SMU Industry Leaders Virtual Dialogue
SMU Industry Leaders Virtual Dialogue
By SMU City Perspectives team
Published 26 May, 2020
The impact that technology has is wreaking havoc on brick-and-mortar retailers around the world. And then you have the U.S.-China trade war, and now COVID-19. If you have any of one of those, it’s shock[ing] enough. If you have all three impacting the global economy and the global supply chains, I would have to say that is tantamount to a total reinvention.
Dr Victor Fung
Group Chairman of Fung Group; Chair of SMU International Advisory Council (IAC) China
In brief
- According to Dr Victor Fung, there are many challenges facing the retail industry today. In addition to the trade war and COVID-19, new technologies and innovations have the potential to disrupt our world of retail in unprecedented ways.
- The global COVID-19 pandemic is more than just a health crisis. Nations are experiencing the effects of a new world order in technology and geopolitics. As a result, everything from the transport of goods to the ability to communicate at home or while working is subject to reinvention.
- With the dawn of a new era, Dr Fung said companies must look beyond simply finding and serving customers in their home country. It is no longer a B2B type of situation; it’s B-to-small-B to the consumer. So, you’ve got to think about new forms of distribution to reach those people through technology.