The opportunity for the retail sector lies in embracing the development of new technologies to accelerate digital transformation. “Digital transformation is the key to overcoming challenges, seizing opportunities, staying aligned with new trends, improving operational efficiency, and delivering groundbreaking customer experiences,” shared Vuong Quan Ngoc, Consulting Director at FPT Digital, at the Asia Retail Forum (Retail Asia Forum 2024).
On March 14, 2024, Vuong Quan Ngoc, Consulting Director at FPT Digital, delivered a keynote speech at the Asia Retail Forum (Retail Asia Forum 2024), emphasizing that digital transformation is the key to addressing the biggest challenges facing the retail industry today.
The Retail Asia Forum 2024 was held for the first time in Vietnam, bringing together nearly 200 leading domestic retail companies and global consulting firms. The event offered valuable insights into the latest trends, technologies, and strategies shaping the retail industry across Asia.
In his opening remarks, Mr. Vuong Quan Ngoc highlighted that retail businesses are facing significant challenges in maintaining competitiveness and operational efficiency, with speed being a critical factor. He noted, “In the retail sector, the speed of bringing products to market and adapting business models are major challenges we must tackle.” Furthermore, constantly evolving consumer behavior and purchasing needs create challenges in attracting and retaining loyal customers.
The opportunity for the retail sector lies in leveraging new technologies to accelerate digital transformation. “Digital transformation is the key to addressing challenges, capitalizing on opportunities, staying current with new trends, improving operational efficiency, and delivering exceptional customer experiences,” Mr. Ngoc explained.
To ensure the effectiveness of digital transformation, businesses must also focus on the human factor, particularly in cultivating a people-centric culture within the organization. Flexibility and adaptability, he pointed out, are crucial for businesses to thrive in today’s rapidly changing business environment.
A survey conducted by FPT Digital revealed that many retail businesses in Vietnam are on the path to digital transformation at varying levels. Specifically, 36% of retail companies have a digital transformation roadmap, while 29% are actively implementing their planned transformation.
However, to ensure efficiency and optimize resources, Mr. Vuong Quan Ngoc suggested that retail businesses should develop detailed plans to define their technology adoption and digital transformation roadmaps, integrating both digital and green transformation. This dual transformation approach is crucial for staying competitive in the new era.
On the sidelines of the event, business representatives engaged in networking and shared valuable insights and experiences with senior executives and industry experts in the retail sector.
