Kwak Yeon-soo is a digital editor at The Korea Times creating, editing and curating digital content for the newspaper’s website, mobile app and social media. She previously covered a diverse array of cultural, political and business topics.
Retailers pledge to 'put customers first' in 2020
Shinsegae Vice Chairman Chung Yong-jin, left, and Lotte Group Chairman Shin Dong-bin
By Kwak Yeon-soo
By Kwak Yeon-soo
Shinsegae, Lotte and other retailers are vowing to take innovative measures to satisfy customers and overcome the challenges that lie ahead in 2020, according to company CEOs Thursday.
Lotte Group Chairman Shin Dong-bin stressed the importance of creating greater value for customers as a means to reach sustainable business growth across the entire group.
“We are living in a world where it is difficult to predict five years ahead,” Shin said in his New Year's address. “Amid mounting uncertainties, we need to make ceaseless efforts to give customers what they want in order to secure the top position in the industry.”
He also said incorporating the latest digital technology will solidify the group's existing business models and enable the company to become a “game changer.”
Shin encouraged employees to develop values that promote flexible and open working culture as well as sustainability.
“Let us pay attention to issues critical to the sustainability not only of business, but of society at large,” he said.
Retail giant Shinsegae said it will focus on what matters most to customers in 2020.
“This year is likely to be tough. However, a recession means fewer opportunities, not zero opportunities,” Shinsegae Vice Chairman Chung Yong-jin said in his New Year's address.
For 2020, he advised employees to focus on three competencies: reinforce a profitable business model, focus on customers and establish a new business model for future growth.
Chung used Malcolm Gladwell's quote “To a worm in horseradish, the world is horseradish” to emphasize that people only see what they are familiar with.
“It's clear to us that the status quo is unacceptable,” he said. “Instead of focusing on the past, we need to look ahead.”
Chung stressed that the entire group should devote itself to turn customer complaints into business opportunities and gain “must-have” competencies.
“It requires the creativity of the entire group and its employees to read consumer trends quickly and equip ourselves to access new business models,” Chung said
Meanwhile, Hyundai Department Store Chairman Chung Ji-sun stressed the ability to embrace change and focus on satisfying customers amid competitive market conditions.
“We need to redesign existing business models to meet changing customer values. Don't try to do better than competitors, try to do differently,” Chung said.
He called for digital transformation and innovative thinking in order to grow the ability to seek alternatives amid mounting uncertainties.
Chung also promised to create a flexible and collaborative workplace culture, respecting different perspectives.