This course uniquely covers the exciting transformations that will reshape the Retail channel which is now both digital and physical wrapping around the whole consumer experience. The impact of Internet of Things, mobile devices, cyber security, pervasive monitoring, privacy and machine learning on the Retail channel will be discussed. How Retailers must urgently take a big “leap forward” in attaining higher productivity through capturing consumer demand efficiently as well as how best to counter the numerous cost pressures, coming from high rentals, sales cost and inventory management costs that have been trending upwards dramatically.
Today, progressively challenged by the Internet giants like Amazon, Alibaba and Lazada, the traditional Retail channel will steadily lose customers and will need to reinvent themselves urgently. The Retail Industry will need to exploit new technologies like AI and personalised services, innovate just like the new eCommerce companies, in order to stay competitive and relevant. After all, the Smart Nation is coming, and this will bring about a new generation of highly nimble Smart Retail outlets that will showcase the “Future of Retail”. Those who do not change, will face inevitable extinction.