The retail industry is moving towards creating an immersive shopping experience and a metaverse platform, says Pivot Digital Pte, a Singapore-based digital consulting firm specialising in financial and retail technology.
"Digital transformation was yesterday. Now, innovation and excellence are critical for the next growth curve of corporations," said chief executive Axel Winter.
Future trends in the retail business will be dictated by consumer preferences, which are evolving rapidly. Lifestyle experiences in physical retail locations remain important. Mobile applications will still play a role in bridging the online and offline shopping experiences, he said.
Retailers need to increase engagement in physical and online spaces, including the metaverse and gaming platforms, Mr Winter said.
Metaverse platforms have potential for growth, but their shopping interfaces and immersive experiences can still improve at affordable prices.
"While they aren't universally accessible yet, their potential is vast and exciting," he said.
Catering to changes in the retail business, Pivot Digital set up joint venture Xponential with Siam Piwat, the real estate and retail developer behind Siam Paragon, Siam Center and Siam Discovery malls.
The joint venture focuses on enhancing Siam Piwat's Onesiam super app towards a new growth curve, while leveraging its expertise to create a software-as-a-service platform.
The establishment of Xponential builds on the success of Onesiam, which was launched in late 2021.
The partnership aims to develop a business ecosystem in collaboration with partners, tenants and global brands, said Siam Piwat.
The app enables Siam Piwat to expand its customer base to new generations and maintain its high-spending consumers in Thailand.
Xponential plans to offer advisory services that extend beyond Siam Piwat to the global industry, with deep technical and artificial intelligence skills to offer a value proposition for the global luxury mall industry, said Mr Winter.
He said Pivot Digital, which was established in 2021, operates globally with a presence in Asia, Hungary, Germany and the US. This multi-hub structure allows the company to leverage local expertise, while maintaining a globally integrated approach to innovation.
The company has team members in Thailand, but does not have a dedicated office in Bangkok, despite serving multiple clients in Thailand.
"For consultancies like ours, the crucial aspect is not the registered capital, but the strength of our team and our capacity to fulfil client demand," said Mr Winter.
