We all know the way we shop has been completely transformed by the neo-retail wave, and a lot of it has to do with how we, as consumers, have evolved. With all of us being so plugged into social media, we’re not just buying things anymore; we’re making informed choices.

We’re more connected and more in the know, and we really want our shopping experiences to feel personal. We crave convenience and honesty from the brands we love. Neo-retailers? They get it. They’re using tech to make our shopping journeys feel like they’re tailored just for us.

From a business perspective, neo-retail is like opening a door to a world of opportunities. It’s not just about having a physical store anymore. By blending the online and offline worlds, even the smallest businesses can dream big, reaching out to customers from every corner of the globe. It’s like the whole digital world is a giant marketplace!

Neo-retail is more than just a trend. It’s the future. It’s like we’re on the brink of a whole new era in shopping.

Neo-retail, which signifies the “next frontier of productivity,” could change how people shop and the world economy.

The rise of neo-retail: A paradigm shift in consumer experience

Neo-retail differs from traditional brick-and-mortar stores since it uses digital platforms and cutting-edge technologies to make shopping seamless. Consumers are demanding ease, personalisation, and quick gratification as e-commerce platforms and the use of smartphones are increasing by leaps and bounds. Neo-retail provides omnichannel experiences that seamlessly combine physical stores, mobile apps, and interactive internet platforms to match these expectations by merging online and offline channels.

Also Read: Empowering retailers: The transformative potential of  digital shelf in e-commerce 

Neo-retailers can offer personalised and interesting shopping experiences by using cutting-edge tech like augmented reality (AR), virtual reality (VR), and artificial intelligence (AI). AI-driven chatbots can help in real time, AR improves virtual try-ons, and VR lets you go to a showroom online. All of these features make customers happier and more interested.

Unlocking economic growth and efficiency

Neo-retail is poised to unlock significant economic growth and efficiency gains across various sectors. By leveraging data analytics and machine learning algorithms, neo-retailers can gain valuable insights into consumer behaviour, preferences, and trends. This data-driven approach enables targeted marketing campaigns, personalised product recommendations, and optimised inventory management, leading to higher sales conversion rates and reduced costs.

Adding Internet of Things (IoT) devices and smart sensors to stores lets you track goods in real time, predict demand, and improve the supply chain. This operational efficiency cuts down on waste, keeps stores from running out of stock, and boosts total productivity, which is suitable for retailers and customers.

Empowering SMEs and local economies

Neo-retail’s capability to empower SMEs and promote local economies is a significant benefit. SMEs may use global online platforms and marketplaces to showcase their products and compete with larger companies. Retail democratisation boosts innovation, entrepreneurship, and employment in emerging nations.

Moreover, neo-retail encourages the growth of sustainable and locally sourced products. Connecting consumers directly with local producers promotes ethical and environmentally friendly practices. This emphasis on sustainability resonates with conscious consumers, driving demand for eco-friendly products and supporting the growth of responsible businesses.

The role of data analytics in neo-retail

Diving into the world of neo-retail feels a bit like stepping into a detective story. With data analytics playing Sherlock Holmes, retailers are piecing together clues about what we, the shoppers, really want. It’s all about reading between the lines of massive data to spot trends, preferences, and our little shopping quirks.

The magic of big data is like having a crystal ball. Retailers can peek into the future, predicting what we’ll be craving next. It’s like they’re always one step ahead, ensuring the shelves are stocked with just the right goodies. No more frustrating ‘out of stock’ signs!

And the cherry on top? That personalised touch. By grouping us based on our shopping habits, retailers can tailor their approach, making us feel like we’re getting the VIP treatment every time. It’s like they’re saying, ‘Hey, we see you, we get you, and we’ve got just the thing for you.’ And honestly, who doesn’t love feeling a bit special when they shop?”

Also Read: Retailetics’s smart cart offers personalised in-store experience while generating real-time customer insights

Neo-retail’s success is primarily due to data analytics, which helps companies make wise decisions and streamline their processes. Through big data, merchants can significantly understand consumer trends, preferences, and behaviour. These insights fuel more cost-effective and sales-converting marketing efforts, customised product suggestions, and improved inventory management.

Final thoughts

As neo-retail gains momentum, its economic potential becomes increasingly evident. By adopting technology, customisation, and smooth channel integration, neo-retailers are revolutionising the retail experience, stimulating economic expansion, and strengthening regional economies. 

Every time we think about where the retail world is heading, we can’t help but feel a buzz of excitement. We’re on the cusp of something big, and this shift is like watching a new era unfold right before our eyes.

