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Retail's Realignment: Summary

Core Content

This report, titled "Retail's Realignment: The Road Ahead for Omnichannel in the Greater Bay Area", is the fifth edition of a joint study conducted by KPMG China, GS1 Hong Kong, and HSBC in collaboration with YouGov. It explores the long-term impact of the COVID-19 pandemic on the retail industry in Hong Kong and the Greater Bay Area (GBA), focusing on consumer behavior, retailer adaptation, digital transformation, brand authenticity, and strategic planning for the future.

Main Trends and Insights

1. Accelerated Shift to Digital Retail

• The pandemic has significantly accelerated the migration of consumers from physical to digital retail channels.
• 50% of Hong Kong consumers and 59% from mainland China GBA cities feel more comfortable shopping online.
• Consumers are more tech-savvy, with 60% better understanding how to search for products on online platforms.
• Many consumers are willing to live without physical stores, indicating a lasting change in shopping habits.

2. Integration of Online and Offline Channels

• There is a strong consumer expectation for seamless integration of online and offline experiences.
• 77% of Hong Kong consumers and 85% from mainland China GBA cities expect retailers to improve the connection between online and offline.
• Only 39% of retailers are currently focusing on online-to-offline (O2O) integration, highlighting a gap in current strategies.

3. Gen Z as a Key Driver of Change

• Gen Z (18–24 years old) is leading the shift toward digital-first shopping experiences.
• 73% of Hong Kong Gen Z and 86% of mainland China GBA Gen Z expect swift responses to product inquiries via online chat and AI-driven recommendations.
• This generation prioritises convenience, mobile browsing, and personalised experiences.

4. Importance of Brand Authenticity and Purpose

• Consumers are more conscious of product origins and sustainability.
• 68% of Hong Kong consumers and 65% of mainland China GBA consumers are more aware of product origins.
• Authenticity is now the number one characteristic that attracts consumers to brands.
• Brands are expected to communicate their purpose and values more clearly, especially on digital platforms.

5. Technology as a Key Enabler

• Consumers demand faster fulfilment, reduced costs, and enhanced customer service.
• Retailers are investing in real-time cash management, logistics, and customer support to improve the digital experience.
• AI, live-streaming, and mobile payments are increasingly being used to enhance customer engagement and convenience.

6. Talent Challenges in Digital Transformation

• Retailers face a critical shortage of skilled talent, especially in digital and data analytics.
• IT, data analytics, and R&D are the most challenging areas for talent acquisition.
• Educational institutions and the government need to play a more active role in developing digital skills.

7. Strategic Expansion into the GBA and Southeast Asia

• 73% of retailers are implementing GBA-specific strategies.
• However, only 16% are focusing on finance, HR, and legal aspects, suggesting a need for more comprehensive planning.
• Many retailers are also looking to expand into Southeast Asia, a market with high e-commerce adoption.

Key Takeaways

• The pandemic has reshaped consumer behavior, and many of these changes are likely to be long-term.
• Omnichannel strategies are becoming more critical as consumers expect seamless integration between online and offline experiences.
• Digital transformation is not just a trend but a necessity for future competitiveness.
• Brand authenticity and purpose are now key differentiators in a market where trust is paramount.
• Technology investments are essential to improve customer experience, speed up fulfilment, and reduce costs.
• Talent development remains a major challenge, with a need for both upskilling and new talent sourcing.
• Strategic planning for both the GBA and Southeast Asia is crucial to ensure long-term growth and adaptability.

Conclusion

The report underscores the need for retailers to evolve and adapt to new consumer expectations. It calls for proactive investments in technology, authentic brand communication, and strategic talent development. As the retail landscape continues to transform, the GBA and Asia will play a central role in shaping the future of omnichannel retail.