The 7th edition of the Bangladesh Retail Congress 2024, hosted under the theme “Retail Renaissance: Inspiring Innovation,” brought together the nation’s brightest retail minds, industry pioneers, and global visionaries for a groundbreaking day-long summit at Le Méridien Dhaka on October 5. Organized by the Bangladesh Retail Forum, this year’s congress emphasized the role of innovation, technology, and sustainability in reshaping the retail landscape. Through a blend of 03 Keynote Sessions, 01 Leaders Dialogue, 02 Panel Discussions, 01 Insight Session, and 01 Case Study, and 01 Founders Talk, the summit encouraged an open dialogue on resilience, innovation, and the transformation of customer journeys in the retail landscape.
With keynote speakers like MHM Fairoz of Singer Bangladesh, Sabbir Hasan Nasir of Shwapno, and Ian F. Wade of Waterhouse Wade, the event explored cutting-edge topics including the integration of AI, the rise of omnichannel strategies, and consumer-centric innovations. Structured across keynote sessions, panel discussions, case studies, and interactive dialogues, the congress highlighted a new era where retail is not just about selling products but creating experiences that connect deeply with customers.
As Shariful Islam, Founder and Managing Director of Bangladesh Brand Forum, aptly noted in his opening remarks, today’s retailers must navigate the complexities of digital transformation, sustainability demands, and evolving consumer expectations to thrive in this rapidly transforming sector. The Bangladesh Retail Congress 2024 underscored this imperative, equipping leaders with actionable insights to future-proof their businesses and redefine the boundaries of retail in Bangladesh.
Keynote Session : Revolutionizing Customer Experience with AI
MHM Fairoz, Managing Director & CEO of Singer Bangladesh Ltd., emphasized the potential of artificial intelligence (AI) to transform the customer journey in the retail sector. He encouraged businesses to view AI as a valuable problem-solving tool rather than a disruptive force, positioning it as key to future success. In Bangladesh’s rapidly growing economy, AI presents vast opportunities for innovation. Furthermore, with the country’s middle-class demographic expected to shift significantly from 85% to 35% by 2030, retailers must focus on delivering world-class customer experiences to stay competitive in this dynamic and evolving market.
Panel Discussion : The Role of Experience-Driven Retail
Moderated by Zeeshan Kingshuk Huq, the discussion provided valuable insights from panelists Surayya Siddiqua, Shahriar Zaman, Zakeea Nowrin Husain, and Abu Obaida Imon, focusing on the interplay between consumer behavior and product attributes to create impactful retail experiences. The panel highlighted the significance of visually engaging product displays, which can leave lasting impressions and improve customer satisfaction. They also stressed the importance of grassroots consumer education in rural areas, using examples such as initiatives to teach proper shampoo and conditioner usage to drive awareness and product understanding. Furthermore, the conversation explored innovative retail concepts like “theatre” kitchens, where live demonstrations of the cooking process are introduced, offering an immersive and multisensory retail experience. These pioneering approaches reflect the evolving retail landscape in Bangladesh, where businesses are increasingly experimenting with creative strategies to engage customers and redefine the shopping experience.
Keynote Session: Evolution of Retail Systems
Sabbir Hasan Nasir, Managing Director of ACI Logistics Ltd. (Shwapno), provided a compelling narrative on the evolution of retail systems, highlighting how the priorities and driving factors of retail have shifted significantly over time. Starting with the 1950s, when economic considerations played a dominant role in shaping retail strategies, he explained how the sector has transitioned into the modern age, where personal connections and social influences now hold greater significance. He emphasized the industry’s pivot away from traditional approaches focused on equity differentiation, with a growing emphasis on societal impact and influence as key metrics of success in retail.
Nasir detailed Shwapno’s impressive journey, starting with just two stores in 2008 and expanding to a network of 400 outlets by 2024, alongside a thriving e-commerce platform. This growth reflects the company’s strategic focus on sustainable practices, competitive pricing, and fostering direct connections with farmers to secure a reliable supply chain. While navigating challenges such as discriminatory VAT policies and the transition away from plastic bags, Shwapno successfully adapted to meet changing consumer expectations, transforming into a destination retailer that prioritizes customer satisfaction and environmental consciousness. This evolution illustrates Shwapno’s ability to align its operations with societal and consumer demands, setting a benchmark for sustainable and innovative retailing in Bangladesh.
