Modern Australian
The Times Real Estate

.

APAC Nations Shine in Kearney’s 2023 Global Retail Development Index, Revealing Strategic Opportunities in Emerging Markets

SINGAPORE - Media OutReach Newswire - 22 February 2024 - In a year that has witnessed a reshuffle of emerging market potentials, global consultancy Kearney's 2023 Global Retail Development Index (GRDI) captures the core of a retail landscape at a crossroads.

The report, a bi-yearly survey of the most promising retail markets worldwide, underscores the agility and dynamism of retail economies adapting to a reshaped world.

Asia Pacific (APAC) nations make a strong showing in global ranking

While the obvious candidates – China and India – continue to show an enduring appeal to global investors due to their market size and rapid consumer base growth, a host of other compelling opportunities emerge among their Asia Pacific neighbors. Across the region, APAC countries have displayed remarkable retail growth trajectories, with five APAC nations (India, China, Malaysia, Indonesia, and Bangladesh) securing positions among the top 15 economies for retailers to prioritize establishing a presence in, based on the GRDI.

In China, innovative technologies, experiential retail concepts and a highly digitized retail market continue to drive consumer spending. India's retail sector thrives from a large working population, rapid urbanization, and government initiatives like Digital India, propelling e-commerce and modern retail formats.

Looking at emerging markets in Southeast Asia, Indonesia, for instance, benefits from a growing middle class, expanding infrastructure, and increasing urbanization, fostering a vibrant market for both traditional and modern retail players. Meanwhile, the Philippines and Cambodia demonstrate significant potential for catching up, fueled again by growing middle-class populations and urbanization, as well as favorable government policies attracting foreign investment.

Bangladesh, as another notable example of an emerging market experiencing high growth in the retail sector, has been propelled by its strong ready-made garment export industry, attracting major international brands and contributing significantly to its economic growth.

Overall, APAC nations serve as pillars of strength in the growing retail sector. The global retail e-commerce sector is projected to show a strong increase in sales, adding an absolute value of $1.4 trillion from 2022 to 2027. Of this growth, 64% is expected to come from emerging markets. APAC nations, in particular, are expected to lead the digital charge due to rapid growth anticipated in China, Indonesia, Malaysia, Vietnam, Thailand and India.

Six key trends emerge in this year's GRDI

Globally, as retail growth extends beyond traditional powerhouses, the GRDI report identifies six pivotal trends shaping the retail landscape in emerging markets:

  • Macroeconomic uncertainty remains high, with global economic recovery being gradual and varying across developing economies.
  • Consumers are trading down to less expensive, local, and private label items due to inflationary pressure.
  • eCommerce growth continues unabated, with expectations to grow at twice the rate of brick & mortar retail by 2027.
  • Omnichannel strategies are becoming increasingly critical, with retailers in developing markets investing in omnichannel capabilities.
  • The rise in e-payments and BNPL options is reshaping consumer behavior, with rapid adoption in the APAC and MEA regions.
  • Retail AI and technological innovations are being leveraged to create new, experiential marketing approaches to attract and service consumers.

Siddharth Pathak, Asia Pacific Co-Lead, Consumer and Retail Practice, Kearney said:

"This year's GRDI reflects the diverse retail potential among emerging economies in Asia. From established powerhouses like China and India to rising stars such as Indonesia and Vietnam, each nation offers distinct opportunities and challenges for retail investment in the region."

"Success in this dynamic market hinges on retailers' ability to adapt, innovate, and strategically navigate the diverse retail landscapes," he added.

As global retail players strive to navigate a landscape marked by shifts in consumer behavior, technology adoption, and competitive activity, the 2023 GRDI provides an indispensable roadmap for developing sustainable strategic responses and forging winning value propositions.

Please find a link to the full report here: The 2023 Global Retail Development Index
Hashtag: #Kearney #GlobalRetailDevelopmentIndex #GRDI

The issuer is solely responsible for the content of this announcement.