With all these advanced strategies and tech tools coming into play, shopping is becoming more streamlined, adaptable, and, well, just plain cool.

As we all navigate this new landscape, neo-retail feels like the guiding star leading the way. It’s not just about shopping anymore; it’s about shaping economies and changing the game.

—

Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

Image credit: Canva

This article was first published on October 30, 2023

The post The economic potential of neo-retail: The next productivity frontier appeared first on e27.

The rise of low-code/no-code platforms has sparked a debate across the tech world. On one side, these tools promise businesses rapid development, cost efficiency, and ease of use. On the other, developers argue that this convenience often leads to significant technical debt, scalability challenges, and compromised quality.

As startups and enterprises embrace these platforms for their speed and simplicity, the question becomes: Are low-code/no-code solutions a sustainable choice for innovation, or are they shortcuts that sacrifice long-term value for quick wins?

 

Low-code/no-code from the perspective of insiders

From a business perspective, the appeal of low-code/no-code solutions is clear. These platforms allow companies to accelerate development without relying heavily on technical teams. Tasks like creating simple UIs, connecting APIs, and building prototypes can be done quickly and cost-effectively. For non-technical teams, such as product managers or designers, these tools empower them to contribute directly to development, fostering collaboration and saving time.

However, developers often highlight the hidden costs of these tools. Poorly designed workflows and limited flexibility can lead to significant technical debt. For example, while a low-code platform might simplify data queries, it could lack essential features like sorting, forcing teams to create workarounds. Over time, this inefficiency accumulates, costing companies thousands of dollars in fixes.

Also Read: How open source fostered the community spirit in the tech world

Moreover, the lack of robust testing frameworks and standardisation in low-code/no-code environments often leads to bugs, unreliable systems, and collaboration issues. Developers find it difficult to manage multi-developer environments where merge conflicts and inconsistencies are common. These challenges often turn the perceived convenience of low-code/no-code into a long-term liability.

When to say yes (and no) to low-code/no-code

From a business standpoint, the appeal of quick, easy-to-use, and cost-effective solutions often drives the preference for low-code/no-code platforms. However, decision-makers must evaluate carefully, weighing the trade-offs between these tools and an in-house development approach. Here are scenarios where low-code/no-code can either excel or fall short in practice:

When it’s a smart choice:

• Speed over perfection: Need to get an MVP out the door or test a new feature? These tools shine.
• Simple solutions: For lightweight tasks like connecting APIs or creating a basic interface, low-code/no-code is efficient and effective.
• Empowering teams: When non-technical staff can build and iterate without developers, the entire process speeds up.

When it’s a hard pass

• Complex workflows: If your project involves intricate systems or mission-critical applications, steer clear.
• Collaboration chaos: Multi-developer environments can quickly devolve into a mess of conflicts and confusion.
• Scaling for the future: Rigid pre-built systems often struggle to adapt to long-term business growth.
• High-stakes projects: Limited testing and reliability make low-code/no-code tools unsuitable for critical applications.

Low-code/no-code platforms are neither heroes nor villains—they’re tools with specific strengths and glaring weaknesses. For startup businesses, they can deliver fast, cost-effective solutions but at the risk of sacrificing scalability and control. For developers, they’re both a challenge and an opportunity to evolve.

For developers, the rise of low-code/no-code is not a threat but an opportunity to adapt. By mastering both traditional coding and new tools, they can ensure they remain indispensable in a rapidly evolving tech landscape.

—

Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.

Join us on Instagram, Facebook, X, and LinkedIn to stay connected.

Image courtesy of the author.

The post Low-code/no-code: A game-changer or a hidden tech trap? appeared first on e27.

Vietnam’s revenue and sales volume on online retail platforms continue to rise sharply, potentially reaching more than VND 310,000 trillion, an increase of 35 per cent. This is according to the E-commerce Data Platform (Metric), which projects that by 2024, global e-commerce sales will reach US$6,300 billion, an increase of 9.4 per cent.

What prospects does the e-commerce sector have in 2024?

Important milestones speak of great potential

25 per cent annual growth rate, emerging as a significant distribution channel. Data from Vietnam’s Ministry of Industry and Trade indicate that, despite numerous challenges and indications of a slowing global economy, the country’s consumer market will continue to grow positively. Some of the world’s largest economies, like those in Europe, are seeing modest growth in retail sales.

