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Net Promoter Score’s New Best Friend: Smileys Customer Experience

Net Promoter Score’s New Best Friend: Smileys Customer Experience

How this winning combination delivers enhanced CX clarity and actionable insights

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In a Digital World, Play To Your Physical Experience Strengths

In a Digital World, Play To Your Physical Experience Strengths

In 2021 more than 2.14 billion people worldwide are expected to buy hundreds of billions of dollars’ worth of goods and services online, up from 1.66 billion in 2016, analysts say. Still, online represents a small percentage of total sales, just 10% and 8.3% in North American and Western Europe, respectively, 12% in Asia, and less than 4% everywhere else.

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Thời trang ngoại đổ bộ, hàng nội địa trước cuộc chiến khốc liệt

Thời trang ngoại đổ bộ, hàng nội địa trước cuộc chiến khốc liệt

Sau Zara, HM thì Uniqlo cũng đã có mặt tại thị trường Hà Nội. Trong khi người tiêu dùng hồ hởi thì các thương hiệu trong nước đứng trước cuộc cạnh tranh khốc liệt.

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Coronavirus: CapitaLand to give 1,000 tenants rental rebates

Coronavirus: CapitaLand to give 1,000 tenants rental rebates

SINGAPORE - Mall operator CapitaLand will be giving 1,000 tenants rental rebates over two months to help stores tide through the current retail storm caused by the coronavirus outbreak.

 

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Impact Of COVID-19 On Mall Footfalls In Singapore

Impact Of COVID-19 On Mall Footfalls In Singapore

Last week Bank of America’s economist warned about the possibility of slowest global growth since 2009 on account of COVID’s rapid spread. As governments, businesses and other public institutions grapple with this black swan event, there is an urgent need for leading data indicators to quantify the impact and strategize necessary measures.

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Five Ways Coronavirus Will Impact Retail – From Luxury To Chinese Shopping Tourism

Five Ways Coronavirus Will Impact Retail – From Luxury To Chinese Shopping Tourism

I recently saw a commentary that speculated that Apple would be the “canary in the coalmine” for the economic impact of Covid-19, the novel coronavirus wreaking havoc in China and increasingly beyond.

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Vietnam retailers striving to mitigate COVID-19 implications

Vietnam retailers striving to mitigate COVID-19 implications

Feeling the bite of the ongoing coronavirus (COVID-19) outbreak, many businesses in retail and services are coming up with measures to soften the blow.

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Net Promoter Score’s New Best Friend: Smileys Customer Experience

The Net Promoter Score™, or NPS metric – relied upon by organizations to measure customer loyalty around the world – is understandably popular. This 10-point system is simple to implement and easy to comprehend. NPS helps identify “promoters” – customers who intend to say good things about you. It gauges the number of “detractors” – people who are likely to say less-than-flattering things about your brand. NPS will tag the segment of your customers that is “passive” – people who are neither excited nor disappointed with your brand. 

 Customer Experience (CX) experts agree that the NPS is a great place for any customer-focused organization to start. Even its creator, though, never intended it to be a sole CX indicator. For all of its advantages it is important to know its limitations. Relying too much on it for insights it wasn’t designed to deliver can mask negative emotions and opportunities. We recommend building upon NPS, not abandoning it, and considering real-time, accurate capture of customer emotions at the point of purchase, with the ability to collect greater volumes of data. 

NPS: Widely used, and with good reasons.

  1. It is consumer friendly. We’re all used to ranking performance on a 10-scale. And we all know that we will recommend a good product or service to friends and family. And, let’s face it, we’re even more likely to discourage a friend from using a particular brand if we have a bad experience. This is familiar turf to consumers everywhere. 
  2. It is company friendly. The scores are simple. They are easy to tabulate and share widely. Your score either goes up or down. This is attractive to busy executives who want you to “just bottom line it for me.” 
  3. It is directionally valuable. Knowing whether people would recommend your brand or not is invaluable. What better compliment can you get than “Yes! I will tell all my friends about you!” And what a gut-punch it is to hear that people would steer friends away from as if you were a sinkhole. You want to know. 
  4. It provides benchmarking over time. Because NPS has been around for so many years companies have years of data to use in comparing today’s ratings. 

NPS: Widely misused, and likely misconstrued.

It’s not you, NPS, it’s us. 

It’s no wonder it has caught on and helped companies across the world improve their services. But, like any tool, it’s just one in a toolbox. If you try to use it as the only tool, you might as well hammer nails with a screwdriver. NPS is invaluable when used as directed, but many organizations do not. 

