Innovation helps Singapore’s retailers sell the shopping experience

06 Jul 2023

With more consumers preferring to shop through multiple channels and seeking novel shopping experiences, the retail industry needs to continually refresh its offerings and capitalise on emerging trends. Innovation is key to enabling firms to ride on such trends. This could take the form of digital innovation, product and service innovation, or even business model changes. While the innovation journey can be challenging, the right expertise makes it quicker and simpler to implement new technology or embark on innovation. Retailers can approach Enterprise Singapore’s Centres of Innovation to develop, test and commercialise new ideas. For example, the Centre of Innovation for Beauty and Personal Care – in collaboration with SP’s Consumer Chemical Technology Centre – allows retailers to not only formulate innovative beauty products and bring them quickly to market, but also better understand consumer behaviour and gain market acceptance.

[The Business Times]