The Asian retailing industry is undergoing transformative changes that are creating new opportunities for retailers. This report covers five key trends that retailers must understand to grow their businesses within Asia: the changing consumer, the rise of India and China, the modernisation of grocery retailing, the transformation of fashion retailing and the rise of digital commerce.
Consumers in Asia are undergoing four major transformations: urbanisation, more single households, ageing and increasing wealth. Retailers must adapt to these changes to remain relevant.
India and China combined will account for 68% of absolute growth in retail sales in Asia Pacific between 2012 and 2017. Most of the retail channels in these countries will grow. These countries allow for unparalleled opportunities in the region for retailers.
While traditional grocery remains strong in emerging Asian economies, more consumers are turning to modern formats, especially forecourt retail and convenience stores.
Shoppers are becoming more comfortable with buying fashion online –slightly more than 20% of fashion is sold online in Asia –but they are spending more in sporting goods stores to try on and learn about performance products. Consumers are also embracing fast fashion retailers for their affordable styles.
Digital commerce will continue to gain share in retailing in Asia. However, the digital landscape differs by country. South Korea and China will lead the way, with the highest penetration rates for digital commerce, followed by Taiwan, India and Japan. Emerging markets will be a distant third.
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