In its May 15, 2019, article, “The Dubious Management Fad Sweeping Corporate America,” the Wall Street Journal described how NPS has developed a “cult-like” following among CEOs. Positive scores are shared routinely during earnings calls of the Fortune 500. They are often taken as gospel and do not get the kind of scrutiny you might expect from a chief executive, like when they eye a profit-loss statement. 

Boston-based founder of the Farland Group, Jane Hiscock, has more than 20 years’ experience helping companies implement customer advisory boards, strategy councils, and executive engagement programs. She told HappyOrNot that she is a fan of NPS, and agrees its biggest flaw is user expectations. NPS questions are over-asked and over-applied, she said. “Sometimes they are asked too soon, like right after an initial meeting. People aren’t rating the service; they are rating the meeting. Too often, businesses are taking direction from the scores without getting at what’s underneath the metric.”

Fredrick F. Reichheld of Bain & Co., the “The Father of NPS,” introduced his invention to the world via a December 2003 article in the Harvard Business Review titled, “The One Number You Need to Grow.” Since then he has seen NPS used in ways he never envisioned. He told the WSJ he was “astonished” that companies were using NPS as a performance indicator and to hand out bonuses. “That’s completely bogus,” he told the WSJ. “I had no idea how people would mess with the score to bend it, to make it serve their selfish objectives.” There are services out there that actually teach you how to increase the score itself. 

To that point, Bain now calls NPS the Net Promoter System, positioning it less as a score and more as a method for improvement. It’s a system that is intended to work with other systems. And that is critical. You must collect additional, and more precise data points. “NPS is a great compass,” Hiscock said. “It is not, however, a satellite GPS system.” 

The road to ruin is also paved with good intentions. 

NPS relies heavily on whether a customer “intends” to recommend you. Christina Stahkopf, Ph.D., wrote “Where the Net Promoter Score Goes Wrong” for the Harvard Business Review. She reported that only half of consumers who express an intention to recommend your brand actually will. Surprisingly, 52% of all people who actively discouraged a brand also actively recommended it. 

Social media platforms might be the best example of this dichotomy, Hiscock told us. “People will say they hate Facebook, then spend way too much time on it. People will say they hate Facebook – right on Facebook!”   

It needs to get in touch with consumer emotions. 

Forrester’s Maxi Schmidt wrote that it’s important to make sure your expectations for NPS match reality. It’s not a direct measure of customer experience quality, for example. “It doesn’t capture emotions,” she said, a critical element of any experience. 

It doesn’t capture time and place. 

Dr. Stahkopf said in her HBR article that a weakness of NPS is that it doesn’t take into account “when, where, why and to whom consumers actively recommended or discouraged a brand,” elements that are a “fluid state” and independent of consumer NPS ratings. Nor does NPS capture a consumer’s emotion at the time and place they experienced. 

HappyOrNot: The Perfect Complement

So, NPS is valuable but its limits can’t be overlooked. NPS and the Happy Index can work together to paint a more detailed picture of what buyers and non-buyers really think and how you can effect positive change in your business. 

The power of emotions, not intentions.

HappyOrNot does not rely on an individual’s intentions, but on how they really feel about the experience they just had. Not only does HappyOrNot ask them about their feelings, it does so via a friendly Smiley “machine” – so the customer does not have to be concerned about the feelings of the person receiving the information. 

The power of the here and the now.

When people recall their past experiences or predict future behaviors, the resulting data needs to be viewed in context with other data points. HappyOrNot captures and reports a customer’s experience immediately following their engagement with your brand, and where that engagement took place. Businesses can react before more customers have a bad experience and before they go on to become detractors. 

The power of volume. 

Because it’s easy to use – people can tap a Smiley-faced button without even breaking stride – companies can count on more input. These ratings collect over time to give you a more comprehensive overview and help you to continuously improve performance. HappyOrNot customers collect upwards of millions of data points on various aspects of their operations. 

The power of simplicity. 

NPS and the Happy Index share this characteristic: they are easy to understand. But, HappyOrNot can gather more precise and detailed information which, as thousands of inputs come in, help support strategic decisions. 

The power of compatibility and integration.

You can use HappyOrNot to toggle between your NPS and the Happy Index. Gauge customer loyalty with NPS and, with HappyOrNot, identify even small shifts in the quality of your customers’ experience. 

Conclusion

The NPS system has been and will be – if used as directed – deployed with great value to organizations for years to come. To make informed decisions about your customers and your brand, however, using NPS in conjunction with HappyOrNot, with more detailed, real-time reports of actual emotions, these systems can help you:

  • Create operational effectiveness. 
  • Drive revenue and profitability.  
  • Turn customers into repeat customers.
  • Identify evangelists of your products and services.
  • Inspire your teams to become excited about delighting your customers.