As a result, it is predicted that the entire import-export turnover in 2023 will be US$683 billion, of which 354.5 billion will come from exports and 328.5 billion from imports. For the eighth year running, the trade balance has shown a surplus; by 2022, the surplus is expected to have nearly tripled to approximately US$30 billion. The exchange rate, macroeconomic indices, and foreign exchange reserves have all stabilised as a result of this outcome.

Notably, e-commerce activities are developing into a significant avenue for distribution, supporting the growth of supply chains and domestic and international circulation, thereby facilitating the efficient consumption of large quantities of agricultural and food products by farmers and businesses, particularly during harvest season. 

E-commerce applications have led to breakthrough growth for many organisations, particularly small and medium-sized enterprises, and an increase in cross-border retail sales of items. E-commerce has proven to be one of the digital economy’s trailblazing industries, driving corporate digital transformation and providing inspiration for economic growth.

The rate at which e-commerce has grown over time appears to be a reflection of shifting consumer preferences, as well as an increase in customers’ access to and use of information technology. 

Simultaneously, the composition of Vietnam’s export commodities is improving and becoming less composed of raw materials and more composed of industrial and processed items. Hence, the framework for Vietnamese commodities is established to engage more fully in the global supply chain and manufacturing.

Cross-border shopping: Fulfill the purchasing fever of 2024

All economists agree that cross-border e-commerce will inevitably become a market trend. With the internet’s ongoing expansion, geographical obstacles to international trade, commerce, and purchasing are increasingly disappearing.

Also Read: 6 common questions about establishing a fintech company in Vietnam

Vietnam’s e-commerce rose by 25 per cent and is now among the best in the world, according to the Department of E-Commerce and Digital Economy (Ministry of Industry and Trade). Cross-border e-commerce is expected to grow at such a quick rate that it will take off in the upcoming years.

Metric reports that authentic Chinese and Korean stores are drawing more and more attention on Vietnamese e-commerce platforms. The largest obstacle to the growth of Vietnam’s e-commerce is the lack of effective measures to combat the issues of phoney, counterfeit, and subpar products.

Since e-commerce trading platforms set up marketplaces for buying and selling but decline to guarantee the calibre of products and services, the pervasive problem of phoney, counterfeit, and subpar items has a direct impact on the economy.

Reputation of legitimate business brands specifically and the e-commerce sector as a whole in general. The expansion of e-commerce will still face numerous challenges if platforms still do not require sellers to reveal information and delivery businesses are not held accountable for the origin of items.

Powerful assistant calls name of AI

Through the creation of increasingly complex, precise, and safe experiences, artificial intelligence (AI), machine learning, and big data analysis have drastically altered how sales operations and user shopping are conducted. 

Big data is being quickly implemented on a larger scale, even if online shopping platforms and e-commerce websites with substantial financial resources are now the primary users of AI and machine learning. Businesses that sell on e-commerce platforms have the opportunity to utilise this technology through independent third-party software providers, in addition to e-commerce platforms with accessible internal data sources. 

Also Read: AI will change the game of tech business in Vietnam by 2024. This is what you need to know about it

This technology, which is particularly useful during challenging market times, assists brands in growing their revenue and market share by using real analytics. Big data also aids in the optimisation of floor business operations, supply chain management, R&D, and logistics related to transportation. 

Sustainable consumption continues into 2024

Electronic commerce is not excluded from the trend of responsible consumption. Customers who value using items from firms that exhibit social and environmental responsibility over those with low pricing or substantial discounts are empathetic and conscientious.

Customers are even prepared to pay extra for companies that fulfil this obligation well. Conversely, consumers will typically decline to utilise the product if the company engages in unethical management practices or engages in detrimental environmental actions. 

Businesses can concentrate on several criteria in 2024, such as producing more ecologically friendly goods, utilising sustainable packaging materials, and obtaining goods from reliable vendors. 

2024: A year filled with many explosions

Forecasts indicate that Vietnam’s e-commerce industry will only grow in the future, and Hanoi and Ho Chi Minh City will likely remain highly competitive markets.

Based on data gathered from five floors of warehouses, including Shopee, Lazada, Tiki, TikTok, and Sendo, Hanoi’s e-commerce revenue of VND 76,600 billion accounted for 48 per cent of the market share, while Ho Chi Minh City came in second with 32 per cent; when it comes to market share based on sales volume, Hanoi continues to lead with 44 per cent, while Ho Chi Minh City comes in second with 30 per cent.

—

Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

Image credit: Canva

This article was first published on March 20, 2024

The post Multifaceted effects on Vietnam’s e-commerce: A near-term potential to break through in the Asian market appeared first on e27.