region.  

Local products offer better value for money and are more in line with consumers’ priorities.

Introducing a tax on luxury items may send Malaysian consumers, tourists flying off on shopping sprees abroad.

This comes amidst the accessibility and popularity of social media usage amongst younger generations.

As consumers become more conscious of ESG issues, companies must keep up with this shift by becoming "listening organisations" and focusing on ESG practices.

There is pressure from investors, regulators, and consumers that compels companies to pursue sustainability.

Under the Code of Conduct, BNPL providers need to show customers their ‘Trustmark’.

The FMCG sector needs to focus on positive impacts in products and services to appeal to an increasingly eco-conscious population.

A healthy balance or a calculated risk can make or break a company’s success, says EY’s Olivier Gergele.