Kearney

Kearney is a leading global management consulting firm with deep-rooted expertise in strategic transformation. We work with more than three-quarters of the Fortune Global 500, as well as with government bodies and non-profit organizations. As a global consulting partnership in more than 40 countries, our people make us who we are. We're individuals who take as much joy from those we work with as the work itself. Driven to be the difference between a big idea and making it happen. We work alongside our clients to regenerate their businesses to create a future that works for everyone. To learn more about Kearney, please visit .

How To Find Comfortable And Stylish Armchairs Online

Shopping online can be tricky, particularly when it comes to buying furniture. All homeowners, including you, want an armchair that is stylish and c...

Rope Rescue Training Explained: Techniques, Tools & Skills

Rope rescue training is critical for emergency responders, industrial workers, and anyone who operates in high-risk environments. Whether you're a fir...

The Different Career Paths in a Law Firm: From Clerk to Partner

The legal profession offers a structured yet diverse career path, with opportunities ranging from entry-level positions to esteemed leadership roles...

The Importance of Exercise for People with Disabilities: Adaptive Workouts

Exercise is a fundamental part of maintaining physical and mental wellbeing, and this holds true for people of all abilities. For individuals with d...

Planning a Construction or Renovation? Don’t Overlook the Plumbing!

Building or renovating your home is an exciting journey—designing layouts, selecting finishes, and watching your space come to life. However, while ...

Bathroom Tiling: Trends, Materials and Installation Tips

The world of bathroom tiling has come a long way, with new trends, improved materials, and innovative installation techniques, making it easier than...

Best Products to Increase Hair Density: What Really Works?

Do you want thick, voluminous hair? We get you!! There’s just something about a full head of hair that makes you feel more confident. But what do...

The Cost of Back to Base Security in Sydney: Is It Worth the Investment?

Sydney is a fantastic place to live. The beaches, the cafes, the culture. There’s a reason people are willing to pay premium prices for a spot in ...

Australian Workplace Engagement Declines Amidst Shifting Employee Priorities

Global leader in employee engagement and HR technology, Reward Gateway, has today released its second annual Workplace Engagement Index. The report...

The Right Mix: 5 Tips for Choosing Products Your Customers Will Love

Photo: Marcella Marcella / Unsplash Crafting the perfect product offering is difficult. You need to strike a delicate balance between building a busi...

Septic Tank Pump Out Cost: What to Expect in 2025

The size of the tank, the location and the rates charged by the service provider all affect how much a septic tank pump out will cost. Every thre...

How Machine Learning is Personalizing Orthodontic Treatment

Orthodontic treatment has seen a significant transformation over the past few decades, largely due to advancements in digital dentistry and artificial...

From Backend Logic to Frontend Magic: Merging Software Development and Web Design

Software design and web development go hand in hand in today's computer age. Backend logic is used for functionality, and frontend design makes soft...

Australians who want to buy their first home need concrete saving stratagems for their deposit

Many Australians aspire to own a house but face significant obstacles while trying to save for the necessary deposit. Given the increase in property...

Key Factors to Consider When Choosing the Right Professional Indemnity Policy for Your Business

"Unlock the secrets to choosing the ideal Professional Indemnity Policy for your business. Understand the critical considerations!" A Professional ...

Skills in Demand (Subclass 482): The Employer-Sponsored Work Visa for Skilled Professionals

Businesses in today's globalized economy are always looking for qualified individuals to fill important positions. Employers in Australia can fill ...

Recent Study Reveals Which Psychological Problems Affect Different Age Groups

In recent years, the wider community has started talking more about mental health, and for good reason. In Australia alone, 42.9% of people between ...

The Ultimate Guide to Flyscreen Windows: How to Keep Your Home Bug-Free in Style

Keeping your home free from insects doesn't mean sacrificing style or comfort. Flyscreen windows offer an effective solution to maintain a bug-free ...