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Recent opportunities & challenges for Singapore’s Retail & Consumer industries

11 May 8:00 by Annie Chan
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Despite retail stores being temporarily closed, it's not all doom and gloom for the FMCG and P&C industries. While they are experiencing even greater declines in their usual retail channels under the “circuit breaker”, e-Commerce channels can be seen to be taking off, whether this is through marketplaces or their dot com offering. 

 

When it comes to Skincare, repeat purchases have spiked while cosmetics and new products have failed to gain much traction. This isn’t surprising as online shopping takes away the ability for customers to test out a product. Without knowing its texture and consistency or how different colours would blend with one’s skin tone, it’s unlikely for customers to opt for new products, something companies will undoubtedly have to look into.

 

On the other hand, home appliances and electronics are performing well as people transition to a work from home lifestyle and look into raising their QOL within that space. The challenge for these companies then becomes maintaining a good e-Commerce platform and providing quality customer services.

 

Supermarkets and F&B are also performing very well, especially in snacks, core food groups and beverages. The snacks industry is exceeding in sales as they don’t just appeal to children but also adults who are working from home! For these companies, the challenges may not be in their supply chains but the quarantine period of imported goods. This, in turn, means a much longer timeframe before reaching consumers and might even lead to issues of freshness, depending on the nature of the product. 

 

Hiring

Hiring has slowed down but companies are still very busy as it is the budgeting week/month for most and it is tough projecting into the unknown. While organisations with hiring capabilities have pushed start dates for most roles to Q2, essential roles are still being hired with immediate start dates, so don't give up or fear for those who are looking out.

 

Wellness

Wellness has become an even bigger buzzword in the current climate. At Argyll Scott, we are holding region-wide fitness sessions, around yoga, bodyweight workouts, etc. We also encourage our staff to stay connected online and take regular breaks away from the screens to allow our bodies and minds to refresh, as maintaining a healthy balance and friendly human touchpoints are crucial.

  

If you’re curious to find out more about how the market is performing or if you need any support with your hiring, don’t hesitate to contact me at annie.chan@argyllscott.sg