For more real-life insights, read one of the customer stories on our website and see what our customers had to say. 

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In a Digital World, Play To Your Physical Experience Strengths

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Wise brick-and-mortar retailers have not only embraced this shift, but have leveraged the new and enduring advantages of selling in the physical world, face-to-face, to other humans. As some retailers are demonstrating, technological advancements and creative approaches are making the trip to the store worth it for consumers and the retailers alike.  

Conferring and consulting with customers

Morten Schwartzmann is Nordic Productivity Manager at Elkjøp, a leading international electronics chain whose more than 400 stores span six countries. Since 2013 they have logged more than 60 million customer responses via the HappyOrNot solution. Elkjøp is known for competitive prices and has a robust online website, but it is their in-store experience that truly separates them from competitors. 

We recently asked Morten (Note! Access to his exclusive interview is available at the link below)—for all of the benefits of online shopping—what consumers give up if they only shop remotely. Immediately, he said they miss out on the expertise of trained professionals with the product options right there in front of them. 

“Most people already know what they want when they come to our stores,” Morten said. “Sometimes, though, through conversation they may find there is a TV that is better for them than the one they saw in an advertisement. They wouldn’t have realized that without seeing the product and conferring with a store associate.” 

In the end, whether a customer spends more or less than they planned, the most important outcome is that they go home happy with their selection.

Visibility and touch

Physical retail locations boost a brand’s visibility. And it seems counter-intuitive, but it’s not always in the best interest of the consumer or the retailer to think of stores solely as places to make sales. 

HappyOrNot Customer Experience Officer (CXO) Kirsti Laasio said, “We live in an experience economy where the stores can serve as a source of inspiration for consumers, a place where they can see, touch, feel and smell your products, and immerse themselves in all that defines your brand. But, yes, it’s also a place where you can combine products and services for upsells and cross-sells.”

The feel of a store can be a real advantage over online. In fact, Elkjøp not only strives to treat people like they are visiting a home, but to show them products in a home-like setting. 

“Since our stores are large you can see how a product might look in your living room or kitchen,” said Morten. “We are selling more products for smart homes, such as cameras and connected devices that can be operated by smart phones, like coffee makers. Our customers are able to see, with the guidance of our associates, how these different products work together.”

Taking this theme further, some retailers are testing exciting new technologies to make the trip to the store much more of an experience than a mere errand. 

A recent article on TheStoreFront.com reports how some retailers are using augmented reality to connect the real world and the digital universe. For example, Farfetch has created the Store of the Future, an augmented solution for fashion retailers that uses data to enhance the in-store experience. This includes smart mirrors that enable shoppers — without leaving their dressing rooms — to request different sizes or alternative products, and even pay for their items. 

Kirsti said that, in the case of clothing and fashion stores, technologies like digital fitting rooms and virtual makeup mirrors give people a unique experience they cannot afford to have at home. They also give more introverted shoppers the time they need to shop on their own, she said. 

Shoe company TOM’s, the TheStoreFront.com article continues, gives shoppers virtual reality tours of a village in Peru which has benefited from the TOM’s campaign to give a pair of shoes to people who need them for every pair purchased by customers. 

Ikea recently used a social media contest to bring 100 winners — out of 100,000 Facebook group members — to a warehouse in Essex, U.K., for a sleepover. Customers spent the night on mattresses, sheets and pillows they selected. They enjoyed manicures and massages. A celebrity read them a bedtime story. A sleep expert offered them advice. This is one of the innovative ways the global design company connects with customers, an effort that also includes HappyOrNot. 

Connecting the digital and physical channels, retailers can also increase inventory without adding storage space. Kirsti gave as an example a German sports equipment retailer that sells snowboarding helmets but does not have the capacity to carry all models and sizes. 

“This challenge inspired them to bring the digital element into their stores where customers can scroll through all the models and colors offered, and have the helmets shipped. This helps the company minimize inventory costs, increase basket size,  and better serve their customers,” Kirsti said.

Synchronizing bricks and clicks

Since Elkjøp operates a dual channel, we were curious as to how they ensure that the two complement one another rather than create dreaded channel conflict.  

“To do this you must make sure your marketing strategy for stores and online shopping are synchronized,” Morten said. “Our prices are the same in the store as they are online, for example. This is important to maintaining the trust of your customers. They must feel confident they are not being overcharged for a product just because they went to the store.”

