As two luxury forums prepare to debut in Australia next year, another 600 global senior retail executives are looking to better tap the ripe Asia Pacific market.
Organisers of the World Retail Congress Asia Pacific 2013 have offered a taste of what delegates can expect at the event, which runs from March 19 to 21 in Marina Bay Sands, Singapore.
This follows news of two luxury events set to launch into Australia for the first time in 2013.
Over 600 global retail executives will tackle the omni-channel question at the World Retail Congress Asia Pacific.
Singapore Retailers Association chairman Dr Jannie Chan said the region represents the largest retail market in the world.
"While developed markets may see a plateauing of consumer demand, many areas in Asia are still in the development stage, and consumers are being offered opportunities that they have never had before.
"As the world gets smaller, global brands are making their presence felt in more markets, consumers are travelling to more countries more easily and more affordably, and the internet has literally brought the world's retail stores to everyone's home.
"Consumers' appetites in Asia are whetted and far from saturated, ensuring further growth potential for Asian retail."
World Retail Congress Asia Pacific head of content Lucy Van Den Heede said a critical factor in successful online sales is internet penetration.
“Large populations do not automatically translate to a large online retail market without the presence of widespread internet access”.
While there are examples of world-leading internet access in Asia Pacific, with South Korea at 82.5 per cent and Singapore at 75 per cent, some of the largest Asian populations have low rates of access when compared to averages of developed countries globally.
In June 2012, 40.1 per cent of China’s population had internet access while only 32.4 per cent of Filipinos, 22.1 per cent of Indonesians and 11.4 per cent of Indians could shop online.
At the far end of the spectrum only 1.0 per cent of Myanmar’s population of 54.5 million had internet access.
Van Den Heede said there are still significant opportunities to expand in the region.
“Firstly, retailers expanding in Asia Pacific must remain flexible and agile in the face of localised conditions in different countries; there is no one homogenous Asia Pacific retail market and local needs must be considered and accounted for.
“Secondly, the blurring of the online and offline retail offering will be a feature of the future. The bricks-and-mortar store will of course continue but may not be a consumer outlet as much as a consumer support centre or a flagship for the brand.
"Furthermore, the store may have to become a more immersive and interactive experience where online and traditional retail merge.
“Lastly, any digital presence must be user-friendly, slick and well-maintained. Inefficient, time-intensive and badly-designed online offerings will immediately turn off the prospective consumer and be disastrous for brand integrity.
"Omni-channel success will mean integration across channels; this must be enabled by organisational adjustment and suitable supporting structures”.
Confirmed delegate companies at the event include Galeries Lafayette, Lindt & Sprungli (Asia-Pacific), Shanghai Silk (Group) Brand Development Co Ltd, Dune International and Diva International.