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Retailers urged to stay updated on latest trends and innovations

The Saigon Times

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HCMC – Retailers should stay informed about the latest trends and innovations to be competitive amid the significant transformation of the Vietnamese retail sector, as highlighted at the 2023 Retail Executive Conference.

The 2023 Retail Executive Conference took place in HCMC on October 17, bringing together top retail executives, experts, and innovators to share their insights on the future of the industry.

The conference focused on three key topics: leveraging social media for sales, utilizing AI for personalized shopping experiences, and harnessing data analytics for demand forecasting, inventory optimization, and sustainability in retail.

Additionally, the event featured a networking reception, offering attendees the opportunity to connect with other industry leaders and establish valuable connections.

Tuyen Ngo, country manager at True Digital Viet Nam, said at the conference that the retail market has experienced remarkable growth. Recent market data indicated that Vietnam’s retail sales in 2022 reached US$240.5 billion, with the e-commerce sector alone contributing over US$16.2 billion.

“As consumer behavior shifts towards digital platforms, embracing innovative strategies becomes paramount,” he added.

Experts unanimously agreed that the retail industry is undergoing significant transformations driven by the rise of e-commerce, social commerce, artificial intelligence, and sustainability. Retailers capable of adapting to these changes and embracing new technologies will be well-positioned for success in the coming years.

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