Kirsti agreed. “All channels need to be aligned. Nothing is more frustrating as a customer than, for example, when you’re online for customer support and they tell you to call. Why isn’t there support right there, in that channel, when and where the customer is?” she asks. 

“Every single experience needs to be offered to the customer where the customer is at the time, not by sending the customer away to a different channel. That’s why a frictionless omnichannel approach and the merging of digital and physical is so important,” the HappyOrNot CXO said. 

Immediate customer insights

We wanted to know, with so many years of experience with HappyOrNot, what elements of the service stand out and how Elkjøp puts it to work. 

“The real-time aspect of the HappyOrNot service is something we rely on a lot,” Morten said. “We used to have to wait a day for feedback and we couldn’t react. Now we can turn a potentially bad experience into a good one.”

“We love when we get happy feedback,” he continued, “but we also are motivated by negative reviews. We see them as an opportunity to impress a customer right away. Not getting feedback is the worst, and getting it too late isn’t as useful. Now when we see an opportunity to delight a potential customer our teams are trained to grab it and take action. It’s a fun part of the job.”

Having a real-time feed of your customers’ satisfaction levels can also improve an organization’s operational efficiency and effectiveness. A dip in happiness might be tied to insufficient staff or inventory. It can point out the need for additional training, or improvements in store layouts and product presentation. 

“Don’t neglect the customer feedback you receive,” Kirsti said, “and don’t let it sit in isolation. Combine customer-generated experience data with operational data, like sales figures and inventory, to make informed decisions about your operation. When you identify a negative trend, generate a plan to turn the trend around.” 

Nurturing a CX mindset across your organization

To best take advantage of the in-store experience, Elkjøp works on the mindset of its employees as much as they do product and pricing knowledge. “We train our staff that their job is not just about making a sale, but treating people as a guest in our home,” Morten said. “We see the benefits of this approach reflected in our customer satisfaction ratings.” 

Kirsti added that customer focus must be a company-wide mindset. “Customer experience cannot be delegated to one department. From retail chain managers to store managers to the frontline professionals, customer feedback tools like the ones we offer at HappyOrNot have to be used as a way for teams to become better at their profession,” she said.

“Good customer experience does not happen by accident,” Kirsti continued. To become a customer experience champion, “You must make everybody accountable. You want to empower everybody. You want to make customer insights visible. This helps take you from a ‘sh*t happens’ organization to a ‘shift happens’ one.” This is how you become a CX management champion.

Morten said the HappyOrNot service helps make CX a company-wide effort.  “We also use HappyOrNot to improve training at Elkjøp, which employs more than 10,000 people. It helps us make sure employees are on the right path to providing customers the best experience they can. We communicate that it’s not just a machine, but a way to make you better at what you do,” he said. 

Key takeaways:

  • When you have them in your store, take the time to listen and understand your customers’ needs. Then use your product knowledge to guide them toward a solution that will delight them. 
  • Differentiate your product by developing a team mindset that is appropriate for your customers and your brand. If you’re selling home products, make them feel at home. 
  • Earn consumer trust by making sure the information they see online is in sync with what is in the store, starting with prices. 
  • Use real-time feedback to identify a customer who might be unhappy right now.
  • Leverage new technologies and innovative approaches to create a compelling and unique in-store experience, something consumers cannot get on their smartphone or laptop. 
  • Encourage your team to get excited by opportunities to turn a customer’s potentially bad experience into a great one. It’s like having a super power that tells you when someone really needs help — and you’re just the person to assist! 
  • Source: HappyOrNot Website

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Thời trang ngoại đổ bộ, hàng nội địa trước cuộc chiến khốc liệt

Điểm đến của các đại gia

Việc ngày càng có nhiều thương hiệu thời trang nổi tiếng thế giới vào Việt Nam là tất yếu vì nhu cầu của thị trường ngày càng cao, thẩm mỹ của khách hàng cũng nâng lên. Thị trường bán lẻ thời trang Việt Nam luôn được các ông lớn nước ngoài đánh giá là khá tiềm năng, sau khi các trung tâm mua sắm lớn như Bangkok hay Singapore đã trở nên bão hoà. Một thị trường mới nổi như Việt Nam có nguồn khách hàng tiêu dùng trẻ, khả năng chi tiêu nhiều và chuộng các thương hiệu nước ngoài.

Theo thống kê từ công ty nghiên cứu thị trường Statista, quy mô thị trường quần áo Việt Nam năm 2019 ước tính đạt 5,6 tỷ USD, với mức tăng trưởng kỳ vọng 8,8% mỗi năm trong giai đoạn 2019-2023. Đặc biệt, 97% doanh thu thị trường đến từ những mặt hàng quần áo bình dân, không phải hàng cao cấp (Non-Luxury Goods).

