Event New retail trends in the digital era organized by Omega Martech with DPoint and WebEngage on May 18, 2023 was successfully held and received positive feedback.
The event provides attendees with new information, trends and perspectives on the retail market in general and in Vietnam in particular. Accompanied by speakers from leading businesses in the retail ecosystem such as NielsenIQ, TikTok Shop, Omega Martech, WebEngage, DPoint, Unikon, Woay, Omega Media and Omeez, the program has highlighted many aspects of the industry and solutions to problems in each of them.
The organizers would like to thank the speakers, sponsors and all the guests who attended the program together to make the event a success.
Let's review the main content of the event with Omega Martech.
What prospects for the retail industry in Vietnam?
Coming to the first content of the program, speaker Dang Thuy Ha - Research Director/Northern Representative of NielsenIQ Vietnam gave us a full picture of the potential of the retail industry in Vietnam. Vietnam market. Ha said that although the growth rate is forecast to slow down in 2023, Vietnam's GDP is still higher than that of developing countries. It is forecasted that by 2025, the retail industry's scale will grow rapidly to reach 350 billion USD.
According to her share, consumer behavior in 2023 will also change. Consumers become cautious in spending, so they care about the necessity and effectiveness of product and service packages. Offers/discounts are one of the important factors that influence the customer's shopping journey, whether shopping online or offline. Excellent customer experience on the shopping journey is an inevitable trend in the industry.
What is the trend for the growth of the retail industry?
The industry outlook will also go hand in hand with existing problems. What retailers need to focus on investing is no longer just traditional methods and strategies. As consumers' shopping behavior has gradually digitized, retailers also need to reach out and create seamless digital experiences for them.
According to Ms. Hang Nguyen - Co-founder & CEO of Omega Martech, Adtech and Martech will have a positive impact on the future of shopping. Martech solutions such as Customer Data Solutions (CDP) will make the process of collecting, analyzing, processing and using data more efficient and simpler, or Customer Engagement Platform solutions will help brands build Personalized customer experience leads to an increase in the rate of loyal users.
The trend of multi-channel interaction in retail is both an opportunity and a challenge for businesses without a suitable action strategy. Today, the line between online and offline has gradually become blurred, and the number of touch points in the customer journey has also increased, which makes the buyer's journey more non-linear. Representative from WebEngage – Mr. Luis Kashyap said that more than half of customers interact from 3 to 5 channels in their shopping journey. Obviously, with an omni-channel sales strategy, retailers have more than one opportunity to reach customers, but this is also a "pitfall" if the business does not have a direction and a plan to consolidate its channels. data from multiple channels.
Besides omni-channel interactions, a loyalty program is also an important factor for building and maintaining customer loyalty. According to Mr. Nguyen Huu Anh Hao - Sales Director of DPoint, one of the 4.0 customer experience trends includes redesigning the loyalty program with high interactivity, attractive benefits, and multiple benefits. convenient and easy to use. A well-built membership program will help create connections and interactions with customers, assist in collecting customer information to deliver personalized experiences, and help businesses measure customer satisfaction. client.
What is the relationship between artificial intelligence (AI) and retail? In this program, one aspect and a new trend in the retail industry was also mentioned and highlighted by the speakers, which is the trend of applying artificial intelligence (AI) in increasing loyalty. customers in retail. AI can support things from creating thousands of personalized content / publications for each customer in a short time, to automatically interacting and chatting with users, can even build a website. Virtual brand ambassador with a distinct personality, bringing a natural and friendly feeling to customers.
Shoppertainment – shopping combined with entertainment is also an indispensable trend in today's retail industry, when both buyers and sellers love this form because it offers an enjoyable online shopping experience. , novel and seamless. Today's younger generation looks for entertainment before making a purchase. An e-commerce platform that successfully applies the shoppertainment model will achieve significant benefits: expand the reach of potential customers, limit the break points in the shopping journey, and can build brand & sales at the same time.
In the digital age, Branding and Performance have for many years been two concepts coexisting in marketing and business activities of enterprises, especially retail businesses. However, up to now, a new concept has appeared: Brandformance - the combination of two factors Branding and Performance. Why this combination? According to Mr. An Dang - Ho Chi Minh Branch Manager of Omega Media, Brandformance is more effective than implementing Branding and Performance individually. As a result, it gives positive signals such as increased clickability on ads, reduced costs of customer acquisition, and above all, brandformance has the ability from branding activities to generate sales (branding leads). to sales).
Affiliate Marketing is the next trend that retailers need to move towards. This is an important marketing channel and a big contributor to revenue growth, especially in the field of e-commerce. Research by Influencer Marketing Hub on Affiliate Marketing shows that the retail industry accounts for 44% of Affiliate Marketing revenue. This solution benefits all 3 parties Publisher - Enduser - Merchant. The speakers said that, according to some studies, up to 81% brands use this solution in their marketing activities, and 20% revenue is generated from Affiliate Marketing. It can be seen that the influence and benefits that this solution brings are very promising.
And finally, a trend that cannot be ignored for retailers – the Gamification trend. When the challenges in customer interaction start to appear, that's when businesses need a new, interesting and engaging form of interaction. Mr. Nguyen Thanh Long - Strategy Director of Woay.vn said that 1 in 3 consumers want commerce to become more interesting. Especially when the era of shoppertainment is on the throne, Gamification is indispensable in the marketing activities of retailers. A novel promotion with an attractive game element and a chance to win mentality of consumers will be one of the ideal solutions to interact, provide a good experience and contribute to building customer loyalty. customer loyalty.
Activities in the event
The event, in addition to professional discussion sessions, also featured interactive mini-games between speakers and attendees and interesting gifts. At the same time, at the event, the guests had the opportunity to connect with each other through networking activities, creating new relationships for business activities of enterprises.
Ending
The retail industry in Vietnam as assessed by experts is very promising in the future. Omega Martech and DPoint and WebEngage organize events New retail trends in the digital era aims to provide useful and practical information, with the desire to contribute to opening new perspectives and promoting that prospect more strongly.
Once again, the organizers would like to sincerely thank the speakers, sponsors and all guests who attended the program together to make the event a success. Hopefully, through this event, retailers have partly "harvested" useful and relevant information for themselves and their businesses.
