Asian retailers are leading the market expansion through hyperlocal offerings and an omni-channel strategy to facilitate a seamless shopping experience and convenient store formats to appeal to the urbanizing, convenience-seeking and hyperconnected consumers. Retailers are shifting from large format hypermarkets and supermarkets to small-sized convenience stores in response to the on-the-go and buy-as-you-need shopping trends among Asia Pacific consumers.
The heavily fragmented markets in Asia Pacific promise an accelerated growth opportunity for modern and traditional grocery retailers alike. The robust expansion in grocery is driven by the burgeoning population, rising disposable incomes, smaller households, expansion of store networks, new convenient formats such as internet retailing, and hyper connectivity with penetration of the internet and digital devices.
Asian countries witnessed rapid urbanisation into densely packed cities and a gradual rise in smaller households. The shrinking size of households led to a shift in grocery shopping, with consumers refraining from bulk purchases and preferring high frequency buy-as-you-need and top-up visits. Time-pressed consumers are turning to smaller convenient stores and online grocery retailers to avoid the long queues of large format hypermarkets and supermarkets, and traffic congestion in densely populated cities.
Hyper connectivity, immediacy, and transparency are influencing consumers when it comes to grocery retailing. The proliferation of digital media has made information and interaction between brands and consumers more accessible and transparent. Retailers are turning to digital channels and integrating physical and online stores to capture all consumer segments through omni-channel strategies.
Retailers are increasingly looking to differentiate their product and service offerings in order to cater to rapidly evolving consumer demand. Modern retailers have a penchant towards local product expertise and vary their approach towards assortments, combos, and promotional strategies to resonate with local tastes and preferences.
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