Guests from Mainland China, Singapore, Portugal, and Japan discuss new opportunities arising from consumption upgrade
“The Forum on Chain and Franchise Business Opportunities of International Brands”－one of the highlights of “The Macao Franchise Expo 2018” (2018MFE)－was held successfully this afternoon, allowing the participants to explore fresh opportunities of consumption upgrade. In addition to the approximately 140 participants in attendance, the 2018MFE was also broadcast live to Mainland China and the Guangdong-Hong Kong-Macao Greater Bay Area in particular, attracting over 120 thousand viewers online. Enterprise Singapore participating in the forum expected to leverage the strength of Macao as a platform to help enterprises and brands from Singapore to seize opportunities in the Greater Bay Area.
Consumption upgrade has been a hot topic in recent years. Consumers not only expect high-quality products and services, but they are increasingly demanding of consumption experience. The Forum this year capitalises on Macao’s competitiveness as a key link for the Belt and Road Initiative and has invited Mr Jackson Chang, President of the Macao Trade and Investment Promotion Institute (IPIM), and Ms Grace Chen, Regional Director of South China Region of the China Group of Enterprise Singapore, together with representatives from franchise businesses and international brand associations from mainland China, Portugal, Japan, Singapore and Macao, to look into the policy directions, market trends and business philosophies against the background of consumption upgrade.
In his speech, Mr Jackson Chang said that the fundamental role of consumption in China’s economic growth has been increasingly strengthened, as Macao steps up its efforts to develop into a smart city in support of consumption upgrade. As he pointed out, the Internet penetration rate is high in Macao and online shopping has been on the rise. In view of this, the Macao Trade and Investment Promotion Institute (IPIM) has introduced encouraging measures by promoting e-commerce and provided support for the online-offline integration , so as to open up the consumer market in the region and beyond.
Ms Grace Chen thought highly of the market potential of Macao and the whole Greater Bay Area. In her speech, she noted that enterprises from Singapore doing business in Macao are mainly engaged in the service industry such as catering, hotels, and engineering. In support of the Belt and Road Initiative and the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, Macao serves as the “Commercial and Trade Co-operation Service Platform between China and Portuguese-speaking Countries” and enjoys strengths in its MICE industry. Singapore is also looking forward to faster business expansion in the Greater Bay Area and strengthened professional exchange and co-operation in the service industry.
At the first session “Market Analyses”, Ms Susan Su, Director of the Franchise Committee Office of the Franchise & Entrepreneur Department of the China Chain Store & Franchise Association, Mr Vincent Tung, Chairman of the Council Board of the Macao International Brand Enterprise Commercial Association (MIBA), Mr Pedro Ruiz, Vice President of the Portuguese Franchise Association, and Mr Kyo Ito, Chairman of the Franchise Committee in Japan Small and Medium Enterprise Management Consultants Association (Tokyo branch) unanimously agreed that franchises should strive for online-offline coordinated development, as online big data could help improve the quality of products and services, as well as management performances, while importance should also be attached to the relationships with customers that built offline, so as to improve the experience of consumption and enhance brand image. With good brand awareness, enterprises would find it easier to open up its market.
The second session was moderated by Ms Eliza Lei, presenter of the TDM television programme “Business Elite”, with the theme “Savour Contemporary Commercial Philosophy and Upgrade Opportunities”. The speakers include Mr Vincent Chan, Merchandising Director of Rainbow Group; Ms Wensie Lao, Mr Jack Lam, Founder and CEO of Speedking Technology Co., Ltd.; Mr Chuck U, Founder and CEO of Digreen Macau; Ms. Chloe Chan, Founder of Cloé Jewelry & Art; and Mr. Takeshi Lam, BANKSIA® Co-Founder & Great Night House Co-Founder, analysing the business philosophies in the trend of consumption upgrade. Many speakers indicated that companies now highly value what the customers get in their consumption when it comes to the sales of products and services. Some enterprises offered new technologies, innovative interactivity, customised services, self-services, and natural materials to improve consumers’ experiences and satisfy their mental needs, so as to seize a market share amid fierce competition.
