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In the context of economic turmoil and changing consumer trends along with fierce competitive pressure, grasping consumer trends and applying appropriate business strategies becomes extremely important for the sustainable development of enterprises.
Information at the event "Decoding the future of Vietnam's retail industry: Crossing boundaries and capturing new trends" by Bizzi Vietnam At the conference held on the afternoon of August 7, Ms. Nguyen Cao Ngoc Dung, Senior Manager in charge of market development for retail measurement services at Nielsen IQ Vietnam, said that the current consumer market has changed in consumer shopping behavior.
Retail businesses adapt to new consumer trends
Consumers today are more cautious about spending and increasingly concerned about product details and prices. Consumers are willing to look for sales channels with preferential prices, looking for good deals to cope with the increasing price of products. Price sensitivity has led to changes in shopping trends. According to the survey, 68% consumers check the prices of most products.
On the other hand, the rise of online shopping and factors influencing purchasing decisions. Traditional sales channels are showing signs of slowing down, while modern sales channels are experiencing steady growth.
According to Nielsen IQ experts, although consumers tend to cut back on non-essential spending, the economic situation, food prices and health are still top concerns.
In particular, consumers pay great attention to the quality of products, following the criteria of "buying the right value of the product". Accordingly, brands need to demonstrate the value of products to consumers and convince them that the product is worth buying. Strategizing on reasonable prices with promotions and daily best prices, based on detailed information and comparison prices, will help businesses attract more customers, Ms. Dung emphasized.
Determining the right point of sale is one of the most important factors, businesses need to focus on areas with the highest concentration of consumers.
In addition, according to experts, effective stimulus activities are indispensable in retail strategy. Businesses need to measure in-store performance to adjust conditions to bring maximum return on investment. Businesses should regularly evaluate and improve promotional activities to maintain and increase customer interest.
Mr. Dong Bao Toan, Senior Solution Consultant at Oracle NetSuite, said that in the current context of consumers tightening their spending, in order to sell and retain customers, and increase the value of the retail industry, businesses need to optimize the supply chain and visualize the management perspective. In that, technology will help a lot. Apply technology to increase online sales. However, businesses need to invest according to the overall picture. Online sales need a system to sell on multiple channels.
In particular, with the strong development of e-commerce, consumers will raise their standards and expect more from stores. As shopping becomes easier thanks to technology, stores must innovate their form. In addition to the function of introducing and selling products, stores need to become mini distribution centers, helping to save costs and speed up the delivery process.
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