The COVID-19 pandemic, as the ongoing coronavirus disease is significantly impacting businesses and the economy. It is curious to see how retailers have the flexibility to be nimble, to monitor, and to adapt to the current environment and fast-changing consumer behavior that has shifted toward digital channels, products, and services across categories, but that shift has not come close to offsetting the overall reduction in spending.
At VTC and InnoEdge, we would jointly conduct surveys to understand the change of consumers’ behavior and the readiness of Hong Kong retail industry from mobilizing during this time to stabilizing in the new environment and strategizing for what’s next; amid COVID-19.
Objective of this Project and Research Focus
We aim to provide insights to retailers from the two identified surveys while providing a learning platform for our IVE Business students; to apply Design Thinking methodology and innovation mindset to the actual working environment. The winning ideas generated by the students through the Hackathon are able to demonstrate their innovation credentials and contributions to the retail industry.
The two survey topics are defined; namely “Insights of Retail Operations amid COVID-19” and “Insights of Consumer Purchase Behavior amid COVID-19”.
Part 2: The survey of Insights of Retail Operations amid COVID-19
If you are retailers, please join our research through below link: https://s.surveyanyplace.com/vtc-retail-006
Introduction of IVE Business Discipline
As a member of the VTC Group, the Hong Kong Institute of Vocational Education (IVE) is the leading vocational and professional education provider in Hong Kong, committed to nurturing professionals valued by industries.
Business Discipline of IVE specialises in the training of business talents and has been moving forward with innovation, creativity and vigor. The Discipline offers a wide spectrum of programmes including Higher Diploma in Digital Markeing, Marketing and Customer Analytics, Retail Innovation and Management, Accountancy, etc.
20 IVE Business students will participate in this real-life project and 4 teams will be formed. They will develop and conduct the survey questionnaire, monitor the progress, compile the survey result as well as generate suggestions for the retail industry. This project will be a learning platform for them to apply their problem solving skills with Design Thinking methodology and innovation mindset.
Introduction of InnoEdge
InnoEdge is a market leader in consulting and training on Design Thinking and Innovation with a proven track record. They co-create with enterprises to drive transformation, discover potential needs, design disruptive services, using localized approach and deliver business results.
They managed over 30 large scale projects of business innovation or corporate transformations in Hong Kong and China across different business sectors, including life insurance, banking, hospitality, financial planning, retail, and OEM. Six of these projects generated breakthrough business results in their industries, and three of them created a significant business impact at a global level.
Over the last two years, InnoEdge has conducted business research on “Insights for Innovation Management of Hong Kong Enterprises 2019” and “Outlook for E-Commerce Transformation in HK 2018”.