Co.opmart is a leading pure Vietnamese supermarket with more than 15 years of experience. The supermarket was established based on a simple desire of customers, a modern market but very friendly and close to the popular class - a supermarket for everyone. To deal with the fast development of the Internet combining with the dense competition in the retail industry in Vietnam, Co.opmart tried to innovate their supermarket system, from the form to the quality of business and service, to bring true value to customers.
Recently, Co.opmart applied innovation in its business to improve customers’ shopping experience based on customers’ wishes to simplify their shopping journey. They introduced a smartphone application with shopping support utilities …show more content…
There is a huge potential growth for the retail industry in Ho Chi Minh City due to a relatively low retail density index. In fact, this is an opportunity as well as a challenge for all retailers to differentiate themselves and maintain their relationship with customers. Due to the emerging and development of newcomers in the retail industry such as VinMart, Thegioididong, Lotte Mart and Emart, although the revenue of Co.opmart still increases, its speed is showing signs of slowing down, or even lower than other new competitors. In 2016, Thegioididong has exceeded Co.opmart to become the No. 1 retailer while just one year ago, they were ranked second place (VOV, 2017). The speedy development of Thegioididong, as well as other retailers, are threatening Co.opmart’s sales and revenues that force them to rethink the way they improve and innovate their business operation. What Co.opmart should focus is to have a clear and flexible strategy for their growth direction. Firstly, their strategy must be clear, which requires a clear destination to guide the company on what should be done and how to do it with efficiency (Canner, 2014). Secondly, it needs to be flexible. In other words, because the market conditions can change over time, the business should review and update their plan regularly to keep up with the times. For example, due to the dense competition, their goals can change from gaining more …show more content…
Therefore, design thinking opens up opportunities for Co.opmart to deeply understand customers’ insight and have solutions for how to create the greatest customers’ experience. Opportunities that design thinking provides Co.opmart are arises from looking at pain points of customers, both existing and potential ones, their needs and experience in their shopping journey, and barriers that prevent them from being satisfied. By observing, engaging and immersing into the behavior, mindset and needs of customers, Co.opmart can correctly address their business challenges, remove obstacles, improve the application of innovation and create a great customers’ experience. Then, they probably occupy a strong and unique position in customers’ mind and their growth is undoubtedly straightforward (Balmaekers,
Recently, Co.opmart applied innovation in its business to improve customers’ shopping experience based on customers’ wishes to simplify their shopping journey. They introduced a smartphone application with shopping support utilities …show more content…
There is a huge potential growth for the retail industry in Ho Chi Minh City due to a relatively low retail density index. In fact, this is an opportunity as well as a challenge for all retailers to differentiate themselves and maintain their relationship with customers. Due to the emerging and development of newcomers in the retail industry such as VinMart, Thegioididong, Lotte Mart and Emart, although the revenue of Co.opmart still increases, its speed is showing signs of slowing down, or even lower than other new competitors. In 2016, Thegioididong has exceeded Co.opmart to become the No. 1 retailer while just one year ago, they were ranked second place (VOV, 2017). The speedy development of Thegioididong, as well as other retailers, are threatening Co.opmart’s sales and revenues that force them to rethink the way they improve and innovate their business operation. What Co.opmart should focus is to have a clear and flexible strategy for their growth direction. Firstly, their strategy must be clear, which requires a clear destination to guide the company on what should be done and how to do it with efficiency (Canner, 2014). Secondly, it needs to be flexible. In other words, because the market conditions can change over time, the business should review and update their plan regularly to keep up with the times. For example, due to the dense competition, their goals can change from gaining more …show more content…
Therefore, design thinking opens up opportunities for Co.opmart to deeply understand customers’ insight and have solutions for how to create the greatest customers’ experience. Opportunities that design thinking provides Co.opmart are arises from looking at pain points of customers, both existing and potential ones, their needs and experience in their shopping journey, and barriers that prevent them from being satisfied. By observing, engaging and immersing into the behavior, mindset and needs of customers, Co.opmart can correctly address their business challenges, remove obstacles, improve the application of innovation and create a great customers’ experience. Then, they probably occupy a strong and unique position in customers’ mind and their growth is undoubtedly straightforward (Balmaekers,