Ngoài ra, Việt Nam cũng nằm trong top 10 nền kinh tế có tốc độ tăng trưởng người siêu giàu nhanh nhất thế giới giai đoạn 2012-2017, với 12,7% mỗi năm, theo báo cáo mới của hãng nghiên cứu Wealth-X. Tốc độ này chỉ đứng sau Bangladesh (17,3%) và Trung Quốc (13,4%).

Thời trang ngoại đổ bộ, hàng nội địa trước cuộc chiến khốc liệt - 1
 

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Thời trang Nhật tiến ra Hà Nội

Có mặt sớm hơn, Zara (từ 2016) và H&M (từ 2017) là hai cái tên nổi bật trong thị trường thời trang nhanh tại Việt Nam. H&M đã vượt Zara với 8 cửa hàng tại các thành phố trung tâm Việt Nam, trong khi thương hiệu tới từ Tây Ban Nha đang sở hữu hai cửa hàng ở Hà Nội và TP.HCM.

Tháng 12 năm ngoái, thương hiệu thời trang Nhật Uniqlo đã khai trương cửa hàng đầu tiên tại TP.HCM. Cotton:On - nhãn hiệu thời trang toàn cầu lớn nhất của Úc, với hệ thống hơn 1.400 cửa hàng tại 19 quốc gia - cũng chính thức gia nhập thị trường Việt Nam. Các thương hiệu phân khúc trung bình như GAP, Topshop, Mango... cũng liên tục mở rộng hệ thống.

Sau khi đặt chân tại TP.HCM, ghi nhận sự thành công đáng kể, các thương hiệu này bắt đầu chinh chiến ra Hà Nội. Theo sau H&M và Zara, Uniqlo đã chính thức khai trương cửa hàng thứ 4 tại thị trường Đông Nam Á sau Philipines, Singapore, với diện tích 2.500m2, gồm 2 tầng trưng bày.

Các ông lớn ngoại đã gặt hái được khá nhiều thành công ở thị trường Việt Nam. Doanh thu thuần của H&M năm 2018 tại Việt Nam là hơn 28 triệu USD (tương đương 664 tỷ đồng). Báo cáo tài chính 2018 của Mitra Adiperkasa (MAP) - công ty quản lý thương hiệu Zara, cũng cho thấy doanh thu của hãng tăng hơn 1,7 lần mức năm 2017.

Tổng giám đốc Uniqlo Việt Nam Osamu Ikezoe cho biết trong 3-5 năm tới sẽ mở nhanh các cửa hàng tại Hà Nội và TP.HCM. Việt Nam là quốc gia mang lại giá trị sản xuất lớn cho Uniqlo, với 3 tỷ USD hàng hóa được sản xuất mỗi năm để xuất khẩu đi nhiều nước trong hệ thống. Ông cho hay, hoạt động sản xuất của Uniqlo chủ yếu tại Trung Quốc, nhưng đang tăng cường sản xuất tại Việt Nam, Indonesia, Ấn Độ

Nội tìm cách sống sót

Trong khi các ông lớn liên tục mở rộng thì các thương hiệu trong nước dường như ngày càng co cụm lại. Những chuỗi thời trang đình đám một thời như Ninomaxx, N&M, Blue Exchange, PT 2000, Việt Thy, Ha Gattini, Sẽnorita... dường như đang “lay lắt” qua ngày khi số lượng cửa hàng đã thu hẹp và cũng thay đổi phương thức kinh doanh.

Thời trang ngoại đổ bộ, hàng nội địa trước cuộc chiến khốc liệt - 2
 

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Xếp hàng dài mua thời trang Nhật (Ảnh: D.A)

Một số thương hiệu được xem là có chỗ đứng trên thị trường nội địa như Việt Tiến, Nhà Bè, An Phước, May 10,... cũng chỉ tập trung ở phân khúc sản phẩm công sở. Được biết đến như một thương hiệu rất thành công, được coi là hàng hiệu với chuỗi 60 cửa hàng lớn nhỏ, thế nhưng Foci đã biến mất sau gần 10 năm ra đời.

Trước khi mua Vascara, nhà bán lẻ thời trang Nhật Bản Stripe International đã mua cổ phần để nắm quyền chi phối ở Công ty Thời trang NEM, chủ sở hữu thương hiệu thời trang công sở nữ NEM vào năm 2017. Vào cuối năm 2018, chuỗi Elise Fashion, thương hiệu thời trang dành cho giới văn phòng ra đời từ năm 2011, cũng nhận đầu tư từ đối tác Nhật Bản.

