Iconomy Attends Launch of Retail Best Practices Masterclass with Minister of State Teo Ser Luck

10 August 2016

Iconomy was honoured to be invited to attend the launch of the Retail Best Practices Masterclass programme, an industry initiative aimed at helping Singapore retailers strengthen their capabilities and adapt to a changing retail environment.

Held at the NTUC Centre in Raffles Place, the programme was jointly conducted by the Singapore Productivity Centre and Boston Consulting Group, bringing together members of the business and retail community to examine emerging challenges and opportunities facing the sector.

Iconomy Group Chief Executive Officer Mr Boo Kok Chuon attended the launch and had the opportunity to meet Mr Teo Ser Luck, then Minister of State for Manpower, together with fellow members of the business community.

Preparing Retailers for a Changing Marketplace

Speaking at the launch, Mr Teo highlighted the growing importance of developing an online presence as consumer shopping habits evolved.

The distinction between online and physical retail was already becoming less pronounced, with consumers increasingly expecting retailers to provide integrated experiences across different channels. Mr Teo encouraged retailers to review their existing business models, product differentiation and operating costs, and to explore more productive and manpower-efficient ways of operating.

The Masterclass programme was developed against this backdrop, providing retailers with an opportunity to strengthen their capabilities and learn approaches for improving competitiveness in an increasingly challenging operating environment.

Digital Transformation Before It Became the Norm

For Iconomy, the engagement was particularly relevant to the Group’s longstanding interests in business transformation, marketing and the changing relationship between technology and enterprise.

The discussions in 2016 anticipated a transformation that would become considerably more pronounced in subsequent years: businesses increasingly needed to think beyond the traditional separation between physical and digital channels.

Online presence was becoming part of the business model itself, affecting how enterprises reached customers, developed brands, differentiated their offerings and competed beyond their immediate geographical markets.

The direction identified at the time would subsequently become an important component of Singapore’s broader retail transformation. Government policy continued to emphasise the integration of e-commerce and digital marketing into retail business models, including through the Retail Industry Transformation Map launched later in 2016.

Engaging with Singapore’s Business Community

Iconomy was pleased to have been invited to witness the launch and to participate alongside members of Singapore’s business community.

The engagement forms part of Iconomy’s continuing history of participating in industry discussions concerning entrepreneurship, technology, productivity and the transformation of Singapore enterprises.

These conversations would continue over the following years through engagements with business organisations, educational institutions, community organisations and public-sector stakeholders.