Growth in APAC’s fast-developing economies has created a consumer group with a voracious demand for products and services that represents 61% of the world’s middle class.
With a predicted economic growth humming along at above 5%, the question is: Are Western multi-national companies (MNCs) effectively capturing the opportunity that these figures represent?
In late 2014, Odgers Berndtson published a paper called “Are Multi-National Companies Taking the Most Intelligent Approach in Asia?” in which 63 APAC leaders of global companies from multiple sectors reflected on issues unique to APAC. Two years on, we have revisited the same questions with 22 APAC leaders of global consumer and retail companies.
The themes that emerged in 2014 – Communication, Talent, Competition, Strategy and Corruption – still resonate, but there has been an interesting change in focus and attitude.
The message from the 22 leaders we interviewed can be summarised in the following five broad, interrelated themes, all of which are linked to driving growth in the Consumer & Retail sector in Asia. They are:
- Business Model Innovation
- Technology & Customer Experience
- Talent & Leadership
- Globalisation vs. Localisation
- Explaining Asia to HQ
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