Practitioners: Retail Industry Must Build Integrated Business Ecosystem
Future retail is about building an ecosystem that connects products, distribution, technology and community within a single integrated experience.
Jakarta (ANTARA) — The retail industry is assessed to need developing business models capable of integrating various business elements to remain relevant with industry developments.
DORAN Group founder and CEO Jhonny Thio Doran stated that digital technology changes and increased consumer connectivity are driving transformation in the retail industry.
He added that this situation compels retail companies to take steps to no longer rely solely on store network expansion as their business growth strategy.
“Future retail is about building an ecosystem that connects products, distribution, technology and community within one integrated experience,” he said in a statement in Jakarta on Friday.
According to him, this approach forms the foundation of DORAN Group’s business development through its technology brand JETE. In addition to expanding the store network, the company is also strengthening the national distribution system and leveraging digital platforms to reach consumers more broadly.
He stated that physical stores still hold an important role in the retail industry, but that role is no longer limited to sales transaction activities.
Retail stores are now evolving into spaces where consumers can interact with products and technology directly.
“Consumers come to the store not just to buy products. They come to experience the brand, try technology, and interact with communities sharing similar interests,” he said.
For this reason, the retail store concept is being developed as an experience centre that allows consumers to become better acquainted with products and technology.
The Surabaya-based company operates more than 150 retail outlets across various cities in Indonesia and is also strengthening local technology brands by presenting various consumer technology product categories.
These products include wearable devices, audio equipment, smart home devices, and various gadget accessories designed to support people’s digital activities.
Beyond product development, the company is also building consumer engagement through various community activities as one way to strengthen relationships with consumers.
“A strong brand is not just one that frequently appears in advertising, but one that can be present in the daily lives of its consumers,” he said.
Jhonny believes that integration between offline retail, national distribution, digital platforms, and community activities forms an important foundation in building a sustainable business model, particularly if companies wish to advance on the stock exchange and move towards an initial public offering (IPO).
With this approach, companies can provide more consistent experiences for consumers across various channels whilst expanding market reach.
According to Jhonny, the size of Indonesia’s domestic market presents an opportunity for local brands to develop more widely and increase competitiveness at the global level.