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The Consumer is King

Retail king Ben Chan and his insights on the changing meaning of key retail phrases

Published

Interview AA PATAWARAN

Illustrations by ARIANA MARALIT

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Ben Chan

BRAND LOYALTY

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One of the leading online platforms, Shopify Plus, studied consumer behavioral patterns and concludes that “in the new age of commerce, consumers are calling the shots. Brands are adapting their strategies to provide what customers demand.” With the availability of brand options and product offerings, fast turnarounds of trends, and reactive perceptions of consumers to brands, it has become harder to hold down the consumer’s loyalty to the brand. The consumers will only be loyal to their needs and to brands that reflect their values.

LUXURY

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If you base it on re-openings of the luxury sector in China, it seems like recovery is fast underway in spite of the increase in prices to cushion the impact of lower sales volume. But with the restrictions on international travel, luxury customers, including the local market, are expected to be buying domestically and online. The crisis will also be an opportunity for global conglomerates for mergers and acquisitions.

It was clear to me that, at this time of a pandemic, public health is the priority even if it meant closure of all our businesses indefinitely. Like most people, our first instinct was to find ways to help our immediate community.

SHOPPING

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Today’s consumers are used to getting what they want, in ways that must be convenient and immediate for them. There has to be a synergy between the brick and mortar store where they can touch, feel, and fit the product and the online platform where they can shop the product when they want to. Consumers will continue to demand value on the products so brands must create products that are better made, delivered faster.

CONSUMER DEMAND

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There will be heightened consumer activism brought about by the consumers’ increased awareness of issues on ethics, labor conditions, and the environment. This will dictate their brand affiliations, spending, and loyalty. Brands must continue to listen, learn, improve, and engage.

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