COVID-19 has significantly impacted the retail sector, and accelerated structural shifts, such as the rise in e-commerce and demand for more personalisation and engagement. While it is now even more pressing for retailers to transform, there are also opportunities that can be seized in an increasingly digitalised world.
Recognising the need to act quickly and decisively in order for the economy to emerge stronger from the COVID-19 crisis, the Emerging Stronger Taskforce (EST), formed under the Future Economy Council (FEC), convened the Alliances for Action (“Alliances”), which are industry-led, government-supported coalitions that will act quickly by prototyping ideas on strategic areas for Singapore. The Alliance on Facilitating Smart Commerce in Singapore is one such Alliance.
The Alliance is co-led by Mr Lee Chee Koon, Group CEO of CapitaLand Group, one of Asia’s largest diversified real estate groups; and Mr Ye Gang, Group COO and Co-Founder of Sea, the parent company of Shopee, the leading e-commerce platform in Southeast Asia and Taiwan. It is pioneering new operating models to help Singapore retailers digitalise, diversify their revenue streams and export their brands overseas, to address ever-evolving consumer preferences in the current COVID-19 landscape.
To demonstrate the benefits of an offline-online partnership model and boost retailers’ confidence to adapt and transform during this time, the Alliance collaboration kicks off with the commencement of the CapitaLand x Shopee 11.11 campaign – an innovative integration of online and offline shopper engagement to drive sales, traffic and engagement for six CapitaLand malls through gamification. Participating brands include retailers such as Skin Inc, Zaffron Kitchen, Linen Gallery, and many more.
This campaign signifies both Shopee’s and CapitaLand’s commitment to empowering retailers, providing them with avenues to diversify and build robust, all-rounded and sustainable retail strategies that cater to changing consumer needs in an ever-evolving retail landscape.
The second initiative is to re-create the iconic IMM outlet shopping experience, popular among both Singaporeans and tourists alike, on Shopee Singapore and Shopee Malaysia. IMM will be the e-commerce platform’s first virtual shopping mall from Singapore, providing retailers with more online marketing opportunities that will benefit in-store sales at IMM through enhanced branding under one roof.
The partnership was officiated by representatives from both CapitaLand and Shopee at an offline activation event held at the Skin Inc store in Junction 8 mall. Skin Inc is a homegrown Singapore retailer with e-commerce storefronts on Shopee Singapore and eCapitaMall.
Mr Chris Chong, Managing Director, Retail, CapitaLand Singapore, said: “As part of CapitaLand’s commitment to help our retailers adapt to the new normal, we are focused on creating a holistic retail ecosystem integrating offline-and-online sales channels. In addition to operating our twin digital platforms eCapitaMall and CapitaEats, we are pleased to join forces with Shopee to offer our retailers more opportunities to engage with their customers digitally, while driving footfall to their physical stores through online marketing. By combining expertise and sharing resources with Shopee, we are confident of creating a mutually beneficial retail ecosystem that drives value creation for retailers and delivers differentiated customer experiences for shoppers.”
Mr Zhou Junjie, Chief Commercial Officer, Shopee, said: “Shopee has always been passionate about nurturing and empowering our sellers and brand partners to build sustainable e-commerce strategies that prime them for success in today’s digital economy. In Singapore alone, we see tremendous potential and value in helping more retailers to kickstart and scale up their digitalisation efforts. We are pleased to work with CapitaLand to support their network of retailers in accessing more digital business opportunities and to help them unlock the full potential of e-commerce. We look forward to working closely with CapitaLand, tapping on its leading physical network to further equip retailers with the necessary resources and support to maximise the inherent value e-commerce has to offer.”