Leveraging generative AI and technological innovation to drive retail growth in Singapore

In an exclusive interview with Telecom Review Asia, Leong Der Yao, assistant chief executive officer of the Sector Transformation Group at the Infocomm Media Development Authority of Singapore, spoke about the company's efforts to help businesses in Singapore use AI to innovate, personalise and enhance customer experiences.

How important is digitalisation to Singapore's economy, and what steps should Singapore SMEs take to continue their digital transformation journey?

The Infocomm Media Development Authority's (IMDA) first report on Singapore's digital economy said that Singapore's digital economy will generate S$106 billion in value added in 2022, equivalent to 17.3% of the country's nominal gross domestic product (GDP), up from 13% of GDP in 2017.

This indicates that digitalization is playing an increasingly important role in the country's growth and its ability to adapt to the changing global economic landscape. The same report shows that Singapore's SMEs have made great strides in their digitalization efforts, improving productivity and fostering innovation. Technology adoption by SMEs is on the rise, growing from 74% in 2018 to 95% by 2023.

What challenges do companies face when implementing generative AI, smart technology (robotics), and other advanced technologies into their operations, and how have they overcome these obstacles?

In light of the rapid evolution of technology and businesses citing challenges in implementing advanced technologies such as Generative AI (GenAI) and smart technologies, including high implementation costs, technical complexity and the need for workforce adaptation, we launched the Digital Enterprise Blueprint (DEB) this year. DEB focuses on the next stage of digitalization for SMEs. DEB will enable SMEs to become smarter, scale faster, be more secure and support enterprises in upskilling their workforce. DEB is expected to benefit at least 50,000 SMEs over the next five years.

IMDA has compiled a list of pre-approved digital solutions to make them widely adoptable and affordable for SMEs. Around 20% of these pre-approved digital solutions under the SMEs Go Digital (SMEsGD) programme are AI-enabled. Over 3,000 SMEs adopted and benefited from these AI-enabled solutions last year. It is expected that 15,000 SMEs will benefit from AI-enabled solutions over the next two years.

For digitally mature enterprises, IMDA has partnered with technology giants such as AWS and Microsoft to innovate and develop customized GenAI solutions through the GenAI x Digital Leaders initiative, which it expects to benefit over 400 digitally mature enterprises over the next two years.

How are Singapore retailers harnessing the power of data analytics and insights to inform strategic decision-making and drive innovation in their operations?

Last year, IMDA, in partnership with Enterprise Singapore (EnterpriseSG), launched its updated Retail Industry Digital Plan (IDP), highlighting digital solutions in three key focus areas: customer experience, operational efficiency and business growth. The potential application of these focus areas will enable retailers to address emerging challenges and opportunities, and provide customers with a high-quality, immersive shopping experience.

As retailers adopt digital solutions, they are becoming increasingly fragmented. To deliver a unified customer experience and streamline operations, digital solutions must interact and complement each other in a holistic, integrated way.

IMDA works with multiple technology partners to provide Omni-Channel Retail Management (OCRM) solutions to SME retailers, enabling them to consolidate various sales channels, customer contact channels and back-office functions into one integrated software solution. This helps retailers increase operational efficiency, improve inventory management, increase sales and revenue, and improve customer experience. It also provides data-driven insights that provide detailed insight into consumer behavior preferences and trends, allowing them to make informed decisions about product offerings, marketing campaigns and other business strategies.

Singapore retailers are leveraging data analytics to enhance operations and customer experience. Data analytics helps optimize stock levels and reduce waste and out-of-stock situations. Tracking purchasing patterns and preferences allows retailers to personalize marketing and promotions, increasing loyalty and sales.

Far East Flora, a local retail garden centre, has progressively implemented a series of integrated solutions including POS (Point of Sale) solutions, self-checkout kiosks, mobile apps, scan and go apps, e-commerce platform, CRM membership loyalty and rewards system, inventory and fulfilment management system integrated with the existing ERP Oracle NetSuite system.

In addition to improving operational productivity, Far East Flora has also gained enhanced analytics and insights from the data collected from the integrated solution suite. These insights have enabled them to optimize restocking of fresh, seasonal and limited-edition flowers, ensuring popular products are always in stock. Additionally, integrating data analytics into their digital platform allows them to send promotions through various channels, streamlining the shopping experience.

Are there any particular sectors or niches within the retail industry that are poised for significant growth or transformation in the near future? How are investors responding to these opportunities?

As more technology providers invest in AI and GenAI, more retailers are leveraging these technologies to scale their business. According to discussions with EnterpriseSG, several subsectors of retail, including beauty, fashion and furniture, are set to see significant growth and transformation through the adoption of GenAI solutions.

In the beauty sector, customer experience can be improved through virtual beauty advisors and virtual makeup try-ons. In the fashion industry, AI-generated fashion designs and virtual prototyping are revolutionizing product development and innovation. Even in the furniture sector, operations and productivity can be improved through inventory and supply chain optimization and demand forecasting.

In addition to developing personalized recommendations for consumers and creating unique products and services, local retailers are also using AI-enabled solutions to overcome labor shortages in the retail industry. One example is running unmanned stores with the help of AI in the form of computer vision.

Local convenience store operator Pick & Go uses these technologies to operate unmanned stores. The stores are equipped with smart cameras that tag each customer in the store and monitor their behavior. Used in conjunction with other in-store sensors, the solution recognizes when a customer picks up an item. The item is then charged to the customer's account as they leave the store. The solution improves operational efficiency by reducing the frequency of stock counts. It also expands capacity by extending store hours without the need for additional staffing.

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