Get to know RETHINK Retail’s Major Retail Influencers through the “Meet the TRI” Q&A collection! Dive in to discover about a member of the thought leader local community and follow their perform and insights across our written content and their social channels.
Hello, I’m Tiffany Lung, a Retail Analyst and Contributor.
Connect with me on LinkedIn!
“Tell us about your background”
I may well be a younger (and growing old) millennial, but I also come with in excess of 10 many years of retail experience. I started off on the shopfloor and turned an analyst for Earth Retail (now Edge by Ascential) and Tofugear, a retail tech company. Getting witnessed the evolution of tech and e-commerce, I resolved to roll up my sleeves and acquire a Masters in Details Management and Company Technological know-how, mastering how to code and employ digital transformation for enterprises.
“A brief description of your existing position and your house in the industry.”
I’m presently a contributor for various industry publications which include Forbes, Tatler, Jing Day by day, Inside Retail and the Interline. I am equipped to broadcast my passion and share my knowledge to educate business insiders on recent tendencies and future path of retail.
“What troubles and chances are now dealing with stores?”
Acquiring returning footfall with unforgettable activities, investing in the ideal technology all the when adapting to the at any time-altering crowds. The good thing is, retail technological know-how has gotten extra sophisticated, created with a lot more understanding and testing over time and substantially much more available – appear at the boom of unmanned suppliers and smart fitting rooms for occasion.
“What incredibly hot topics or tendencies have you been looking at in the retail space?”
Apart from Internet3, one particular of the traits we’re seeing sturdy is the retail areas embracing the local community structure. Digital or actual physical, retailers are bringing fans and people alike into their ecosystem, even in the metaverse. As stated before, suppliers are faced with the obstacle of making a model and ordeals that are eternal in which consumers will continue to be loyal to. In particular submit-pandemic, local community ordeals help push footfall into outlets and opens up the retail space as an surroundings to interact, have interaction and in the long run shell out. Search at Japanese eyewear retailer Jins who has developed a park with a cafe and bakery to inspire households to check out, with the purpose of forming loyalty with the manufacturer and lifestyle in excess of just a transactional romantic relationship.
“How has the retail market adjusted in the previous 5 a long time? What do you forecast will materialize in the following 5 to 10 several years?”
We’ve witnessed the speedy proliferation of e-commerce, social commerce and self-checkouts in the past five a long time. Western suppliers are nonetheless trying to engage in capture-up with China’s “New Retail”, in the long run that unified commerce ecosystem is what several brands are trying to obtain in the upcoming five a long time in our details-pushed environment.
“Do you have any fascinating initiatives coming up?”
Now that Hong Kong borders are open up all over again and we’re all totally free to travel, seeking to restart my Retail Patrol films and guide keep tours again!
“Which sources do you use to hold up with business news?”
I examine 30 various newsletters each and every morning throughout all subject areas – retail, crypto, emerging technological innovation, sustainability, electronic motor vehicles and so forth. Early morning Brew is just one of my go-tos to equip myself on all industries because you have to have to increase further than the retail scope to realize macro developments.
“What is the biggest obstacle the marketplace is struggling with?”
It’s an ongoing struggle in creating a seamless practical experience as a lot more individuals favor shopping from multi-channels. There are much too quite a few platforms and apps in use that fails to connect collectively and synchronize facts to generate a unified working experience successfully.
“How do you continue on to mature and build as an influencer in the retail market?”
Hunting to locate new ground breaking strategies to develop material amongst the sound, Linkedin is shedding its way. Perhaps time for TikTok?
“What are the most critical changes that we should make to facial area the long term successfully?”
Ironically – considerably less consumerism. There are way too numerous businesses greenwashing for the completely wrong motives and really do not basically transfer the needle.
“Who is making the best progress in the market, and what are they executing?”
Converse of the town – Patagonia, paving the way in sustainability and instructing peers to place the world around income. We are residing in excess but Patagonia does a fantastic job in actively educating consumers on the effect of consumerism and its environmental effects.
“What has aided you get to where you are and what assistance would you have for others who want to established off in a identical route?”
My friends have been really supportive of my career. It is effortless to tumble with ‘imposter syndrome’ but staying cheered on and encouraged has aided validate my reasoning and statements when producing. My tips would be to stick to your very own gut, continue to be true to your possess voice and never question your possess viewpoints.
“What is the finest useful resource for men and women who want to dive in further?”
Get out there and network, have the “shop talk” to trade observations and suggestions. It is crucial to not keep biased sights as an analyst, so possessing discussions with other people to listen to their point of check out and experiences can help develop superior judgment and takeaways. Seize espresso with market insiders to listen to the approaches planned, successes and failures simply because push releases aren’t all rosy!