Shopping has undergone a profound transformation driven by emerging technologies and new ways of consumption. It’s not difficult to see why retail festivals have lost much of their glow, says Accenture Song’s Simone Morandi.
From next year, SRA - which launched the Great Singapore Sale in 1994 - will no longer organise or invest in marketing campaigns for the event. Instead, it will act only as a “coordinating partner”, said SRA president Ernie Koh on Sep 18.
But similar sales sprees have since drowned out the novelty and hype. Access to flash deals online, at any time of the day and year, have desensitised shoppers. One in three are also willing to pay more for sustainably sourced goods and services, while 36 per cent have been replacing their purchases with more sustainable alternatives, according to a separate survey by UOB.
Shopping has undergone a profound transformation driven by emerging technologies and new ways of consumption, such as group buys, and hyper-competitiveness from multiple digital channels. It’s not difficult to see why retail festivals have lost much of their glow.TO BRING BACK THE SHOPPERS, BRING BACK THE FUN AND PURPOSE
Kim Cattrall’s Netflix comedy-drama Glamorous aptly captures what brands need to realistically consider. Cattrall, known for her portrayal of Samantha Jones in Sex And The City, plays a beauty mogul trying to transform her legacy beauty brand in Glamorous. The show has admittedly gotten mixed reviews, but the themes it expounds on - mobilising multiple channels such as social media, offline activations, live streaming and influencer engagements - provide some lessons for retailers.
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