Thực tế, Việt Nam dù luôn nằm trong nhóm đầu các nước xuất khẩu dệt may trên thế giới nhưng doanh nghiệp nội chỉ tập trung vào khâu gia công. Các doanh nghiệp chỉ mạnh về may chứ không mạnh về thiết kế thời trang, thương hiệu và phân phối sản phẩm.

Hành trình mở rộng của các thương hiệu thời trang Việt còn gian nan hơn khi không ít người tiêu dùng vẫn chuộng hàng không rõ xuất xứ, hàng nhái... Đặc biệt, nhiều công ty thời trang ở Việt Nam vẫn đang quản trị theo mô hình gia đình, do đó, khả năng cạnh tranh về tốc độ ra mẫu mới không cao.

Trong khi, theo Hiệp hội Dệt may Việt Nam, các doanh nghiệp Việt Nam đang gia công cho nhiều hãng thời trang lớn trên thế giới nên chất lượng các sản phẩm này nếu so với sản phẩm của nhiều thương hiệu Việt là không quá chênh lệch.

Xu hướng ông lớn đổ bộ đã tạo áp lực lớn cho các nhà sản xuất thời trang trong nước phải thay đổi theo hướng đa dạng hóa sản phẩm phục vụ mọi phân khúc, từ cao cấp đến bình dân.

Theo các chuyên gia, nếu muốn phát triển bền vững, các doanh nghiệp Việt cần xây dựng những chiến lược dài hơn, xa hơn và chú trọng hơn việc xây dựng đội ngũ nhân sự chuyên nghiệp để chuẩn bị cho “cuộc đua” cần sức bền này.

Theo Duy Anh

VietnamNet

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Coronavirus: CapitaLand to give 1,000 tenants rental rebates

In a letter sent to tenants on Wednesday (March 4), the landlord said it had reviewed February sales and footfall data and will be granting a 50 per cent rebate on the fixed components of their one-month gross rent. This will be disbursed in two tranches of 25 per cent in April and May.

The landlord also assured tenants that it would be passing on the full amount of savings from the 15 per cent property tax rebate provided by the Government once the rebate has been received.

Earlier this week, the Restaurant Association of Singapore (RAS) had called out landlords for dragging their feet when it came to providing promised rental rebates.

Food and beverage (F&B) establishments have felt the crunch in the last two months with many experiencing a drop in revenue of about 50 per cent due to the outbreak.

The association had singled out CapitaLand for previously announcing rental rebates of 50 per cent but giving certain F&B outlets less than that.

In response, CapitaLand president for Singapore and international business Jason Leow said it was "unfortunate that the entire relief package has not been fully comprehended by RAS, despite our ongoing engagements".

He said rental relief will be disbursed to tenants in a targeted manner since the outbreak of Covid-19, the disease caused by the coronavirus, has impacted different malls and trade categories in varying degrees.

So far, about five other landlords, including Changi Airport Group and National Parks Board, have confirmed rental rebates for tenants.

In a Facebook post on Thursday, RAS president Vincent Tan commended CapitaLand's latest move and urged other landlords to follow suit.

He said: "CapitaLand's move to reach out to some 1,000 of its tenants (on Wednesday) is an appreciated gesture in helping tenants keep their operations going and saving the livelihoods of their employees."

He added that some association members expect revenues to drop by as much as 80 per cent in the coming months. "For many, these assessments are now a reality. The impact of Covid-19 has affected restaurants across the board."

Melissa Heng - Straitstimes.com

 

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Impact Of COVID-19 On Mall Footfalls In Singapore

Back home, Singapore has done an impressive job at managing the spread. Nonetheless, the economic impact is expected to be significant.  We at Lifesight attempted to quantify this by digging into our data and analyzing footfall patterns at some of the popular malls across Singapore over the last 1 month. Below is what we observed

Footfall at popular malls has shrunk by an average of ~63%

We contrasted daily average footfall (weekdays) for the period Jan 6th to 10th (pre-COVID-19 period) with those observed between February 3rd and 14th (Post COVID-19 period). Jan 6th to 10th was selected as the baseline footfall in order to have minimal interference from the CNY festive crowd. 

 

 

 

A similar trend is observed when analyzing the weekend traffic at the above malls

 

 

Malls in the central region witnessed the biggest drop in footfall reaching as high as 70% in some cases

 

 

Some of the biggest footfall drop was seen in malls located in the central region such as ION Orchard, Raffles City and Bugis and is likely linked to fall in tourist arrivals. Bedok mall in the east and IMM in the west had the least impact – even though the traffic was still down by almost half.

