Retail businesses have been expanding their stores not only in their home markets but across the ASEAN region. Significant cross border franchising and online retailing have entered the industry and now account for a growing share of market. Much of this expansion is being driven by the increasing number of middle class consumers, higher spending power from fast-growing income and growth in e-commerce sales. However, constant change in the retail and consumer goods industry continues to affect how the industry operates, forcing the industry to innovate faster to keep ahead of consumer needs.
Challenges like rising operational cost, price competition and currency volatility are putting profits under pressure for retailers. At the same time, continuous advancements in e-commerce and digital innovations, disrupt traditional business models based around physical stores. This requires an omni-channel e-commerce operation, with a mobile commerce strategy being a crucial pillar for any retailer wishing to remain competitive in the market.
In Grant Thornton, we have a team of experienced experts from the ASEAN region dedicated to serving your company in auditing, tax and advisory services. Having deep market knowledge, our team is driven to ensure your organization stays ahead of the challenges, the changing environment and identifies the potential to grow your business further.