History is witness to the growth of luxury goods retail sales in the Asia-Pacific region, driven by growing sales in emerging luxury markets. Retail sales in Asia are predicted to increase by 4.9 percent in 2018, propelling the global retail sales in the next five years. Moreover, the Asia- Pacific region will become the largest regional e-commerce market in the world, with consumers outspending their North American counterparts and accounting for more than 45 percent of all online buyers worldwide. Although growth in the Asia-Pacific retail market is currently led by China, Indonesia, and India, several other developing economies across Southeast Asia are set to spearhead their retail growth in the near future with the increasing penetration of globalization. In China, flagship stores are popping up in Tier Three and Four cities, moving beyond the Tier One and Two cities. Retailers are establishing an omni-channel presence to enter the Asia- Pacific market and are utilizing social media to reach more customers.
Further, as the internet infiltration rates tower across the Asia Pacific, understanding consumer demographics and behaviour is swiftly becoming the key to identifying strategic market growth. Growth in offline retail sales is mostly driven by shopping in convenience stores and retail tourism. E-commerce giants like Alibaba and Flipkart are driving growth in the local market.
Owing to this, our panel of editors, industry researchers, and executives has diligently curated this list of Retail Solution Providers and believe that from this issue, businesses would be able to gather invaluable insights in determining their best retail management partner. Hence, to reflect on some of the most promising Retail Solution Providers in the APAC market and the value they bring to the industry, we bring to you "Top 25 Retail Solution Providers 2018".
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