Trade associations and chambers key in companies adapting to changing consumer trends

IT is important for trade associations and chambers (TACs) to continue supporting member companies as they transform and adapt, said Low Yen Ling, Minister of State for Trade and Industry on Thursday (Mar 24).

This is due to the continuing accelerated pace of change, particularly in consumer trends, she added.

Low was speaking at TAC Symposium on Thursday (Mar 24), organised by the Singapore Business Federation (SBF) as a part of this week's Singapore Apex Business Summit 2022.

In her discussion with Kwee Wei-Lin, president of the Singapore Hotel Association, Low noted that in consumer-facing sectors such as hospitality and retail, companies face pressure to digitalise as they weathered manpower constraints and restrictions from the Covid-19 pandemic.

She also observed that the external environment had become increasingly volatile and uncertain due to factors such as ongoing geopolitical shifts, rising protectionism and the crisis in Ukraine.

To aid these TACs, the government, through Enterprise Singapore, aims to collaborate with individual TACs to "identify the pockets of opportunities" that can raise sectoral and industry standards, she said.

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For example, the government is currently working with the Singapore Furniture Industries Council to incorporate sustainability as a competitive advantage, as consumers have become increasingly discerning and are prepared to pay a premium for sustainable products and services, said Low.

She therefore urged TAC representatives attending the symposium to join knowledge sharing sessions organised by SBF and professional services network KPMG to find out how they can identify these opportunities, acknowledging that there would be "different strokes for different folks" depending on their industries.

KPMG, who is the silver partner of TAC Symposium, will also be working with TAC leaders to create sector-specific decarbonisation blueprints, aimed at driving ESG (environmental, social and governance) change.

It will identify key themes and prioritise issues raised across various roundtables conducted with TAC leaders and key industry leaders at today's symposium, synthesising the issues and solutions into proposals for the government to consider in policy decisions.

KPMG will also work with key industry players to further frame, develop and deploy identified solutions for measurable change.

As an industry advisor, KPMG will then recommend collaboration opportunities between TACs to achieve a multiplier effect in outcomes for enterprises.

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