2022 PRA Magazine Retailing Magazine 1st Quarter Edition - Page 8

6 RETAIL NEWS CAPSULE PHILIPPINE RETAILING
Photo from : industrywired . com

Retail market reshapes with AI , cloud

The Institute for Business Value , in association with the National Retail Federation , the world ' s largest retail trade association , released their second global study , " Consumers want it all ," which reveals rising consumer preferences for sustainability and shopping journeys splintered across multiple digital , physical and mobile touchpoints .
" While many surveyed consumers still place a high value on the traditional in-store shopping experience , they also now expect the flexibility to build their own shopping journey — according to the behaviors prevalent to their age range , available tools and the product category they are looking to purchase ," said Mark Mathews , vice president of Research Development and Industry Analysis at the National Retail Federation . " This ' hybrid ' approach is a fundamental shift in consumer behavior ."
The new global study of over 19,000 surveyed consumers shows hybrid shopping — mixing physical and digital channels in shopping journeys — is on the rise as shopping habits consumers adopted out of necessity during the Covid-19 pandemic are becoming routine . Retailers must become more agile to meet customers where they are , integrating digital and in-store experiences .
About 72 % of respondents said they use the store as all or part of their primary purchase method . Adding that the top reasons respondents choose to visit a store include touching and feeling products before buying them ( 50 %), picking and choosing their own products ( 47 %), and getting products right away ( 43 %), though what in-store shoppers are looking for varies by product category .

IPOPHL eyes streamlined data sharing

The Intellectual Property Office of the Philippines ( IPOPHL ) plans to work with the National Privacy Commission ( NPC ) for streamlined data sharing with payment gateways and legal enforcement authorities ( LEAs ) as part of efforts to fight counterfeiting and help the country exit the dirty money gray list .
IPOPHL director general Rowel Barba said in a statement that the agency is exploring a coordination mechanism with the NPC to streamline data sharing with payment gateways and LEAs .
He said the IPOPHL also aims to revive its dialog with financial payment gateways and LEAs this year .
Gaps in tracking the “ dirty money ” flow ; onboarding processes that ensure legitimacy of partners and transactions ; and IP crime investigations and enforcement were discussed during the IPOPHL ’ s last meeting with payment gateways and LEAs in 2020 .
Barba said the collaboration efforts would be crucial in having timely action against IP crime perpetrators , as well as help in the country ’ s delisting from the gray list of Paris-based global dirty money watchdog Financial Action Task Force ( FATF ). The Philippines is part of the gray list of jurisdictions under increased monitoring for deficiencies in countering money laundering and terrorist financing .
“ We hope to succeed in our collaboration goals this year and that our efforts contribute to the delisting of the Philippines from the FATF gray list ,” Barba said .
IPOPHL is part of the Financial Intelligence , Law Enforcement and Prosecution Sub-Committee ( FILEPSC ), a sub-committee of the National Anti-Money Laundering / Countering the Financing of Terrorism Coordinating Committee that oversees the implementation of the National Anti-Money Laundering and Countering the Financing of Terrorism Strategy approved by President Duterte through Executive Order 68 in 2018 .
Source : PhilStar
On the other hand , 27 % of respondents report hybrid shopping is their method of choice , and Gen Z consumers surveyed are most likely to be a " hybrid shopper " compared to other age groups .
Source : The Manila Times