The digitalization of the retail sector is profoundly transforming space in a number of ways, particularly in the facets of exchange, including transactions, communications, and distribution.
Digital tools have also blurred the nature of retail offerings between products and services, prices, the retail settings and the actors participating in retailing.
For these reasons, Rosemarie Bosch-Ong, senior executive vice president and chief operating officer of Wilcon Depot, and also currently Philippine Retailers Association chairperson, strongly suggests that retailers fully embrace digitalization to upscale their operations.
"For 2023, the Retail Industry's outlook in the Philippines centers on the significant impact of the Covid-19 pandemic. Even as the Philippines is now making progress toward recovery, the industry continues to face several difficulties that necessitate smart and innovative approaches," she said during the recent two forums, namely the Meralco Enterprise Commercial & Conglomerate — Key Industry Expert Engagement Forum last 4 October, and the 2023 Retail Asia Forum Manila on 5 October.
That initial step
"The key to progressing is taking that initial step, according to Martin Luther King Jr.," Bosch-Ong added, connecting the quote to how Wilcon Depot cope from unprecedented changes in the retail sector.
On Thursday, the Philippine Statistics Authority said the economy grew by a higher-than-expected 5.9 percent in the third quarter despite elevated prices of goods, rebounding from the disappointing 4.3 percent GDP posted in the second quarter.
Bosch-Ong's participation at both events represents a significant opportunity for businesses and individuals to gain critical insights and a competitive edge in the dynamic world of retail.
Unique platform
The engagements serve as a unique platform for industry leaders, entrepreneurs, and decision-makers to gain a comprehensive understanding of the retail landscape and the most pressing issues and trends shaping the future of the retail industry in Asia.
Meralco hosted the Meralco Enterprise Commercial & Conglomerate: Key Industry Expert Engagement, while Charlton Media Group's Retail Asia presented the 2023 Retail Asia Forum Manila, the industry magazine serving Asia's dynamic retail industry.
Bosch-Ong commenced her presentation by introducing the Philippine Retailers Association, a prominent organization of which she had previously served as President and now as the current Chairwoman. PRA is the paramount national organization representing the "Pulse and Voice of Philippine Retail."
Actively-practiced strategies
Compelling strategies being actively practiced by Wilcon Depot were also outlined by Bosch-Ong.
These include optimizing the company's websites to provide valuable home-related content and solutions through social media accounts.
Wilcon has introduced Browse, Call, and Collect or Deliver; Wilcon Online Store, an online shopping website that complements the experience the company provides in its brick-and-mortar stores to valued customers nationwide; and Wilcon Virtual Reality Store Experience, a personalized and immersive home shopping experience that takes valued customers into the digital world of retail home shopping.
Bosch-Ong said Wilcon Depot is now at the forefront of providing premium products that align perfectly with current industry trends.
Go-to destination
With 46 years of experience in the industry, she said Wilcon Depot has become the go-to destination for all-around home building and improvement needs, its wide selection of products ranging from tiles, sanitary wares, plumbing, furniture, home interiors, building materials, hardware, electrical, appliances, and other do it yourself items. The company operates a vast network of stores nationwide, serving homeowners and professionals in their construction and renovation needs.
As a trusted building partner, Bosh-Ong said Wilcon Depot continues to push boundaries by incorporating digital initiatives, providing icustomers with an exceptional shopping experience in-store or online.