Building Trust, Strong Fundamental Business Model and Embracing Digital Solutions among Key Retail Trends at Recent Asia Retail Leaders Conference 2021, Organised by SMU RCoE

Nov 20, 2021 | Business

A total of 304 participants attended the Asia Retail Leaders Conference 2021 staged by the Retail Centre of Excellence at Singapore Management University on 17 November in Singapore.

SMU RCoE ARLC 2021 Speaker Panelist Session

The full day hybrid conference revolved around the current developments and challenges faced by the retail industry such as prolonged and rising disruptions to businesses from the pandemic, changing consumer behaviour and up-and-coming technological innovations. 10 industry experts from the retail sphere and academic shed light on the critical relationship between digital transformation, trends, insights and topical issues such as sustainability, in empowering retailers and attendees with the required knowledge to emerge from and thrive in the post-pandemic environment.

Technology that is aiding retailers to develop cost-effective omnichannel touchpoints with their customers has emerged as a critical factor to succeed in the rapidly evolving futuristic retail ecosystem. With the changed consumer’s shopping behaviour as a result of the pandemic, progressive technologies such as Augmented Reality (AR) and Artificial Intelligence (AI) have significantly altered the way brands engage with and sell to consumers.

“The shift to digital is here to stay and retailers should treat social channels like flagship stores. The role of store and online have blurred, which means retailers should bring the store experience online and the convenience of digital to stores,” said Via Abano, Product Marketing Manager, CPG and Retail, Facebook APAC. She added, “The shop and fitting room has moved to the living room and more consumers want runway presentations, messaging, and even virtual appointments with sales associates, all in the comfort of their living room.”

The pandemic has also brought on further challenges to retailers, such as disruptions to the supply chain, leading brands to rejig their production and fulfilment operations in order to meet burgeoning demands.

“We are seeing many brands having a higher degree of flexibility, which allows production in much smaller batches, while ensuring a higher level of proximity between the supply chain and the local market, highlighted Dr Shantanu H. Bhattacharya, Professor of Operations Management, Deputy Dean of Programmes, Lee Kong Chian School of Business, Singapore Management University. He added how “it’s made planning and scheduling of inventory more dynamic when compared to static supply chain policies in the past. Usage of text analytics and social media has converged with trending keywords and products linked to those keywords, identified and mapped in real time”.

Beyond using social channels for advertisements, brands and retailers have expanded their touch points to sell directly to consumers and engage with them to build trust and loyalty, with these two qualities increasingly growing in importance for retailers to thrive.

“Digital commerce has rapidly accelerated and will continue to evolve and expand beyond what we can imagine as consumers continue to have a higher baseline expectation” said Peng Chun Hsien, Vice President, Merchant Sales & Acquiring, Asia Pacific, Visa Worldwide, “Businesses that go the extra mile by providing a delightful fulfilment experience, as well as a comprehensive or loyalty programme will deliver something that customers all look for in the long run.”

Consumers have become more aware of retailers’ impact on sustainability and increasingly, factor in a brand’s values when making their purchasing decision. It was also a discussion point that Nejla Matam-Finn, Co-founder of THE FIFTH COLLECTION weighed in on, “The adoption of the second-hand economy has the potential of becoming bigger than fast fashion, as more people are going to be transacting higher values in second-hand clothing.” She further highlighted that “Sustainability is not a choice anymore. It is going to happen when the resale industry surfaces in the fast fashion industry”.

Closing out the conference was the finals of the Inter-Varsity Retail Challenge which saw over 40 submissions from Singapore’s local universities. The top three teams presented their case study and proposals to the judges, tackling issues facing retail brands – Pomelo, Uniqlo and Decathlon. The winning student group SYD, and two shortlisted teams walked away with cash prizes and most importantly, a valuable learning experience of the retail industry in Asia.

About Asia Retail Leaders Conference 2021

Asia Retail Leaders Conference explores the possibilities and opportunities in combining digital and physical engagement creatively to deliver a sense of fun and excitement every time a consumer shops online or in-store. New digital trends and innovations have come into play in a big way, pivoting us towards a brighter post-pandemic era in retailing. This year’s theme ‘Pivot or Perish’ looks into digitalisation and its adoption to meet changing shopper habits which were further accelerated by the pandemic to help retailers adapt their business and harness the power of technology to thrive in the new normal.

For more information, please visit Asia Retail Leaders Conference 2021 https://site.smu.edu.sg/asia-retail-leaders-conference-2021#arlc2021

About SMU Retail Centre of Excellence

The Retail Centre of Excellence was officially launched by Ms Sim Ann, Senior Minister of State, Ministry of Culture, Community and Youth, and Ministry of Trade and Industry on 10 October 2017. Helmed by SMU Professor of Marketing Kapil R. Tuli, the centre is joined by a group of Founding Members comprising DFS Venture, DBS, Decathlon, Microsoft, Harvey Norman, IKEA, Popular Holdings, Tiffany & Co. and Visa. It is the first retail insight-sharing hub in Singapore focusing on generating and disseminating actionable knowledge for retailers in Singapore, Asia and beyond.

Based in the Lee Kong Chian School of Business of Singapore Management University and supported by the Economic Development Board and Enterprise Singapore it is the first retail insight-sharing hub in Singapore focusing on generating and disseminating actionable knowledge for retailers in Singapore, Asia and beyond. The centre aims to empower retailers with the know-how through research and insights, and build an ecosystem comprising retailers, retail experts, knowledge & industry partners, SMU faculty and student talent.

Supported by
Economic Development Board
Enterprise Singapore

For media queries, please contact
Email: smurcoe@preciouscomms.com
Tel: +65 6303 0567


Topic: Awards

Hong Kong – Fifteen building plans approved in August

Oct 26, 2021 | International

Fifteen building plans approved in August

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     The Buildings Department approved 15 building plans in August, with two on Hong Kong Island, nine in Kowloon and four in the New Territories.

