GfK State of Retail: APAC report reveals the major focus areas of APAC consumer tech retailers amid tough conditions

As consumer tech retailers in Asia-Pacific (APAC) enter 2024, they face myriad consumer demands. These expectations also present powerful growth opportunities. 

GfK’s new State of Retail report for APAC examines four areas in which retailers will invest: formats, technology, operational excellence and purpose. 

For the report, GfK surveyed nearly 800 retail executives in 76 countries globally. The APAC findings demonstrate clear trends among omnichannel, pure play online, and offline retailers. 

Format

Within formats, belief in advanced, seamless omnichannel is strong. This will be driven, primarily, by sophisticated mobile commerce, marketplaces and shopping experience stores. Some of the most remarkable growth is expected in social commerce.

Technology

As part of the format evolution, sophisticated technology will be critical to success, particularly in mature markets. For retailers invested in artificial intelligence, the vast majority are counting on smart personalization for consumers. In-store, virtual reality will empower memorable experiences.  

Operational Excellence

The GfK report also looks at major changes retailers are making to their operations. Eight in 10 APAC retailers will have a strong focus on improved supply chains and ever shorter delivery windows. And payment and finance improvements will be critical to affordability.

Purpose

As consumers look to buy from businesses with a clear purpose, APAC retailers are increasingly selling sustainable products. Among early movers, significant efforts around greener products, and repair hubs, will become powerful differentiators. 

Across LatAm, retailers are investing in the future. This will enable them to counter tough economic conditions – and to differentiate with success. The GfK State of Retail report examines their critical shifts for enduring growth.