Retail Industry Transformation Map (ITM)

Date: 23-11-2022

Retail Industry Transformation Map (ITM)

Retail Industry Transformation Map

Image source: https://www.mti.gov.sg/ITMs/Overview

The Retail ITM was first launched in 2016, comprising a suite of targeted and industry-focused initiatives to accelerate the pace of transformation in the retail sector, including a focus on innovation and the adoption of new technologies to drive productivity, as well as staying agile and responsive to trends in jobs and skills. Since its launch, the retail sector has made good progress in digitalisation and productivity improvements.

Retail ITM 2025

On 7 October 2022, Ms Low Yen Ling, Minister of State for Trade and Industry, launched Singapore’s Industry Transformation Map (ITM) 2025 for the Retail sector.

“The refreshed roadmap will arm the sector with what it needs to meet the accelerated changes brought about by COVID-19,” said Ms Low.

The updated Retail ITM focuses on strengthening Singapore’s positioning as a global lifestyle and retail hub, anchored with new experiential concepts and innovative products. The Retail ITM will also focus on building a core of global Singapore brands, and uplifting the quality of jobs in the sector.

Strategies of the Retail ITM 2025

 

Strategies of the Retail ITM 2025

 

The quest for unique consumer experiences and a shift towards digital-first business models and omni-channel retail has been precipitated by the COVID-19 pandemic. Coupled with the increase in middle-class consumers in the region, and government and private sector efforts to drive rejuvenation and vibrancy, the retail sector is poised to see further growth and transformation.

The new Retail ITM 2025 spells out four key strategies which aims to create a vibrant and globally-competitive retail ecosystem for Singaporeans and global consumers.

1

 

Building global Singapore brands and supporting internationalisation

  • Nurture homegrown brands into globally recognised labels through e-commerce platforms to gain access to new customers and markets in Southeast Asia and beyond.
  • Promote and showcase promising brands overseas, to strengthen the brand position of Singapore brands locally and internationally.

 

2

 

Rejuvenating retail by catalysing new experiential concepts and innovations

  • Cater to new consumer preferences through innovations that offer new or enhanced in-store experiences to attract local and global consumers.

  • Encourage product innovation to differentiate from global competitors and cater to new consumer preferences.

  • Capture opportunities in the conscious consumer market by building knowledge on sustainability and developing capabilities to create sustainable products and business models.

     

3

 

Strengthening Singapore’s position as a vibrant lifestyle hub for global brands

  • Create a conducive environment for global brands to add vibrancy to retail scenes

  • Foster global and local brand collaborations into the retail ecosystem to access new customer segments.

     

4

 

Stepping up jobs and skills transformation and creating quality roles for locals

  • Support new business models through a strong and resilient workforce by strengthening local talent pipelines.

  • Continued efforts in the automation of manual tasks and streamlining of backend operations to help reduce reliance on foreign manpower.

  • Develop and upskill local talents to take on emerging quality retail roles, such as Digital Marketers, Brand Managers, and Product Designers.

  • Training programmes, such as revamped Career Conversion Programmes (CCP), to support and train existing and new entrants to take on redesigned job roles within the retail sector to enjoy better prospects and opportunities for progression, and support companies undergo business transformation.

  • Improve wages of workers through the recently launched Progressive Wage Model (PWM) which maps out a clear career progression pathway for wages to rise along with training and improvements in productivity and standards.

SIRS x Retail ITM 2025

In alignment with the Retail ITM 2025, here are some of recommended solutions to help you improve productivity with technology, build a future-ready workforce, and internationalise retail business.

Internationalise with E-Commerce

Raise Your Brand Presence Globally

New Experiential Concepts and Innovations

Skills Transformation and Job Redesign

Get in touch with us to find out more!