Panel Discussion: The Omnichannel Imperative
Moderated by Ashraf Bin Taj, the session featured panelists Ahmad Ferdous Md. Asif, Zaraif Hossain, Shamim Kabir, Rezaul Kabir, and Sami Ashraf, who delved into the evolving interplay between digital and physical retail in Bangladesh. The discussion underscored the critical need for seamless integration between these two channels to ensure enhanced customer experiences. The panelists highlighted that comprehensive product knowledge and consistent quality standards across both online and offline platforms are fundamental to maintaining customer trust and satisfaction. This integration allows businesses to adapt to changing consumer preferences and bridge gaps between traditional and digital retail approaches.
While e-commerce is gaining momentum globally and in Bangladesh, the panel acknowledged that physical stores continue to dominate the retail landscape within the country. This dominance is attributed to Bangladesh’s relatively small geographical size and the convenience of accessing offline retail options for most consumers. The speakers emphasized that the physical retail experience remains a cornerstone of shopping in Bangladesh, where in-person interactions play a significant role in consumer decision-making.
Moreover, the discussion brought to light innovative practices that illustrate how omnichannel strategies can elevate customer experiences. For instance, some retailers implement creative solutions like sending customers multiple product sizes in online orders, enabling them to choose the best fit without needing additional exchanges. This practice, while simple, greatly enhances customer satisfaction by reducing hassle and improving service quality. The panelists noted that such approaches can significantly improve customer retention without imposing substantial cost burdens on businesses. The session concluded with an emphasis on the transformative potential of aligning digital and physical retail efforts, ensuring that businesses remain competitive in an increasingly interconnected retail environment.
Insight Session: Why Omnichannel is Essential for Retailers
During the Insight Session, Tanzeen Ferdous, the CEO of Delhivery Ltd., highlighted the growing necessity of adopting omnichannel retail strategies for businesses to thrive in a competitive market. He presented a compelling argument that omnichannel retailing, which seamlessly integrates multiple platforms into a unified customer experience, has the power to double sales compared to traditional single-channel approaches. This strategy provides businesses with a comprehensive understanding of consumer behavior by tracking customer journeys across various touchpoints, enabling them to offer more personalized and impactful engagements.
Ferdous emphasized that creating a seamless experience across digital and physical platforms is no longer a luxury but an essential aspect of modern retailing. Simplifying online shopping experiences plays a pivotal role in ensuring that customers can effortlessly navigate and complete their purchases. By designing intuitive interfaces and minimizing friction points, businesses can maintain customer interest and avoid losing them to competitors.
Another cornerstone of successful omnichannel retailing is tailoring promotions to align with customer preferences. Ferdous stressed that targeted offers, based on data-driven insights, hold the potential to significantly enhance customer engagement and satisfaction. He also underlined the importance of prioritizing customer needs and preferences throughout the omnichannel experience, ensuring that businesses remain relevant and maintain customer attention in a crowded marketplace. By embracing these strategies, retailers can not only boost profitability but also foster deeper, more meaningful connections with their customer base.
Case Study: Miniso’s Innovation in Branding
Jason Yan, Country Manager of Miniso Bangladesh, detailed the brand’s global success, with 7,000 stores in 107 countries and over 1 billion annual footfalls. Miniso’s appeal lies in its focus on accessibility, visual impact, and emotional branding, which resonates with diverse consumer interests. By designing products around characters and engaging consumers through interactive branding, Miniso fosters long-term loyalty and brand affinity, solidifying its position as a global retail powerhouse.