 

Early signs of recovery observed towards the end of February

Footfalls appear to be picking up towards the end of February though is still far below the usual traffic. Stay tuned for Part -2 of the report as we update the analysis with more recent data and insights!

 

 

Nguồn: lifesight.io

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Five Ways Coronavirus Will Impact Retail – From Luxury To Chinese Shopping Tourism

While it is true that Apple has a very strong reliance on Chinese manufacturers for its supply chain, it is still ultimately a brand manufacturer that has a lot of finished goods in its supply chain, which can theoretically weather at least the month’s worth of disruption that we’ve seen so far. And should that disruption extend beyond a month, it will still take a few more months before most consumers really feel it.

Retail, however, only deals in finished goods. If stores can’t sell, either because consumers aren’t buying, or because there are no goods to sell, then the impact is immediate. Rather than Apple, I would contend that the retail industry is much more the canary than manufacturers. Alibaba has also issued earnings warnings – and from a two-fold impact of disruption to its retail business, and business shut-downs that are impacting its cloud business. Here are five ways retail is already beginning to feel the economic costs of Covid-19.

1.    Chinese-native Retailers

In a move that now seems incredibly lucky in its timing, I had the opportunity to get a taste of the retail industry that is native to China in early December of last year. Only in China can you find 3,000-store chains that no one in the West has ever heard of – and which are only just beginning to tap out the rapid-growth phase of penetrating the Chinese retail addressable market.

Many of these retailers are starting to hit a slowdown in their growth as their store presence reaches a level of maturity. Rapid growth no longer hides the costs of brute force management of things like planning, inventory, and supply chain, and so many chains are turning to more sophisticated tools to help eke more margin out of their business – and protect against a future of even more slow growth. They are at a delicate turning point, where business disruption can take away the funds they need to invest in new capabilities. And as these retail brands are on the front lines of Covid-19 impact, not only are shoppers not coming, but stores are closed and supply chains are stalled as they support the government’s effort to halt the spread of the virus.

 While the impact of this stall may be limited to within China, it is still a significant hit to one of the largest retail markets in the world, and one that reaches far into the middle class.

2.    Luxury in China

Most luxury brands would be pummeled if they did not have a well-articulated strategy for how to reach the Chinese market. For many, China is not just a source of growth, it is the only source of growth. Upscale Chinese consumers have a high appreciation for global luxury brands, and perhaps even more-so than Chinese-native brands serving the middle class, luxury brands coming into China are feeling the immediate impact of closures and social distancing. Everyone needs groceries eventually. The new evening dress for the soiree that has been cancelled? I don’t think luxury retailers will get that sale back.

This impact will hit global luxury brands in Q1 2020. A month of lost sales, or longer, is unlikely to be made up in time to help a quarter, or possibly the year.

3.    Chinese Sellers in Other Markets

Just as luxury retailers have made it a core strategy to penetrate the Chinese retail market, there are many Chinese brands and sellers that have a core strategy of selling to Western markets. A good example: Shein, long-time lurker on Pinterest. The company operates fairly opaquely, with only a few hints that it is headquartered in China. Whether you love them or hate them, their US site offers total business as usual currently, with recent new blog posts and no mention that operations may be disrupted by measures protecting against Covid-19.

Whether the company operates in Hubei province or elsewhere (it’s not easy to figure that out), the limited travel measures in play in China right now – and many Western governments’ restriction on travel – are going to make it difficult for Shein to process or ship orders. This is true for the ubiquitous Chinese sellers on Amazon, or Wish, or many other places. The impact won’t be felt immediately – most of these companies slow-boat their shipments to Western markets anyway – but give it a month, and the impact will start to be felt.

4.    Chinese Shopper Tourism in Other Cities

Chinese shopper tourism is well-documented enough that you can find tips and tricks for how US retailers can cater to Chinese shoppers, both in terms of selection and service (and payment – a key factor). Cities like Melbourne, Milan, Mexico City, Munich and Las Vegas all have seen enough Chinese shopper tourism that retailers there actively advertise their services and Chinese shopper friendliness.

That has undoubtedly come to a screeching halt in the last month. Most companies can absorb that much impact, but should the travel restrictions into and out of China continue, the long-term impact of the lack of Chinese tourist shopping will start to hit home in cities that have benefitted from the activity in the past.

5.    Western Retailer Imports

Finally, a month of factories sitting idle means a month less of inventory in the pipeline. For most Western retailers, this won’t impact the shelves next week, but it could impact inventory any time over the next month to six months. Should disruptions continue past the current month, Western consumers will certainly see impact at the shelf as soon as April or May for those retailers that rely heavily on Chinese imports.

