KPMG

KPMG expert predicts an end to online versus offline retailing as consumer engagement changes.

Retailers struggle with AI adoption while aiming to meet the demands of Gen Z consumers.

Gen Zs will heavily influence the change.

Less than half of APAC consumers prefer online shopping, but most still rely on brick-and-mortar outlets.

One in two respondents expressed a desire for an AI 'clone' to manage tasks, including shopping.

Pandemic-induced restrictions accelerated the adoption of e-commerce.

Economic growth and urbanisation propel middle class expansion

Next-generation consumer channels and behaviours are anticipated to shape retail growth trends.

Defining value in digital transformation strategies is considered crucial.

Generative AI transforms customer experience but raises data protection concerns.

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

Industry players and experts highlight the need to reshape retail for shoppers at the Retail Asia Forum in Malaysia. 

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.

Promotional strategies must be reset to attract 600 million Gen Zs through digital and human consumer experiences.

KPMG’s Head of Consumer & Retail for the ASPAC region, Anson Bailey, has suggested that the Asian retail industry can convert the ongoing inflation and economic challenges into an opportunity to reset its promotional strategies. In an interview with Retail Asia, Bailey revealed that the Gen Z consumer market of 600 million people in Asia presents immense opportunities for retailers. Bailey also mentioned the various challenges faced by the retail industry in the past year due to the COVID-19 pandemic, but he asserted that the future looks bright for the industry.