Yahoo Finance LazMall charts the next growth phase for brands in regional eCommerce space
LazMall's Brands Future Forum supports brands and partners to tap on more opportunities in the digital economy.
Marina Bay Sands Expo & Convention was recently transformed into a vibrant hub of innovation, welcoming industry mavericks, seasoned experts and enthusiastic leaders at the trailblazing Brands Future Forum (BFF) 2023. This trade event was organised by LazMall, a leading virtual mall in Southeast Asia on Lazada.
Carrying the theme, “Plug into the Future of eCommerce, Power Up with the LazMall Network”, the event marked another milestone in Southeast Asia’s rapidly evolving digital commerce landscape. During the event on Aug 31, James Dong, Lazada Group Chief Executive Offer, acknowledged the economic recovery and how that has changed the face of retail.
Dong says: “The digital commerce industry is a major driver of the region’s economic growth. Our industry is expected to grow to US$330 billion by 2025. But there’s plenty of more good news.”
Southeast Asia has one of the fastest-growing digital populations as eCommerce's share of all retail sales surged between 2016 and 2021, and Dong sees plenty of untapped potential within the region.
Being part of Alibaba International means that Lazada can further enhance its competitive advantage in technology and logistics. With its presence in the region for more than a decade, Lazada can stay nimble in today’s ever-changing retail landscape.
“We can pivot quickly on market opportunities, and create new value for those we serve. We’re well-positioned to shape the future of eCommerce in Southeast Asia,” says Dong.
Lazada's Group Chief Executive Officer James Dong giving his opening speech at BFF 2023
Powering through the future
BFF 2023, an annual event centered on innovation and collaboration, ignited conversations that resonated deeply with industry professionals, business leaders, and key opinion shapers who were eager to decipher the future of eCommerce.
Navigating through the symposium, the role of LazMall as an innovation powerhouse was reaffirmed by Lazada Group Chief Business Officer, Jason Chen.
He unveiled LazMall's ongoing initiative to accelerate brands' growth, outlining its key innovation focus areas: engagement, products, marketing, and customer satisfaction. He underlined the remarkable strides made in customer engagement with the introduction of revolutionary features like artificial intelligence (AI) and augmented reality (AR)-powered Virtual Try-On, and the Joint Business Partnerships (JBP) buyer growth programme.
Chen says: “With booming consumer demand, there is even more reason to invest in technology — not only for our platform but also for all of you, our brand partners.”
Further, Chen expounded on the integral services that enhance the brand-customer relationship such as LazMall Guarantees, LazMall Store Membership Programme, and the LazBeauty Club.
Encouraging brands to explore LazMall’s advanced tools, he stressed the company's commitment to fostering a prosperous environment for brands to thrive.
Advancement in eCommerce
Steering the dialogue to the pinnacle of technological advancements was Lazada Group Chief Technology Officer Howard Wang.
In his keynote address, Wang guided the attendees into the nuances of emerging technologies like AI, urging brands to harness these tools to fortify their market presence.
The launch of Southeast Asia's first eCommerce AI chatbot, LazzieChat, marked a pivotal moment, showcasing Lazada's foresight in amalgamating technology with customer experiences.
During the session, Wang introduced several new technology. One of which is Lazada’s latest AI-powered augmented reality capability, the Skin Test technology, across all six Southeast Asian markets. Consumers looking to purchase skin care products on Lazada can now run a skin diagnosis and analysis in less than a minute using their phone cameras to better understand their skin conditions. With the results, Lazada will then provide recommendations on relevant products to address each individual’s concerns.
Wang also introduced AI Generated Content (AIGC) technology, an instrumental platform helping brands refine their creative assets with AI, enabling them to carve a distinct identity in the cluttered marketplace.
Lazada's Skin Test Technology will allow consumers to run a skin diagnosis and analysis with their phone cameras
Widening opportunities
In a celebratory culmination, the event also honoured exemplary SEA brands that have excelled in various spheres with their performance on LazMall at the BFF Awards 2023. Special attention was on the recipient of the “LazMall Brand of the Year” title, which represents the pinnacle of success and innovation in the dynamic digital commerce landscape. Three household names – Nike, Samsung and Unilever – bagged this award.
As the forum wrapped up, it left a lasting imprint, affirming LazMall and BFF's significant contribution to nurturing a collaborative ecosystem. This visionary approach benefits not only brands and sellers but also catalyses a broader regional digital economy to scale unprecedented heights.
Looking ahead, more ground-breaking developments and forums where industry stalwarts can convene and sculpt the future of eCommerce in Southeast Asia can be expected.
This annual event is undoubtedly one that Lazada’s partners, brand representatives and sellers look forward to. With over 900 participants, the turnout is a testament to the market’s anticipation of further growth opportunities in the digital economy.
Discover a realm of possibilities and become a part of this empowering ecosystem. Explore the avenues with LazMall here.
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