In 2023, the global retail industry is forecast to face many challenges from the economic slowdown and consumer spending cuts. Capturing and adapting to the economic situation will be what businesses need to do to build a business strategy in line with the market.
According to the Socio-Economic Situation report in 2022 of the General Statistics Office of Vietnam, it is estimated that GDP in 2022 will increase by 8.02% compared to 2021 due to the recovery of the economy and the highest growth rate in the period 2011-2022.
The retail industry increased sharply (10.15%), contributing much to the growth rate of the total value of the whole economy; the accommodation and food service sector had the highest increase in the service sector (40.61%). In 2022, the total retail sales of consumer goods and services are estimated at VND 5,679.9 trillion, up 19.8% over the previous year. Total retail sales of consumer goods and services in 2022 increased by 15% compared to 2019 (the year before the COVID-19 epidemic).
Entering 2023, predicting the biggest trend is expanding sales channels, bringing products to consumers in many different channels, and taking advantage of the power of online sales channels. Omnichannel will continue to show dominance. Because consumers are open to choice and willing to change brands and change locations when buying. E-commerce will continue to be the driving force in the growth of Vietnam’s digital economy. Retail shoppers will become “digital consumers”, continuing to maintain or even increase their use of e-commerce and online shopping platforms in 2023 is one of the access to many new potential customers and increase revenue for the business.
The second trend is Shoppertainment – Entertainment shopping, digital content creation accompanied by product marketing. This form of business was born during the pandemic and will continue to be the mainstream in the coming years. Average sales related to entertainment, streaming platforms and products related to content creators will increase sharply.
The third trend is improving operations in the retail industry. After a period of fighting the epidemic, retailers entered a period of recovery and revenue growth, initially focusing on the factor of maintaining and developing business from within – that is internal resources from human resources, store operations, and retail business administration.
Using technology and sales management software will assist retail store owners in expanding their businesses and running them more efficiently. Sellers can select sales and management software that promotes both traditional offline retail operations and internet sales and omnichannel growth.
In the retail industry, digital transformation enables firms to optimize the administration of distributors and salesmen in order to minimize management and monitoring time while increasing income. Businesses can utilize AI technology to automate sales, ordering, and customer service activities at retail locations. As a result, businesses will have more time to investigate and design market-appropriate product development plans.
Based on its experience and in-depth understanding of distribution and retail, HQSOFT developed the HQSOFT Distributor and Retail Ecosystem, which includes specialized products and services for distribution system management, assisting in the resolution of difficult problems in distribution management operation, and increasing competitive advantage and business management.
HQSOFT’s distribution and retail ecosystem offers comprehensive and one-of-a-kind business management and technology solutions for each company, satisfying consumer needs and offering differentiated values. Real data, quick and precise measurement, performance improvement, lowering investment costs to help optimize business operations, and so on.
With the mission of “HQSOFT is to transform and reorganize the distribution system into a comprehensive sales ecosystem to reach consumers quickly and effectively”, HQSOFT is confident and ready to bring customers optimal and comprehensive solutions to fully meet the demand in optimizing the distribution management system.