Industry 4.0 presents both opportunities and challenges for retail
The retail market, both nationally and internationally, is constantly changing following the 4e industrial revolution, which generates both opportunities and challenges.
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| In a supermarket in the district of Phu Nhuân, in Ho Chi Minh City. |
| Photo : Hong Dat/VNA/CVN |
Therefore, in order to exist and grow, retailers must be well equipped to keep up with market trends and adapt to changes, experts suggested during a seminar, organized on Thursday (April 6th) in Hanoi, by the Association of Vietnamese retailers (AVR) and magazine Thuong Truong (Trade market).
The domestic retail market has seen stable growth during 2017-2022 despite the impacts of the COVID-19 pandemic, said Dinh Thi Bao Linh, deputy director of the Industry and Trade Information Center. of Vietnam under the Ministry of Industry and Trade (MoIT).
In the first quarter of this year, retail sales of goods reached some 1.18 trillion VND (50.31 billion USD), up 11.4 percent year on year, accounting for up to 78.9 % of total retail sales of goods and services, she continued.
Dinh Thi Bao Linh pointed out that the fourth industrial revolution and technological advancements will accelerate automation and form large-scale information and data sharing networks without boundaries of space and time.
In addition to government efforts to improve the business environment, retailers must gradually create processes that make it easier for their customers to self-select goods and services.
Nguyên Thanh Hung, former president of the Vietnam Electronic Commerce Association (VECOM), said online retail in Vietnam grew to USD 20 billion in 2022 from USD 4 billion in 2015 , and that e-commerce now accounts for 7% of combined retail sales of goods.
Lê Huy Khoi, Vietnam Institute of Industry and Trade Strategy and Policy (VIOIT), MoIT, highlighted the limitations of e-commerce in Vietnam with respect to product quality and stressed the need for regularly revise relevant legal documents to better control counterfeit products.
Other participants suggested close coordination between the state, merchants and the professionalization of delivery service providers in order to boost retail trade.
VNA/CVN
