Going digital the only way to revive Singapore's retail sector

IT used to be that the buzz along Orchard Road was a gauge of the health of Singapore's retail industry. Those days are long gone in today's high-tech retail world, where more of the action is moving online.

As a smart nation, Singapore needs to move from traditional retail to e-commerce - or, better still, adopt a hybrid approach, to tackle regional and global competition. The move into e-commerce will also generate spinoffs to other sectors, including logistics and transport, fintech and consumer analytics.

Increasingly, tech-savvy consumer behaviour has led to the evolution of peer-to-peer sales and aggregator marketplace platforms. To thrive, retailers must now create seamless, frictionless, personalised and lifestyle-driven consumption experiences both online and offline. Moving more to online channels will also boost retailers' productivity by requiring less pressure on talent resourcing, keeping less stock and managing cash flow better.