Singapore Retailers Look to China for Innovation Amid Fierce Competition

In response to escalating competition and soaring rents, Singapore retailers are turning to China for innovative strategies. The Singapore Retailers Association recently led 32 companies on a learning expedition to Hangzhou, where they gained insights into live commerce, artificial intelligence, logistics, and customer engagement. Companies like Alibaba and ByteDance provided valuable lessons to the participants. Since the trip, several businesses have revamped their operations, from restructuring teams for live streaming to enhancing in-store experiences. This strategic shift is driven by a need to adapt swiftly to changing market dynamics and consumer preferences. One key area that resonated with the retailers…