Some Singapore retailers turn to China for ideas on live commerce and AI as competition intensifies

Amidst escalating competition, some Singaporean retailers are turning to China for innovative strategies, particularly in live commerce and artificial intelligence. Following a recent study trip to Hangzhou, a hub for digital commerce, these businesses are seeking to revitalize their approach to attracting and retaining customers.

The retailers are not just observing but actively implementing changes based on what they witnessed. This includes restructuring internal teams to better manage new digital initiatives, increasing investments in cutting-edge technology, and redesigning physical store layouts to create more engaging shopping experiences. The goal is to adapt to evolving consumer behaviors and leverage new sales channels effectively.

Live commerce, a blend of e-commerce and entertainment where products are sold through live video streams, has shown significant success in China. Retailers are keen to replicate this model, believing it can foster deeper customer engagement and drive sales. Similarly, the integration of AI is being explored to personalize customer experiences, optimize inventory management, and enhance operational efficiency.

This proactive approach reflects a broader trend of retailers seeking new avenues for growth in a challenging market. By adopting successful models from leading digital economies like China, Singaporean businesses aim to stay competitive and secure their future in an increasingly dynamic retail landscape.