Leaders Dialogue: Future-Proofing Retail
Moderated by Prof. Dr. Syed Ferhat Anwar, the dialogue featured insightful contributions from Mohammad Abdul Momen and Ahsan Khan Chowdhury, focusing on the intricate balance between affordability and quality within retail strategies. The discussion emphasized the contrasting approaches taken by different companies in addressing the diverse needs of the Bangladeshi market. The panel also addressed the ongoing consumer preference for imported goods, which reflects a perceived gap in the competitiveness of local products. This highlighted the urgent need for initiatives to enhance the quality and appeal of domestically produced goods, enabling them to compete more effectively with imported items. Additionally, the dialogue underscored a significant challenge facing the retail sector in Bangladesh: the lack of robust retail research infrastructure, which currently lags behind global standards. This gap impedes the development of data-driven strategies necessary for optimizing retail operations and understanding evolving consumer behaviors. The speakers stressed the importance of enhanced regulatory oversight to standardize practices and ensure fair competition, alongside increased academic involvement to provide the research and insights needed to propel industry growth. Collectively, these elements were identified as crucial for fostering a thriving retail ecosystem that aligns with both local and global consumer expectations.
Founders Talk: Transformative Journey of Lotto
Kazi Jamil Islam, Managing Director of Express Leather Products Ltd. (Lotto), shared his journey of expanding Lotto to 120 flagship stores, 100 franchises, and partnerships with 1,400 dealers. Despite using traditional management systems, the company embraced digital transformation, achieving remarkable growth during the pandemic. Kazi underscored the critical role of AI in modern retail, citing a significant return on investment in AI-driven initiatives. The success of ventures like Bangladesh’s first supermarket (3S) and Express Leather highlights the potential for innovation and resilience in the retail sector.
Keynote Session: A Personal Insight into Retail
Ian F. Wade, founding member of Waterhouse Wade, provided a global perspective on Bangladesh’s retail potential, particularly in food, health, beauty, and fashion. Reflecting on his journey from operating 4 stores to overseeing 16,500 outlets, Wade stressed the importance of diversification and embracing mistakes as opportunities for growth. While Bangladesh’s middle class continues to rise, he emphasized the need for businesses to support this demographic, ensuring the nation gains its deserved global recognition.
These sessions collectively showcased the transformative power of innovation, omnichannel strategies, and consumer-centric approaches in shaping Bangladesh’s evolving retail landscape.
Award Gala
50 retail initiatives and practices across 32 categories were awarded in the 2nd edition of SHWAPNO presents Bangladesh Retail Awards 2024 powered by Singer | beko (Singer Bangladesh Limited); Konka and Gree (Electro Mart Limited) in Association with MINISO, IDC Bangladesh PLC and The Daily Star through a grand gala ceremony at Le Méridien Dhaka on October 5, 2024 (Saturday). Among the awardees, 33 initiatives received the winner accolade, and 17 received Honourable Mentions. The 2nd edition of the accolade was organised by Bangladesh Brand Forum.
Opening the gala, Shariful Islam, Founder and Managing Director of Bangladesh Retail Forum, remarked, ” the retail landscape is undergoing a renaissance of sorts. The future of retail is not only digital, but omnichannel, personalized, and deeply customer-centric. And more than ever before, the demand for sustainability and purpose-driven business is reshaping how we operate. The awards that will be presented this evening honor those who have risen to this challenge, demonstrated unparalleled excellence, and embraced innovation as a key to success.”
The Bangladesh Retail Awards 2024 received an overwhelming response from a diverse range of industries, earning widespread appreciation for being the first-of-its-kind recognition in the field of retail. With more than 500 attendees, the awards ceremony highlighted the pioneering efforts and impactful initiatives of businesses and brands that have demonstrated outstanding commitment to promoting and implementing innovative retail practices across the country.
This year 349 nominations from 57 organisations were submitted for the accolade. The winners were chosen through a rigorous, multi-step evaluation process. The jury featured 22 esteemed category experts from various industries.
Partners
SHWAPNO presents Bangladesh Retail Congress & Bangladesh Retail Awards 2024 powered by Singer | beko (Singer Bangladesh Limited); Konka and Gree (Electro Mart Limited) was held in Association with MINISO, IDC Bangladesh PLC and The Daily Star. Knowledge Partner – Marketing Society of Bangladesh; Technology Partner – aamra Technologies Limited; PR Partner – Backpage PR. The Summit is an initiative of Bangladesh Retail Forum and was organised by Bangladesh Brand Forum.