The Bottom Line

The economic disruption caused by Covid-19 is already real and already here. However, the specific effects are different depending on the region and the group impacted. Retail is more interconnected – like most of the global economy – than ever before, but still the effects will end up rolling through different sectors at different times.

The big question is how long will the disruption last, and when can people safely get back to their lives and businesses safely get back to work. Even if the world turns the corner on containing the virus in the next week or two, economic effects will roll through most of retail, from luxury to discount and everywhere in between. A month’s worth of impact – nothing to discount – is still a heck of a lot better than months and months. Let’s hope that’s all there is.

Nikki Baird

Retail

I focus on the digital consumer’s impact on retail.
Source: Forbes.com

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Vietnam retailers striving to mitigate COVID-19 implications

 

Vietnam retailers striving to mitigate COVID-19 implications

Retailers are feeling the bite of COVID-19 as business grows scarce

According to Nishitohge Yasuo, CEO of AEON Vietnam, business was fairly good in January thanks to buoyant transactions ahead of Vietnam’s traditional Lunar New Year holiday.

Sales, however, saw a decline this month. He attributed this to the emergence of COVID-19, which has brought a plunge of 20-30 per cent in visitor number to AEON’s shopping venues.

“Instant food, dried goods, face masks, and hand sanitisers are the best selling items at present,” Yasuo said.

Fashion items and footwear, however, see flat business at big trading centres. Fearing the epidemic, people have refrained from going to crowded places like supermarkets in the past month.

The retail outlets of big fashion brands like Zara and H&M face a similar situation. The stores of local shoe brand Bata or renowned luggage brand Samsonite at Time City shopping mall are also reporting gloomy business.

Nguyen Thu Trang, the manager of a local branded fashion shop, shared that the shop’s revenue took a nosedive, shedding 70 per cent against the same period last year.

“Throughout my many years as a shop manager, I have never seen such indifference among customers. Sales are unlikely to bounce back even at big upcoming occasions like the International Women’s Day on March 8,” Trang said.

As customers are hesitant to visit crowded places due to fear of the epidemic, their demands could be transferred to the online marketplace.

Nguyen Thanh Thuy, who has been managing a night club in Hanoi’s Old Quarter, and a chain of homestays mainly serving foreign visitors for the past 12 years, said that business was bleak these days, with the turnover from selling drinks at the club tumbling by about 60 per cent a night compared to the time before the outbreak.

Sales figures were better for shops selling appliances and electronics such as dehumidifiers and driers in the past days. According to the owner of a supermarket selling appliances and electronics on Hanoi’s Hai Ba Trung Street, dehumidifiers have been selling robustly while the purchases of common goods like TV sets, refrigerators, and washing machines were down 30-40 per cent. The situation is anticipated to drag on in the forthcoming months.

 

Several retailers said that they are striving to fuel sales by leveraging e-commerce.

In Ho Chi Minh City, Vietnam’s growth engine, the implications of the virus are particularly pronounced: city-based businesses revealed that the sectors posting sliding revenue include aviation, travel, banking, food and beverage, and agriculture.

As customers are hesitant to visit crowded places due to fear of the epidemic, their demands could be transferred to the online marketplace. Several cosmetics and fashion retailers have been offering discounts of up to 30 per cent for online buyers. To ensure customer safety, many services trading points have been installing air cleaners or offering free face masks at the entrance.

In the case of Sua Xanh, a startup group consisting of young graduate students based in Ho Chi Minh City which sells organic milk products, members of the group initially decided to take some time out due to the COVID-19 which led to a decline in the number of customers. They then decided to change their brand identity, selling nut-based milk to strengthen the immune system.

Not only that, the members have searched for useful information to consult customers and advise them on ways to detoxify and improve resistance. They also deliver products to customers' homes. This way, not only did they manage to improve revenue, the group have expanded sales points from four to 15, based in Ho Chi Minh City’s districts 1 and 3.

Similarly, Ly Ngu restaurant selling fried fish in District 1, has switched to online sales with free shipping and even sends a chef to customer’s house upon request.

As watermelons are sold at a heavy discount price at VND8,000 (3.5 US cents) per kg, to help farmers, the shop started offering customers free melon juice. This helps attract customers, many of whom return.

Figures from the Ministry of Industry and Trade show that Vietnam posted VND346.2 trillion ($15 billion) in retail revenue in January, a 6.3 per cent jump compared to the previous month and up 10.7 per cent on-year. The figures for February, however, would be less rosy due to the COVID-19. VIR

Yen Thuy - Vietnamnet

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