As our tagline, New Retail New Experience, suggests, NPN is in the business of New Retail. This concept is still pretty new in Singapore and we totally understand if the questions “What is new retail?” flashed through your mind.
The term “New Retail” was coined by Alibaba founder Jack Ma in 2016. It is leveraging data from every aspect of a brand to improve the customer experience. Mr Ma calls it “the integration of online, offline, logistics and data across a single value chain”. It builds on the idea of omnichannel marketing which involves creating a seamless customer experience across a brand’s multiple platforms. It is often urged upon traditional retailers, who are told they need an integrated online presence to reach a bigger audience.
Mr Ma realised his New Retail vision in Alibaba’s Hema supermarkets. Hema stores rely heavily on tech-enabled data. Customers at Hema outlets use the store’s mobile app to access product information and make purchases. Alibaba uses the data to tailor the customers’ future interactions with the brand, offering options such as the ability to quickly place another order for the same items to be delivered to their homes.
New Retail is what NPN is trying to help traditional retailers in Singapore realise. That they have to integrate their traditional brick-and-mortar shop online to reach a bigger audience. In addition to the increase in audience, the data collected can also help improve the business in more ways than one. With all customers’ purchase recorded, the business can use that data and study the consumer behaviour of a specific target segment or perhaps the consumer behaviour of buyers of a certain product.
Marketing message that gets pushed out to customers will be more relevant and relatable to the customer as they will only receive news on things they have interest in, which may result in potential purchase of a different product by a same customer.
New Retail is definitely gaining traction in Singapore but we will be honest to say that it might not be suitable for every single business. If this is something your company have interest in exploring but isn’t too sure, feel free to have a chat with us and we would love to explore the possibilities with you.
NPN is built on a vision to redefine retail by enabling seamless engagement between retailers, supplies and end users since 2009. NPN has built a retail ecosystem that blends digital products and services in a unified way that features the retailers, suppliers and end users at the center.
By harnessing the latest advancement of internet and technology, we have been benefiting our stakeholders and building up trust with our partners through our work and commitments over the years. Our consistency in our development and work ethics have resulted in the generous support by more than a thousand of retail outlets and reputable companies in Singapore.
image credits: Alizila