Retailers must know their clients “like a best friend.”<\/p>\n
Successful retail expansion into new markets hinges on extensive pre-entry research, which includes understanding consumer behaviour, selecting the right local partners, and adapting the brand experience without compromising its core identity.<\/p>\n
During a panel discussion at the Retail Asia Summit in Singapore, Sona Rai Aggarwal, Managing Director, Head of Retail Sales & Strategy, Asia Pacific, Cushman & Wakefield, said retailers must know their clients “like a best friend.”<\/p>\n
\u201cWith Victoria’s Secret, a big part of the expansion in Asia involved 24 months of intense pre-launch work, which included market due diligence and partner selection\u2014they will tell you where they’re shopping, what they want, what price they want it at, and how they want you to communicate with them,\u201d Aggarwal said.<\/p>\n
For Reno Chow, Senior Vice President for Commercial at IRVINS, the company does not use a ‘spray-and-pray’ strategy where they flood the market with millions in distribution fees, marketing.<\/p>\n
\u201cInstead, we focus on digital channels through e-commerce, and we select specific cities or locations where our customers resonate with our products the most, which allows for a smaller trial that helps to de-risk some of the investment when entering new markets,\u201d he said.<\/p>\n
For Rosetta Paladino, Country Manager for Asia at Cotton On Group, the company has changed how it ranges its product assortment.<\/p>\n
\u201cPreviously, we were very local, creating specific product ranges for our Asian customers, but we’ve shifted to a more global trend. We now focus on applying a global trend to our Asia business within our regions, while still connecting with them locally,\u201d Paladino said.<\/p>\n
The manager dubbed it as their “global but connect local” strategy, which follows an 80-20 rule. \u201cThe 20% accounts for what’s important to the local customer, such as cultural or fashion requirements, and especially climate-based fashion needs,\u201d she added.<\/p>\n","protected":false},"excerpt":{"rendered":"Retailers must know their clients “like a best friend.” Successful retail expansion into new markets hinges on extensive…\n","protected":false},"author":2,"featured_media":38480,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[138,220,111,139,69],"class_list":["post-38479","post","type-post","status-publish","format-standard","has-post-thumbnail","category-markets","tag-business","tag-markets","tag-new-zealand","tag-newzealand","tag-nz"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/38479","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=38479"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/38479\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/38480"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=38479"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=38479"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=38479"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}