Infocomm Media Development Authority (IMDA) and Enterprise Singapore (EnterpriseSG) have unveiled the refreshed Retail Industry Digital Plan (IDP) to promote innovation and technology adoption in the country’s retail sector, with three key focus areas, namely customer experience, operational efficiency, and business growth.
The Retail IDP was first introduced in 2017, and the new roadmap has been announced after consultation with over 250 industry stakeholders to cater to retailers’ emerging needs.
It outlines eight new solution categories to support retail small and medium enterprises (SMEs) in leveraging advanced digital solutions, including, in-store analytics, immersive retail, multichannel e-Commerce software, self-checkout solutions, electronic shelf labels, unmanned stores, social commerce tools, and omnichannel retail management.
According to IMDA, to address changing customer behaviours and increased competition, retailers need to elevate customer experiences using CRM tools for personalised recommendations and Augmented Reality (AR) for an immersive online shopping experience.
In addition to point of sale (POS) and enterprise resource planning (ERP), unmanned stores and self-checkout systems may help retailers eliminate manpower constraints, it added.
The IDP identifies the use of social commerce tools to simplify the buying process through integrated shopping features, recommendations and one-click purchases, for better shopping experience and higher conversion rates.
Adoption of an omnichannel retail management solution integrates inventory management, CRM, online orders, and POS systems, it added.
The refreshed IDP highlights AI-integrated solutions, including the use of Generative AI in chatbots to enhance customer service, emphasises the importance of digital skills and includes a Cybersecurity and Data Protection roadmap.
