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.
Inside the mind of
Dr Victor K. Fung serves as Chair of the SMU International Advisory Council (IAC) China. He is Group Chairman of the Fung Group, a Hong Kong-based multinational group which comprises major operating groups engaging in trading, logistics, distribution and retailing including privately held Li & Fung Limited and publicly listed Convenience Retail Asia Limited. Dr Fung played a leading role in driving the development of the supply chain infrastructure at Li & Fung Limited, which has enabled it to become the leading consumer goods design, development, sourcing, and logistics company for major retailers and brands around the world.