     Of the approved plans, six were for apartment and apartment/commercial developments, five were for commercial developments, and four were for community services developments.

     In the same month, consent was given for works to start on 24 building projects which, when completed, will provide 411 170 square metres of gross floor area for domestic use involving 7 469 units, and 489 257 sq m of gross floor area for non-domestic use. The department has received notification of commencement of superstructure works for 12 building projects.

     The department also issued 15 occupation permits, with one on Hong Kong Island, four in Kowloon and 10 in the New Territories.

     Of the buildings certified for occupation, the gross floor area for domestic use was 37 875 sq m involving 510 units, and 7 391 sq m was for non-domestic use.

     The declared cost of new buildings completed in August totalled about $1.2 billion.

     In addition, 10 demolition consents involving 10 building structures were issued.

     The department received 3 468 reports about unauthorised building works (UBWs) in August and issued 892 removal orders on UBWs.

     The full version of the Monthly Digest for August can be viewed on the Buildings Department’s homepage (www.bd.gov.hk).

Building a Strong Mathematical Foundation is Streamlined in James Nearing’s “Mathematical Tools for Physics”

Oct 20, 2021 | Business

Dr. James Nearing, an Associate Professor Emeritus at the University of Miami understands that knowing the right answer does not always imply comprehension. He wrote “Mathematical Tools for Physics” to teach physics students and undergraduates how to handle problems in an educated and intuitive manner in order to help them establish a firm foundation in important mathematical techniques.
 
Before diving into infinite series, complex algebra, differential equations, and Fourier series in-depth, the author reviews basic mathematics. The next chapters cover vector spaces, operators, and matrices. Multivariable and vector calculus, partial differential equations, numerical and complex analysis, and tensors are among the topics that Nearing also discusses.

The book goes on to discuss complex variables, Fourier analysis, the calculus of variations, and densities and distributions. The book is an excellent resource for physics students who are working on a project. It’s an excellent math resource material.
 
The book was well-received and garnered a 4.5-star rating on Amazon.
 
“I bought this book after downloading part of the online version, the part dealing with Tensors. I found Nearing’s description the best I have seen. Finally, I have a ’feel’ for what tensors are. I have a Masters in Physics from years back and some things were a bit fuzzy. I have found Nearing’s other sections equally descriptive. Any book which can impart understanding is a jewel and this is one I enjoy reading.”  – Dennis E. Knowles.
 
Buy the book at: https://youronlinepublicist.com/product/mathematical-tools-for-physics-by-james-nearing/
 
Mathematical Tools for Physics
Author: James Nearing
Publisher: Your Online Publicist
Published Date: August 2021
Book Genre: Science & Math › Physics
 
 
About the Author:

James Nearing is Associate Professor of Theoretical Physics and Assistant Chair of his department at the University of Miami.

Hong Kong – Eighteen building plans approved in July

Sep 16, 2021 | International

Eighteen building plans approved in July

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     The Buildings Department approved 18 building plans in July, with seven on Hong Kong Island, four in Kowloon and seven in the New Territories.

     Of the approved plans, eight were for apartment and apartment/commercial developments, three were for commercial developments, two were for factory and industrial developments, and five were for community services developments.

     In the same month, consent was given for works to start on seven building projects which, when completed, will provide 372 311 square metres of gross floor area for domestic use involving 6 301 units, and 53 547 sq m of gross floor area for non-domestic use. The department has received notification of commencement of superstructure works for seven building projects.

     The department also issued 12 occupation permits, with one on Hong Kong Island, four in Kowloon and seven in the New Territories.

     Of the buildings certified for occupation, the gross floor area for domestic use was 68 710 sq m involving 1 097 units, and 26 059 sq m was for non-domestic use.

     The declared cost of new buildings completed in July totalled about $2.5 billion.

     In addition, five demolition consents involving five building structures were issued.

     The department received 3 189 reports about unauthorised building works (UBWs) in July and issued 854 removal orders on UBWs.

     The full version of the Monthly Digest for July can be viewed on the Buildings Department’s homepage (www.bd.gov.hk).

MTLC Building Group Names Mark Pirtle Vice President

Sep 10, 2021 | Business

 MTLC Building Group, a commercial general contractor serving the Southeast, announces its promotion of Mark Pirtle to Vice President of Operations.

In this new role, Pirtle will assist MTLC principals to ensure the most efficient operations during continued growth, while maintaining the company’s customer-first philosophy. He will also continue to manage specialized projects, utilizing his extensive experience in both ground-up construction and interior build-outs.

Since joining MTLC four years ago, Pirtle has managed projects totaling more than $40 million. Among those are Nashville’s House of Cards and Johnny Cash’s Kitchen & Saloon. In Williamson County, some projects include Jeni’s Splendid Ice Creams and Vintage Vine 100 jewel boxes at McEwen Northside; a Berry Farms retail building; and FirstBank Amphitheater, the new, open-air music venue.

Pirtle contributes more than 15 years’ experience in project management roles, having held positions in Florida and Tennessee. He holds a B.S. in Concrete Industry Management from Middle Tennessee State University.

About MTLC

At MTLC, we serve the commercial construction needs of various industries throughout the southeast, including restaurant, retail, medical and beyond. We take great pride in relationships, generating repeat business among our customers who return for our friendly, quality service. With 10 years in business, MTLC is among the area’s most trusted commercial general contractors, helping bring businesses and dreams to life. For more information, visit www.mtlcbuild.com or call 615-567-5855.

MTLC Building Group

Louis Catignani

615-567-5855

www.mtlcbuild.com

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