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In a dynamic move towards transforming the retail landscape, Enterprise Singapore (EnterpriseSG) and the Infocomm Media Development Authority (IMDA) have unveiled the revamped Retail Industry Digital Plan (IDP). Minister of State for Trade and Industry, Low Yen Ling has announced and emphasised the plan’s focus on digital solutions to reshape the retail experience.
The refreshed Retail IDP shines a spotlight on digital solutions across three pivotal areas: Customer Experience, Operational Efficiency, and Business Growth. By strategically addressing these aspects, the plan aims to empower retailers to meet evolving challenges and capitalise on emerging opportunities, ultimately crafting a shopping experience that is not just transactional but immersive and of the highest quality.
One notable feature of the updated IDP is its adoption of a persona approach, recognising retailers based on their unique needs and digital maturity. This personalised approach ensures that businesses can find tailored solutions aligned with their specific stage of digital evolution.
Jointly developed by EnterpriseSG and IMDA, the IDP reflects a collaborative effort involving insights from over 250 industry stakeholders. Introduced in 2017, the plan stands as a cornerstone initiative under the Retail Industry Transformation Map 2025, steering the sector towards increased innovation and technology adoption.
The roadmap presented in the refreshed IDP is a response to the emerging needs and opportunities identified during extensive industry engagement sessions. By categorising solutions, the plan provides a comprehensive guide for companies to navigate challenges and unlock new avenues for growth.
Eight new solution categories have been introduced, spanning areas such as In-Store Analytics, Immersive Retail, Multichannel e-Commerce Software, Self-Checkout Solutions, Electronic Shelf Labels, Unmanned Stores, Social Commerce Tools, and Omnichannel Retail Management. These additions, tailored to support retail SMEs, offer advanced digital solutions to propel businesses forward.
Alongside these new categories, four existing solution categories have been enhanced to ensure their continued relevance. These include Customer Relationship Management Tools, E-Commerce Solutions, Integrated POS (with mobile features), and ERP (Inventory & Sales Management System).
The emphasis on elevating customer experiences is paramount in the new IDP. As consumer behaviours evolve and competition intensifies, retailers must leverage digital tools such as CRM and immersive retail solutions to stay competitive and meet growing demands. Also, addressing manpower constraints in the industry, the plan introduces solutions like unmanned stores and self-checkout options to enhance operational efficiency.
Recognising the rise of social commerce and the importance of omnichannel platforms, the IDP outlines solutions that enable SMEs to tap into these growing trends. It is a strategic response to the shifting retail landscape and presents opportunities for businesses to explore new avenues for growth.
In tandem with the IDP, a dedicated Cybersecurity and Data Protection roadmap has been introduced. This offers measures to safeguard against cyber threats and protect customer data. Additionally, the refreshed Digital Skills Training Roadmap ensures that retailers have the necessary skills to adopt digital solutions at every stage of growth, aligning with the Skills Framework and emerging areas under the SkillsFuture Series.
Support measures for retail SMEs extend further with IMDA’s CTO-as-a-Service, offering a one-stop platform for self-assessment of digital readiness, access to digital solutions, and engagement with digital consultants for customised advisory services. The Enhanced Digital Health Check complements this, allowing retailers to assess their digital maturity and identify areas for improvement through an online self-assessment tool.
The Retail Industry Digital Plan’s focus on digital solutions marks a significant leap towards revolutionising the retail sector. Empowering businesses to embrace innovation and navigate the digital landscape, lays the foundation for a future where retailers can not only meet but exceed customer expectations in an increasingly digital retail environment.
