Speaking at The Consumer Goods Forum (CGF) Global Summit 2023 in Kyoto, Japan last week, the CEO of Superdrug’s parent company, A.S. Watson, Malina Ngai, noted that a rapidly changing world and customers offer new opportunities.
“Today, consumers are becoming more emotional, more unpredictable, more educated, and more socially conscious. They want more choices, more deals, and have less time and loyalty,” Ngai said.
“It’s becoming very complex to run a retail business because it’s not only about trying to win customers’ share of wallet but also share of time. Time is a new currency. With the constant change in their behaviours, retailers and manufacturers need to adapt accordingly and with pace.”
Ngai noted that to create sustainable growth, adaptive change is required, and businesses need to be determined to work tirelessly every day, listen to and meet customer needs.
“With sustainability being high on customers’ mind, businesses need to align their purpose with the customers’ values so that we can jointly create a more positive impact on the planet,” she said.
Concluding her speech, Ngai urged all companies, big and small, from all geographic locations to work together towards sustainability, “The subject of sustainability is far-reaching and requires collective efforts between retailers and manufacturers to create significant impact,” she said.
