The Omni-channel vision represents a paramount transition in changing the way retailers approach the market.
Taking a cue from one of the largest mega warehouse retail stores in Singapore, Big Box was launched with the initiative of maximising the use of industrial land for retailing and warehousing. This in turn, enables retailers to save on distribution and rental costs incurred during operations in commercial malls.
Warehouse retailers reap the benefits of lower rent, especially where business costs are rising especially in Singapore.
Here’s what we’ve learnt from Julia Tong, Executive Director TT International as she shares with us her firsthand insights regarding Big Box on Day 1 of the Retail Closing Keynotes at Retail World Asia 2014.
“First of all it always begins with the consumer. And so, we’ve closely monitored the consumer behaviour in Singapore through the usage of multiple channels, social media and the development of a personalized user experience. The idea behind Big Box was to provide a seamless shopping experience within an integrated retail concept at the convenience of the shopper with drive-throughs and self-service options.
“The unique value proposition behind Big Box is to basically serve as a platform that acts as a designative space for SMEs to showcase and test their products that allows direct communication with consumer through a shared and complete IT-enabled infrastructure. The Big Box multi-channel expands market reach by leveraging on multi-channel solutions. Products will be published on digital signage and video walls for consumers to purchase through their mobile phones.
“Big Box can facilitate showcasing SME products and also provide the avenue for the consumers to test their products and by doing so, the SMEs will be able to reduce their business costs and improve their productivity.”
The Omni-channel approach embraced by Big Box seems to be a massive task in the undertaking and by no means is it an easy feat to accomplish; similarly, retailers have to bear in mind that in the pursuit of such a strategy, you either go big or you go home.