Some stakeholders are predicted that "New Retail" will be the next big thing after e-commerce and fintech in the market of Indonesia. This prediction appeared as the progress of the internet and the changing of lifestyle in the digital era.
“New Retail” is the phrase coined by Jack Ma, Alibaba co-founder, and soon-to-be-retired Executive Chairman. In a 2017 letter to shareholders, Ma announced it as the “starting point to our ‘Five New’ strategy – comprised of New Retail, New Finance, New Manufacturing, New Technology, and New Energy.” Moreover, he explained e-commerce is rapidly evolving into New Retail. The boundary between offline and online commerce disappears as we focus on fulfilling the personalized needs of each customer.”
The fusion of these limits is in line with the high focus of service providers in meeting the personal needs of consumers. In addition, Ma assessed that new retail is a crucial phase towards the rise of physical retail and the development of retail which is slowly beginning to be digitalized.
In Indonesia, retailers compete with e-commerce. Retailers are forced to include technology in their business to lure consumers. Technology also can increase the digital shopping experience in the physical store. Now, the consumer is demanding more personal services. Other than that, new retail can create some new breakthroughs to digital businesses which own technology and fund.
To encourage new retail as a new business, a lot of homework needs to be done in Indonesia, including building physical infrastructure and internet access, improving product quality, enhancing the capabilities of the company, increasing the number of local talents in their fields, and establishing regulations to cover this industry.
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